Blockchain technology has seen so much growth and continues to make groundbreaking moves in the tech industry because of how accessible. Its organization in terms of data transparency and storage can not be overemphasized.
Shared digital data and transparency have led many businesses and companies to monitor and manage employee data and activities in the work environment. The traceability and openness of blockchain technology have contributed to the success of many businesses not just limited to the world of finance.
Let us dive into industries that have been affected positively by blockchain technology and have continued to thrive using these technologies.
Reading: Dogecoin Struggles Below $0.09; Will There Be A Party Without The Dog?
Blockchain Technology – Arts And Culture
The blockchain industry has seen so much evolution, with new trends emerging, leading to many people getting into the loop of how fascinating the blockchain industry can be.
These new trends include Non-fungible Tokens (NFT) that, in recent times, have had a great impact in the blockchain space and the digital art world as many earn collectibles. Many digital artists are seeing their lives changed as a result of this trend taking the crypto industry by storm.
NFTs are not just digital arts but unique items a store of value represents. The Ethereum blockchain secures ownership of these unique assets, and as such, no one can modify the existence of an NFT asset.
In the world of NFT, there are numerous opportunities because so many celebrities are participating because they see it as a fresh way to interact with fans.
Cybersecurity
Cyberattacks have risen since the emergence of digital technologies and have become a major threat for many industries looking to leverage the digital world. Many known companies have suffered data breaches posing many threats to their users and customers. An example is the data breach of Equifax in 2017 that affected over 143 million users.
Blockchain technology can end such incidents with the help of its secure technology limiting access to unauthorized users tampering with user data.
With the help of its decentralized blockchain technology, many industries are entering a more decentralized identity as the information stored on the blockchain is more secure and needs to be verified with the help of encryption using the cryptographic algorithm.
Due to peer-to-peer connections, where data cannot be altered or tampered with, blockchain technology can assist in identifying malicious data attacks. Blockchain also offers a safe and transparent way to record transactions without revealing private information to anyone by doing away with a central authority.
Banking
The emergence of Bitcoin and other altcoins like Ethereum has led to much faster and easier transaction processes between persons and organizations as there is no need for a third party to facilitate the transaction as compared to the traditional financial system.
On the other hand, the commercial banking system is challenged by blockchain because it offers a peer-to-peer payment system with high security and minimal fees. There isn’t a single authority. By doing this, a transaction using a cryptocurrency, such as Bitcoin or one of many others, can be made without the involvement of a third party. Giving you true autonomy over your transaction, your payment to your friend is recorded on the blockchain that any cryptocurrency user can access.
The price of Ethereum is currently facing resistance to break and close above the $1,600 level after rallying from a daily low of $1,200. If the price fails to close above $1,600, we could see the price dropping to $1,400 for more buy orders.
Image From Bankrate, Chart From Tradingview
