The views expressed in this post are those of Opinion Blockchain and do not represent Techaeris or its staff.
Whether you’re an investor or an intrigued bystander watching the fluctuations Bitcoin has had over the past six months, there is no denying the importance that a decentralized digital currency presents in a financial context. The underlying technology, most commonly referred to as blockchain, is coming to have many functions outside of just holding up the trading of currencies. Even if you have no interest in putting your life savings into Bitcoin, blockchain technology is changing the world before our eyes.
A major benefit of blockchain is its use of smart contracts ― digital records made, kept, and verified on the blockchain that render middlemen obsolete. Lawyers, notaries, bankers, real estate agents, and many other institutional hurdles to trading and data security are swept aside, making user financial, property, medical, and educational records safer. Blockchain will save individuals and companies time and money while also leaving the keys to data in their hands.
Blockchain offers higher security than a simple company server, which is vulnerable to single-point hacks. For a hack to be successful on the blockchain, hackers would have to attack every node in the network, a much larger task. While a server can be corrupted and data destroyed forever, blockchain data exists within the confines of a network, regardless of single-node breaches. If you’ve ever seen a server farm, you know it’s incredibly expensive and requires a massive team to keep it running smoothly, while blockchain verifies transactions automatically in less time.
Many are concerned about the recent news of Cambridge Analytica obtaining and using Facebook user data in an effort to sway voters. While governments are taking steps to curb user data exploitation, such as the EU General Data Protection Regulation, the Opinion Economy is working to secure and monetize user data for the benefit of users while complying with EU regulation.
Learn more about blockchain’s role in rebuilding the world with the infographic below, provided by Opinion Blockchain.