Are you involved in the blockchain space, but do not know much about the technicalities or basics of blockchain? Learning about blockchain can help you in many ways, and not just in your investment activities.
Irrespective of whether or not you are a blockchain investor, you must learn about blockchain if you care to know about growing and futuristic technologies or simply have an interest in it. For serious crypto investors, the study of blockchain can immensely help increase their chances of success. When you invest in something you know a great deal about, chances of success are quadrupled.
Here are some other reasons why everyone should learn about blockchain and how it can affect our lives:
1. Blockchain is for Everyone
Unlike what earlier studies and projects suggested, the applications of blockchain are not limited to the finance industry. Instead, blockchain can be now practically used in every industry out there to optimize processes and reduce cost and time. For instance, the use of blockchain technology in day-to-day trading using Smart Contracts will reduce the need and cost of middlemen.
2. Data Security
Blockchain has shown immense potential in the space of data security with the potential to eliminate a variety of threats to your data, credit card details, etc. Blockchain is a decentralized ledger technology that allows you to store your data, money and assets in digital form with encryption-level security. Also, the immutable nature of blockchain makes it impossible to penetrate or hack the data stored.
3. A Great Career Move
Learning blockchain technology can prove to be a great career move for those looking to learn or migrate to a new, growing industry. In the last few years, the demand for trained blockchain developers has soared. The opportunities include blockchain engineer, blockchain developer, blockchain writer, blockchain specialist, DApps developer, smart contract developer, and more.
4. Next-gen E-commerce
We all use e-commerce these days for fast and convenient delivery of products/services to our doorstep. But, even today, our e-commerce systems are mostly governed by centralized entities, which increases the transaction cost, time and risks. The integration of blockchain in e-commerce can help improve processes by a great deal. The Libra Ecosystem is a great example of that. It’s a comprehensive blockchain e-commerce system with an integrated digital payment system.
5. A New Way of Finance
If I say blockchain is the future of finance, I wouldn’t be exaggerating. Blockchain, through its next-gen, highly sophisticated and middleman-free digital currencies, have already dominated a major part of the traditional financial market. Many institutions and organizations, including banks, have already started using or are considering using the blockchain-based currency system in their processes.
6. Benefits to Healthcare
Another industry that is set to benefit the most from blockchain technology is healthcare. There are a number of projects and startups working in this direction. They are using blockchain technology to improve the way our health system works and deal with industry problems, including the way patients’ records are stored and maintained.
7. Easy & Reliable Crowdfunding
Before blockchain, the only way for a new project/startup to raise funds was to seek investors manually. This was a complex and time-consuming process. Thanks to blockchain, a startup can now easily raise investment by creating and launching its own customized cryptocurrency/token in no time using public, open-source blockchains like the Ethereum blockchain.