Incepted in 2009, Bitcoin has taken a storm in the new currency market. But the question here is not about Bitcoin, rather the underlying technology that helps bitcoin to escalate. Yes, it is the Blockchain!
Blockchain has transformed the vision of the financial world. Investors have realized that blockchain is not just beneficial for the cryptocurrency, rather it can give new shape to other sectors as well. But there is an air of ambiguity in the mind of many industries due to the disruptive nature of blockchain. There is also an underlying fear that Bitcoin is like a bubble, which can come crashing down anytime. Let us now get a clear picturesque of the psychology behind Blockchain Technology.
- It is transparent
Blockchain, as we know, is fully disclosed to the users. Anybody can view the details of the transactions that create the blocks in the blockchain. This is one of the unique features of Blockchain which instills a sense of authenticity in the minds of the users.
- Controlling finances without security compromising
Another interesting feature of Blockchain Technology is that although it fully discloses all transaction details, the individual’s identity is not disclosed. The users have a unique code or often use pseudo names to operate. Further, their money is kept safe in their wallet which only operates when the individual applies the right key (1-78 digit password). So, unlike the central banks, the identities of the users remain hidden forever.
- Transaction fees
While using central banks, certain guidelines are required t be followed. One amongst them is the transaction fee for an operation that is charged from the users. But it is seen that in blockchain the transaction fee is much lower than normal financial institutions. Another advantage that this technology offers is that there is no intermediate in between and sellers can directly coordinate with the customers on blockchain platform.
- Blockchain pervades other industries
Blockchain was originally developed to help cryptocurrency gain a larger benefit from it. Indeed it has worked wonder over the years, and in this journey, Bitcoin emerged as the largest cryptocurrency in the world. But today, Blockchain not only supports the crypto world, but it has shown its potential in other sectors as well. It has created a faster, secure, more reliable, user-friendly, and adaptable platform for the users.Along with this Blockchain technology has also boosted several startups recently to run their business on blockchain platform.
However, as Blockchain is still in its initial stage of development, it is difficult to predict the future.But with all the benefits so far it seems that if blockchain sustains then, it can bring about a major transformation in the financial world.