How Blockchain Changes our Lives | Explore Masternet

The growth and rise of Bitcoin currency in the financial system cannot be understated. It has undergone considerable evolution in the business world since the prospects of the 2008 financial crisis where the central banks kept on trying to prevent. Bitcoin is decentralized and for many people, the idea of moving away from a centralized system to a decentralized seems risky.

But that is not the case with bitcoin and its rising cryptocurrencies which have become unavoidable and more popular within a span of 8 years. The fundamental changes and disruption it has brought about within the established industries, is historic in its own right.

Blockchain – The Prized Winner in the Financial System

We can attest the expanding value of bitcoin with its blockchain technology more than the actual currency itself. Blockchain’s role in the speeding improvement of transactions and acting as a decentralized ledger within the bitcoin system has made bitcoin the prized winner in the financial system. With that said blockchain has shown no signs of slowing down in terms of its own evolutionary process where it continues to change, modify and innovate in the way it operates. This growth and expansion is where Masternet proudly offers its services in the integration of cryptocurrencies with other blockchain projects in the Akasic network system.

The impact of blockchain has been felt in not only the financial system but also our everyday lives. The first impact of not requiring any more intermediaries, be it lawyers, brokers or bankers is coming to be seen as a reality more than often. The mechanism of blockchain is on its way to rendering them more and more irrelevant which in turn will make life and the process of banking easier for us without facing the difficulties of having to meet and negotiate with every mediator. Bankers in particular will lose their spot in the limelight especially when governments are forced into becoming the cryptocurrencies legal tenders like Japan.

The other promising factor is how approximately 2 billion people do not have bank account. They already view the banking system and ATMs with distrust. This is where cryptocurrencies backed by their blockchain technologies can come in and represent themselves as the trustworthy alternatives that they are known for. This will prove productive for developing countries much like their introductions to cell phones.

Decentralization – The Bona fide Plus

Decentralization in bitcoin in and of itself is a bona fide plus for many who fear identity thefts and an incompetent government. Returning the people their control of their own identifications will enable more control over their own lives and increase the trust factor between the platform and themselves.

The highlight of bitcoin with respect to its blockchain technology is the transparency it cements in its tracking of transactions from one address to another. Its availability in terms of its access to those who cannot avail it the technology’s profile, can continue to raise with the people fearing their finances being misused by corrupt and authoritarian governments. This level of trust can increase more contributions and engagement from the wider community or even the global community at some point.

Considering the mistrust hat has been brought about by the current electoral process blockchain technology has the means to protect these democratic institutions from vote rigging or other forms of voter intimidation methods.

This technology will be even more embraced as it is utilized in its path breaking qualities within the fabrics of society. The evidence lies in the bank CEOs who, while brush off the importance of bitcoin as a threat to their establishment do not share the same view when it comes to blockchain. In fact some central banks have already begun to invest in the technology like JP Morgan Chase.

The global effect of blockchain technology can also be felt in the energy sector where similar to the financial markets energy can be sold by the consumers limiting control from the companies. Its tracking abilities have found its way to the food and farming industry as well. Recently IBM has announced that it would seek to make us of blockchain technology by working with Nestle and Walmart. With this usage the consumers will be able to understand the sources of impure food and manufactured goods.

Blockchain has made leeway into the healthcare and music industry where a hacking into the medical records of the patients and protection of rights and distributions are concerned respectively.

Futuristic Promises - Blockchain

The potential and futuristic promises that blockchain technology holds is limitless and is truly revolutionizing our everyday lives. You can be a part of it as well once you place your trust in Masternet which has left no stone unturned in introducing this technology to its consumers and magnifying its entire potential. Masternet continues to boast building strong, stable and healthy communities thanks to the incredible skills of veterans and skilled financial experts.

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