Top 5 reasons to use blockchain technology
Updated: Jun 18
We are living in a digital world, and blockchain is now the number one platform to create and develop digital assets. In order to build a better financial system, utilizing a blockchain platform is a must. At Aphid we believe that blockchain will become mainstream this year and here are our top 5 reasons why.
A cash-free future.
Cryptocurrencies have characteristics that make them stronger than physical money-based currencies that currently exist. The main reason is the blockchain, which is the next technological revolution currently happening. Since everyone will have access to the code behind the currency, everyone will also be able to prevent that no one is taking shortages that benefit themselves, implementing true democratization of the monetary system.
The advantage of this is significant in crypto’s financial and development growth, as it allows more than a simple focus on payment systems due to blockchain’s ability to encode & store very sensitive information and personal details through the use of smart contracts. However, some companies are doing more than that. Forbes recently published that, Dispatch Labs, a blockchain company, is developing an “advanced blockchain protocol that facilitates the upload and control of programmable files for dApp developers.”
This architecture is said to enhance the utility of blockchain by creating decentralized encryption and programmability of any type of data file, not just smart contracts. So it creates a foundation in which developers can work on solutions to issues without being constrained by data.
Economic and governmental agencies are looking in cryptocurrencies.
Cryptocurrencies are becoming of interest to banks but also governments around the world. Similarly to bitcoin which was once a topic discussed by techies and nerds, but is now making headlines regularly, cryptocurrencies and blockchain technology have now appeared on mainstream topics.
With the growth of discussion for economic and governmental institutions, blockchain technology is now seen as having the potential to disrupt the current monetary models. Through discussions on the introduction of regulations by economic institutions and through the increase of interest by investors, as well as platforms run by decentralized organizations will make its adoption inevitable.
Cryptocurrency is growing as an asset class.
In 2017, cryptocurrency markets had generated a 3,300% in returns, making it the most lucrative and fastest-growing asset class today. Digital currencies allow investors the ability to generate significant returns in a relatively short period of time.
Figures on the return of investment for Bitcoin, Ethereum, and Litecoin highlight massive gains that highlight the benefits of long-term investment and adhering to the principles of buying and holding in the cryptocurrency market.
Blockchain will be easily accessible to businesses.
In order to ensure business-readiness, multiple startups are allowing business applications to easily transition and integrate blockchain technology without any worries. Business applications will also become less vulnerable to hacking and security breaches with the integration of blockchain technology.
Blockchain technology can also be added into day to day business tasks; startups like Aphid.io are offering AI and blockchain technology customer service solutions to businesses.
The need of blockchain technology.
The most telling of all is the increase in needs for blockchain technology. While some systems are finding their value diminished in our digital era, Blockchain’s ability to combine the security with cryptography, the storage and transmission with encoded data, and peer-to-peer networks to create a shared database that allows endless application in various industries.
Blockchain is a beautiful technology that is unique and can be stored digitally, without needing an equivalent in the real world, meaning there are limitless possibilities for contracts, wills, deeds, certificates, and, of course eventually a digitally integrated global economy. Through a global economy adoption of blockchain, we could see a growth in economic and decreased world poverty.
Let us know what excites you about blockchain technology becoming more mainstream? And how would you use blockchain technology?