The blockchain is a theory which has been a major part of the development of the cryptocurrency markets since the theory was first developed as part of the Bitcoin currency which has seen a boom in the last months of 2017 and the start of 2018. Currently there are moves being made to push forward the Blockchain theory as the leading way of making sure the use of the Internet for financial and business transactions are safer than ever before with technology experts such as Mark Polelle working to ensure the new business opportunities offered by Blockchain are available to companies of all sizes who are seeking to show this new technology is far from a scam.
What is Blockchain?
Many of those who are distrustful of the Blockchain technology first introduced in a paper by Satoshi Nakamoto as part of the launch of Bitcoin, the world’s first cryptocurrency simply do not understand how the technology can be used for the good of business and individuals across the planet. The Blockchain technology is basically a way of self-regulating the cryptocurrency technology which many felt was susceptible to attacks by hackers and criminal gangs; the technology works by using the software and equipment of Blockchain miners to record the discovery and trading of Bitcoin on a public database or ledger to ensure every coin can have its history traced back to the miner who discovered it.
Mark Polelle and other experts in the Blockchain believe this sense of security and confidence in any transaction should be transferred to different industries where its benefits can be felt. In Hollywood, the Blockchain technology has already been used to create a new way of doing business while Oracle reports the uses of Blockchain has been shown to be used across many different industrial areas including healthcare and defense uses.
Blockchain has many influential supporters
At the 2018 Davos meeting of politicians and influential people, one of the most important aspects of the technology being discussed was cryptocurrency and the use of Blockchain. The rubber stamp of authenticity given to Blockchain technology at Davos came at a time when this digital database was becoming known as the fast-growing successor to any form of digital security used in the 21st-century to allow digital technology to be used in business transactions. Far from being a scam, the Blockchain technology is already creating a safer and more secure way of working with developing countries to wipe out the corruption and criminal dealings often underpinning the lack of improvement in the lives of people in developing markets. Forbes reports the Wall Street Journal went so far as to express the Blockchain technology currently being developed has the chance to eliminate poverty around the world.
Blockchain can cut down on red tape and delays
One of the best-known advantages of using a Blockchain for any business, industry, or government agency is the chance to standardize documentation to eliminate the delays often required for drawing up documents. In the legal profession, Blockchain technology can be used to source standard contracts which can then be used to cut down on the time taken to complete a legal transaction; this type of benefit is also open to all who wish to complete a transaction in a simple and speedy manner.
Security instead of scam
Mark Polelle is just one developer among many who believe the success of the Blockchain technology he is creating can have effects on the security of large and small businesses. The secure nature of the Blockchain technology means all business transactions will be recorded and can provide a business or customer with the evidence they need to make sure they are not working with any group with criminal or immoral intentions. As so many administrators are involved in recording the information placed on the public ledger or database there is little opportunity for a hacker or rogue “Node” administrator to access the Blockchain and make changes to the current or historic ownership of a currency or transaction.
The same kind of scrutiny can be used when an individual is choosing to build an Online presence via social media Sites which are now often used by businesses to research employees. Background and credit checks which can now take days to complete for employers looking to employ an individual will soon be able to call up the information needed in a shorter space of time and give a decision in seconds when Blockchain technology holds this information.
It is difficult to see the development of the Blockchain technology as a scam as cryptocurrencies are now becoming commonplace and are already using the Blockchain for the more than 1,500 currencies now being mined for around the world. As the uses of the Blockchain technology continue to grow it looks set to be given even more authenticity over the coming years.