Big Reasons Why You Should Consider Blockchain Technology
Published: 2019-07-20 06:31:27

The digital currency is growing to a no-paper land of tomorrow. Paperless administrations need paperless cash that is encrypted and secured. You don’t need to handle a hefty wallet in your pocket with loads of cash to do transactions in future. 

This idea seeded to the birth of Blockchain technology. Before you know the reasons why you should consider Blockchain technology, read out this short prologue about this technology.

How was block chain born and why it matters?

In the earlier days it was timestamping of the digital document using a cryptography method, invented to secure the creation history of the documents. The documents were grouped together into blocks. This paradigm has forgotten and unused as they might have found less use of it. 

Later, this technology was used by a computer scientist and cryptography expert to transfer the ownership of the codes for hashcash based tokens.

After that, Bitcoin was born as a decentralized peer-to-peer electronic cash system based on the hashcash algorithm. The transactions followed the birth of the Bitcoin later on. 

Ethereum, Litecoin, Zcash, Dash, Ripple, Monero, NEO, EOS, and Cardano are some of the examples of cryptocurrencies.

## Why Block Chain Technology is important?

Blockchain technology, today, is more than cryptocurrencies. It authenticates the ownership of the digital content that is owned by someone. No one can copy it or pirate it; as we see lot of pirated content being propagated over the internet. It also creates transparency over transactions leaving no conspiracy theories in the transactional group, and keeps identities safe from being stolen of spoofed.

What does this mean?

This single ownership mechanism – no other duplicate owner of the digital material will be high on demand. It will give the owner right value to it as it is not available at anywhere else. This creates a revolution of ownership of data and information.

Blockchain technology means no piracy

Yes, it is what you were reading in the previous paragraphs. Blockchain technology will not allow the pirates copy and distribute the information unlawfully. This would lead a new age revolution of the culture of buying, selling and distribution of the digital information and goods.
 
**Blockchain technology changes the way we use the internet**

For truth to be spoken, we won’t use internet just to share information. We share lot of files that are not owned by either of the parties. The loose ends in the technology has opened doors to billions of users, making it a larger community. Can you imagine internet where you cannot download stuff for free anymore and you need to spend money on it? That is what the Blockchain technology is for.

**Blockchain technology is a boon for creators**

The creators, inventors, and the [BlockChain developers](https://rejolut.com/) of the digital information and products will be felicitated with right value over their products; to make profits at no rat hole leaks. This encourages the people come up with world-changing inventions without need to fear of losing it to the hackers.

**Safety for money assets**

The developing countries like India cannot afford to survive the demonetization measures to curb the black money that isn’t accounted. 

This fishing net has affected the lives of small ones too. Those who live in the middle-class level found it difficult to convert their hard earned money over decades.

Where is the security for it? 

No, there isn’t any.

Devaluation of money due to corruption and financial crisis affects the societies thereby country’s economy in a blip. 

If you are aware of what is happening in Venezuela right now. What do you think is the reason for it?

Financial assets in Blockchain technology is untouched. One cannot de-valuate it as it has only digital token authentication of the ownership but not the shape. It can be converted into any shape as country decides.

**Blockchain technology is less volatile**

The devaluation of the money in developing countries is less volatile than the regular physical currency. Blockchain can be used in the form of Bitcoins and Lite coins. The devaluation of money won’t hurt your financial level and lifestyle as much as to care for it. 

The big fishes have already known about the scope of this technology and how bigger it can grow. WhatsApp, and Signal owners are looking forward to launch their own cryptocurrencies very soon. Facebook have already launched one in the name, Libra. No wonder if it is rolled out soon on WhatsApp.

**Identity is safe with Blockchain**

Blockchain technology will give you a fully secured identity over internet. Your sensitive data will be safer than ever as the ownership lies only with one person and that’s you. 

It reduces the frauds, scams, and hacks online. One can enjoy the true benefits of the technology with no fear over his personal data being stolen.

**Transparency is served with Blockchain**

Transactions can be displayed transparently in the group leaving no traits to discrepancy. The transparencies over the network with every transaction builds trust in the network and that is why Blockchain is preferred as the driver.

**Less of no transactional expenses**

Blockchain technology need no physical office spaces, record maintenance. There is even no need pay huge commissions over the financial services facilitating the transactions. This saves a lot of physical architectural investment and thus imposes less or no transactional fee.

**Limitless opportunities**

Blockchain technology, though it was put into use for financial transactional purposes, it is used for many other purposes. From personal assets maintaining to business carryout, Blockchain technology can be used in every digital application in daily life. 

It holds the tremendous potential in the fields of banking, travel, communications, security, making decisions, and more. 

The global companies have already started investing in this technology. It is going to create lot more opportunities in the field of IT and ecommerce very sooner. Imagine if this technology can be applied to all branches of the IT industry, the digital world that we are looking at today will become history in a blink of an eye.