History has the habit of repeating itself. Humans are constantly evolving, we have seen great innovations in the past 50 years from modern machines to air travel, the evolution of our species is by far the biggest achievements known to us. The most recent significant advancement being the Internet.
But with all good things, not everything ends up perfect. If we look at the dot-com bubble of the 2000s a supposedly huge investment opportunity where people flooded the market by putting their money into companies. When the bubble eventually burst, a large portion of investors ended up losing millions of dollars.
Ever since that incident, technological advances have always been observed with heightened skepticism. Even though the internet turned out to be a blessing. Majority of the world's businesses are being run online, connecting local companies to a global audience.
But given the bad track record of failed investments, people are scared of putting their funds into cryptocurrencies and investing in blockchain technologies.
Every day, when I look at the daily news, as I like to read up on what is happening in the world of technologies, there are at least a couple of articles each day stating that the bitcoin bubble is about to burst or that bitcoin will be worth trillions of dollars. There are also exclusive interviews by industry experts from various domains who regularly share their thoughts of bitcoin, altcoins and blockchain technologies.
I would suggest that people should carry out their own research rather than relying on other people’s opinions. You see, blockchain technology has the potential to solve some of the most pressing issues that plague our world today.
About 4 billion people across the globe still do not have access to a credit card or any kind of banking services. It will also remove the middleman or financial services provider (such as a bank or a financial institution) from the equation. This will reduce the cost of the transaction and improve the overall speed of the process.
Blockchain technology can provide the solution to this without any extra infrastructure. It also facilitates incredibly fast processing of transactions which makes payments quicker and as the adoption of these technologies grows, they become more secure from hackers and cybercriminals.
What’s more, the records on the blockchain cannot be changed, this means that it is easier to track transactions which will help with the reduction in failed transactions as well.
As of September 2018, there are thousands of cryptocurrency companies and businesses who are employing blockchain technologies. Even several countries have started creating a regulatory framework to facilitate the purchase and trading in these digital assets.
Personally, I too am skeptical when it comes to new technologies, but at the same time, I have always been a strong supporter of innovation. So I would urge all the readers to stop listening to these experts and news outlets, instead, do your own research and learn more about these life-changing technologies.