While cryptos have been the buzzword for some time now, many things have changed recently (no, we aren’t talking of the recent market fall)!
Initially, people were only interested in cryptos, overlooking the underpinning technology around which the entire concept revolved. However, fast forward to 2022, and things are no longer the same.
With more businesses discussing the potential of Blockchain, the prospects could never get any better. So today, companies are looking at the different possibilities of integrating Blockchain across multiple fronts.
However, what if we told you that the possibilities aren’t only limited to business?
Yes, Blockchain has long made its way into our everyday lives. Continue reading as we explore how you could be making the most of this technology in your daily life.
But First, What Exactly Is Blockchain Technology?
Contrary to popular belief, you can trace the Blockchain’s roots back to 1991. The technology offers an effective way to store and secure your digital data. This is an open ledger that enables access to many parties simultaneously. One of the main reasons people love and enjoy the benefits of this technology is that there is no definitive way to tamper with the information on the Blockchain.
You can define Blockchain as the record of information stored in individual blocks with their distinct identifiable hash. These blocks are then linked together, forming a chain of records known as the Blockchain. Currently, every crypto in the market leverages Blockchain to facilitate transparent transactions. Thus, Blockchain technology plays a key role in facilitating the defining characteristics of cryptocurrencies.
What Fuels The Popularity Of Blockchain?
Many factors contribute to fueling the popularity of Blockchain technology. But the fact that it is a trustworthy medium to facilitate transactions is one of the key factors. In addition, Blockchain allows you to maintain a record of all your transactions, boosting transparency.
Currently, all cryptocurrencies are leveraging Blockchain technology to facilitate these new-age peer-to-peer transactions. Besides, Blockchain eliminates the need for any middlemen, such as banks and financial institutions. This lack of third-party intervention reduces the chances of encountering fraud, further boosting security for good.
Once you record a transaction on the Blockchain, there is no way to alter or tamper with that data. Well, of course, if the authorities are bread bound to find the details of your transactions. So ultimately, the Blockchain network ensures a public account for all transactions on the Blockchain network.
Since there is no physical money transfer, it is almost impossible to trace back the transaction to its source. People have been looking for such technology for quite some time now. Why? Because the financial influxes in the conventional market can influence and hamper the decision of anyone.
Besides all these factors, the primary factor fueling the popularity of Blockchain is unmatched transparency, precise tracking of transactions, and, most importantly, unalterable transaction data. Also, this technology helps people save a lot of money that would otherwise be spent on extravagant fees for third parties or infrastructure development.
Incorporating Blockchain In Everyday Life
Since every cryptocurrency now uses Blockchain technology, there are many ways one can use this technology in their everyday lives. So let’s take a look at some of the most convenient ways you can spend your cryptos and reap the benefits of Blockchain technology simultaneously.
Given the internet era we’re living in, digital security is the way to go for a majority of the netizens. Besides, who wouldn’t want a secured space to store their credentials at a time when everything can be found online.
This is where Blockchain steps in as a solution to manage and track digital identities without fearing losing them. Apart from securing your data, it also helps cut down on the troubles of carrying documents physically.
Some of the most relevant use cases include:
- Birth certificates
- Wedding certificates
Currently, many platforms allow users to opt for services or products in exchange for cryptos, courtesy of Blockchain. So yes, if you’re a crypto investor who wants to spend their earnings on necessities, you can easily head out to the many eCommerce stores which currently accept cryptos.
However, if your favorites are yet to accept cryptos as a legal tender, we have a solution for you! With the presence of payment processors like Coingate, you can now easily convert your crypto tokens into gift cards from several major brands and eCommerce stores. So be it Dunkin Donuts or Apple, don’t let their crypto policies limit you from accepting their services.
You can also spend your cryptocurrencies by buying new furniture. Overstock is one such platform accepting Bitcoins in exchange for its products. You simply choose the furniture of your choice and select the payment method as Pay with Bitcoin. However, you will need to convert your Bitcoins into Overstock gift cards to enjoy this perk.
Another intelligent way Blockchain has taken over our everyday lives is by eliminating intermediary applications. Thanks to brands like Trivago and Tripoto, they’ve now included Blockchain to carry out transactions without putting the user information and additional fees at stake.
Blockchain or crypto technology is here to stay! So if you are operating a business, it is about time you make efforts to leverage the perks of cryptocurrencies. But if you are an individual, you need to start investing in Blockchain technology and reap the benefits that await you in the future.