Blockchain Technology (Bitcoin or Ethereum) will the World of Tomorrow | Crypto Currency Latest Update 2021

Blockchain technology (Bitcoin or Ethereum) will the world of tomorrow?

Even if the blockchain will radically change the economy, this revolution will only really be visible in three to five years,  technology expert have different reviews.

Questions will be covered in this article.

What is difference between Bitcoin blockchain and Ethereum blockchain?

What is the difference between Ethereum and Bitcoin?

Will Ethereum overtake Bitcoin?

Is Ethereum better than Bitcoin?

Blockchain Technology (Bitcoin or Ethereum) will the World of Tomorrow | Crypto Currency Latest Update

The Cambridge Analytic and Facebook data scandal has shocked global public opinion. This incident wouldn't have happened if tech giants like Facebook and Amazon didn't have huge centralized databases.

These companies save the history of purchases (Amazon), friendships, interests of individuals or their lifestyle (Facebook). By controlling this data, they can decide what to see and when.

Blockchain technology could break this power and give individuals back control over their own digital identity.

 

Blockchain Technology (Bitcoin or Ethereum) will the World of Tomorrow | Crypto Currency Latest Update

Blockchain is always relate with (BTC) bitcoin, a digital currency that the city of Zug now recognizes as an official payment method all over the world. We can discuss the interest of bitcoin, but you should know that it is the blockchain technology that is behind it. This allows values ​​to be exchanged digitally in seconds and thus reduce the uncertainty associated with the transaction process by making it more efficient and economical. Explained more simply, the blockchain offers a decentralized global digital data ledger on millions of computers.

It thus makes it possible to avoid the possession of data by intermediaries such as banks, notaries or States. The blockchain works by grouping a transaction with others within a block that cannot be changed afterwards. All data remains transparent at all times and is securely archived using cryptographic technology. Thus, the system becomes inviolable for hackers because all users have an identical and complete copy of the entire blockchain on their local memory. An anomaly could quickly be spotted.

 

Blockchain Technology (Bitcoin or Ethereum) will the World of Tomorrow | Crypto Currency Latest Update

Blockchain influences businesses and our daily lives

The main areas of activity are financial transactions, data management and online platforms. UBS estimates that blockchain could provide the global economy with 300-400 billion dollars a year in added value until 2027.

The finance industry also has high hopes for this new technology which would save costs and time. Example: the purchase of a share on the stock market can be carried out in a few seconds thanks to the blockchain whereas today the "settlement" (that is to say the transfer of the ownership rights of a share) requires several days because it takes intermediaries who guarantee its legitimacy until everyone's accounting systems are updated.

 

Blockchain Technology (Bitcoin or Ethereum) will the World of Tomorrow | Crypto Currency Latest Update

The consulting firm Accenture estimates that investment banks will be able to save up to 70% on financial reporting and 30 to 60% on the back office.

There are many examples of blockchain applications. Countries like Sweden are already testing the digitization of their accounting records. In the tourism sector, Lufthansa is currently working with the Swiss start-up Winding Tree to create a marketplace for tourism using the blockchain. The travel industry is complex and dominated today by intermediaries. With a more efficient system, the price could go down for customers.

 

Blockchain Technology (Bitcoin or Ethereum) will the World of Tomorrow | Crypto Currency Latest Update

Even though the blockchain will radically change the economy, this revolution will only really be visible in three to five years.

 There are still many obstacles to overcome. The network must first reach critical size and gain market acceptance and trust. The blockchain still consumes a lot of energy because the data sets are growing and must be processed in parallel. According to a study by Morgan Stanley Bank, the global production of encrypted securities on computers in 2018 would consume as much energy as Argentina.

 

In addition, the question of investor and data protection arises. The blockchain is formed in such a way that the data series are irrevocable. If a bank customer loses their credit card, it is blocked. If a bitcoin user loses their secure key, they cannot get it back and this can lead to heavy losses.

 

Blockchain Technology (Bitcoin or Ethereum) will the World of Tomorrow | Crypto Currency Latest Update

As an investor in technology companies, it is our duty to critically analyze developments and identify the companies of the future on the basis of objective criteria.

The technology sector will also generate people left behind, for example currently profitable companies that cannot adapt to the technological challenges of the future.

We are absolutely convinced that the blockchain will continue to advance. As soon as the framework is defined and the current obstacles lifted in a social consensus, men and companies will be able to benefit from it. In addition, the individual will be able to be interactive on social networks while remaining in control of his digital identity.