Exploring Cryptocurrency & Blockchain Technology

Cryptocurrencies are getting more adoption this time when the market is going through a rollercoaster ride. If we talk about the prices then it is not doing good because after certain negative news around we can see how prices are impacted badly and even it is difficult for us to say how things will be in the coming days and weeks. I have seen multiple situations like this in the market when there was so much negativity and it usually happens one after another that impacts the price in a negative way which means it keeps on dropping a lot. This year has not been good for the crypto overall because of certain regulatory issues since the beginning of the year and even now things are not good in the US. There have been a couple of incidents in the past that created a lot of issues in the market and even many people lost their hard and money due to such tragic incidents in the market. Security and Exchange Commission has been Running behind exchanges in the country and because of that, we have seen how these companies are struggling to operate and manage their business in the US.

How do I see going Crypto from here?

If we look at the current situation of the crypto market then it is not good because of the ongoing challenges created by certain authorities and the requirement expectation from the exchanges. I do understand that it might take some time to see some value appreciation from here and we cannot even expect a bull market in the current situation but crypto is here to stay. nobody can ban Bitcoin because it is decentralized and no entity owns the control as it is completely community driven so things might take some time but the value addition and appreciation will be happening for sure. This is still a good time for the people who believe in crypto space for the long term and their vision is for the next couple of years. Maybe in the current situation, the holding can be on the loss but it is most likely expected that in the next few years, things will not remain the same which means long-term strategy can still be profitable. We also cannot ignore the fact that many tech companies had announced that they are exploring Bitcoin and other cryptocurrencies to see how they can make it part of their business model. This is true that nothing can keep on going upside all the time because it is practically not possible and spatially in any market it is quite difficult because growth is never constant and most of the time J curve is also not sustainable in terms of growth.

src

Ups and downs are part of any market and this is how we see getting things build but if the amount of adoption is high then growth is inevitable. I expect that in the next few years crypto market will be even more valuable and probably after 2025 we might see another bull cycle but this is just an expectation at the moment.

What can be done about it?

I have been in the Crypto space since 2017 which means I have completed five years in this market and during my tenure I have gone through different phases of this market. There have been 2 bull cycles including a long-term bearish market but in both scenarios, I have seen that things have grown a lot despite multiple challenges. We cannot expect that what can be a trigger to boost the value and can appreciate the market prices.

• Adoption is one of the biggest things which I believe will play an important role in this market and what we can do is spread more awareness among people. when more people adopt Crypto for different use cases can be for investment or for accepting payment in their business model it is going to increase the demand overall.
• Education is another component that I believe is needed to bring more information to the people and this can be expanded to more people. If exchanges and certain govt bodies decide to make people understand and learn about the blockchain and cryptocurrencies then I am sure things will not remain the same because it will also increase a lot of adoption. We are in the early phase of this revolutionary technology that is great for businesses as well as making things transparent and scalable. In the current situation, even the industries are not aware that how they can implement this technology in their business and what changes or improvements they can drive to make things better.
• Infrastructure is another need that can onboard more people to crypto. We need to understand if more people start using cryptocurrencies in their daily life then mass adoption will not be far away but making it happen is not an easy task. We need more exchanges with sufficient liquidity along with easy-to-use interfaces. Not everybody is so good at understanding the technology and even accessing different platforms for crypto is not easy for most of us so if we have significant infrastructure that can onboard people and the accessibility is easy then possibly the impact is going to be much better in this space. People still struggle to find some significant or appropriate information about crypto and blockchain and although this is available in certain places but seems insufficient.
• Government Support can help crypto to grow exponentially worldwide. surprisingly this is not the case when a majority of countries are not in favor of crypto and very few are supporting but if this situation can be changed then probably the Crypto space is going to be even bigger with more adoption and people in place. I believe that it might take some time for the governments to understand how this blockchain and cryptocurrencies can empower the country through various ways and how it is going to be revolutionary because it is innovative and with Crypto, things can be better. Crypto can be used as a cost-effective solution for various payments as well as blockchain technology can empower governance in a better way.

Innovation and new Blockchains.

Blockchain is highly advanced technology and data recorded on the chain is immutable which means whatever is available on the blockchain will always be there. This time when technology is evolving and things are going into digital form so we need to have highly advanced technology that can manage the data on a scale there also has to be transparency so information should not be manipulated at any stage. The good thing about blockchain technology is that it requires validation for any change made in the system and if something wrong is initiated then it will not be validated which means the data cannot be added to the block. There are different types of blockchains depending on the use case and the segment. The majority of Blockchain types are something that cannot be amended which means whatever is recorded on the ledger will remain the same and for any change to be initiated a lengthy process must be followed that requires the validation for the majority of node validators.

src

There is a personal blockchain as well with some organizations are using and in that changes can be done because access is provided to the owners with certain conditions and logic in place. Even in the case of the government wherever the blockchain is implemented they have the power to make changes but again an authentication and certain approvals are required to make some changes and this is a protocol to ensure that nothing wrong is updated on the data.

Blockchain is already part of the innovation because this is not just limited to the 1 use case instead it can be used for multiple segments. Earlier it was understood that crypto and blockchain can only be used for the payment functions but now people are more aware and information is also available in the public domain this has got vast use cases so it depends on how we want to use it in any business. Certainly, some industries are benefited from the use of blockchain which includes payments, hospitality, healthcare, and even real estate. This count will continue to increase over the period because multiple companies are exploring the possibilities of this technology and trying to figure out how it can be a good solution for multiple industries to empower them.

There are multiple blockchains networks available in the crypto space that can be used to build different projects depending upon the type of project and what value impact it is bringing to the community. Ethereum is the leading blockchain network but there are many and even a blockchain can be created with the specific use cases of any organization. I read a news couple of months before that some states in India are planning to use blockchain technology for their governance data because they believe with this technology they will be able to make it more transparent and accessible for all the citizens whereas the information will be safe and secure without any unexpected changes in the record. Upgrades are required sometimes to make the existing technology even better and probably this will happen but with such updates, the core functionality of Blockchain will not be changed and it is going to remain the same. It means we can say that blockchain technology itself is part of innovation and the benefits that we get with the use of this technology are pretty good and make our data management safe and secure while keeping it easily accessible.

How Blockchain Tech improves society

Currently, Blockchain is not as popular as other technologies and probably the region for the low adoption is the cost. the initial cost is quite high for this technology and this is the reason why many small companies are not able to go for the blockchain adoption but I hope when there will be more companies adopting this technology then the cost of installation might come down. This technology is built basically for organizations, businesses, governments, or some projects But I don't think it is for individuals because this is expensive and as far as the initial cost is concerned then it is going to be high. While it is expensive for the installation but with this technology society can be benefited in multiple ways provided the government is taking the right approach and doing whatever is needed to make things better. As I already mentioned that some state governments are exploring the possibility of blockchain to implement in governance and provide access to the users who are known as the citizens and they should be able to get whatever information they need related to themselves.

src

With this technology, society can get easy access to the information they need through government involvement. The current technology platforms are struggling with downtime because they are not scalable and most of the time the servers not working up to the expectation which is why it is difficult for people to get things done as well as they are not able to fetch information. I have gone through this situation when I had some work to get done from the government offices but it was delayed because their servers were not working as expected due to load but with blockchain I believe this problem can be solved significantly. This will not just save time for the users but it will also help the departments to go more digital and improve their efficiency because downtime will not be there anymore and we can say that it will be resolved completely. it is a technology so obviously some sort of updates and upgrades will be needed along with the regular maintenance to keep it running as expected but this will not impact the users because things will be easily accessible for them and it will save a lot of time for them.

How Blockchain Tech Improves Processes and the global economy.

Some of the tech giants are already working on Blockchain and even some of them have adopted blockchain to implement in their business model that means they will be able to provide a sustainable technology platform that will be up and should not be creating any issues with the data management. The core function of blockchain technology is that whatever is recorded on the chain will always be there and there is no way this can be liberated so it will go in favor of these big companies. The loss of data or the hack of data has been the bigger problem for quite some time and with the blockchain we expect that this can be solved up to an extent.

src

If the corporates can build a technology environment where information is most secure and nobody can delete it that means they can be more confident in their data management skills and environment. Many tech companies are tied up with government projects where they need to maintain and secure the data as information deletion can create many issues. If the companies are going to adopt the blockchain for a reliable technological infrastructure then it will also encourage the government to follow the same and as a result, it will help to improve on multiple things minus by the government. With the implementation of blockchain technology, we expect that better infrastructure can be created and the management of many components that are part of the economy can be dealt with well. Technology keeps on evolving and countries need to be updated on this front because any delay can push them behind on the overall world adoption hence blockchain is the bigger example where multiple countries can come forward and join the trend. Instead of considering it as a cryptocurrency-related technology, they should consider it as a highly advanced technology that is capable of managing multiple things and that also includes cryptocurrency which is just one component.

Surprisingly in India, the government is fine with blockchain technology but they are not ok with cryptocurrency because they feel this is a threat to their economy whereas the reality is the opposite. It is high time when they need to understand this both are part of the ecosystem so choosing one and leaving another might not be possible and adopting both can empower the economy from various aspects is going to help the country.

How Crypto can disrupt the Markets

When we talk about cryptocurrency the first thing that comes to our mind is that it is a highly volatile asset but people make a lot of money with certain strategies. This is true that people make a lot of money in this market but we also need to understand that such returns are never guaranteed however This approach can help people to make good money. in India not even 10% of people are trading on the stock market whereas the segment has been in the country for almost 4 decades but in the crypto market, millions are users actively working. This shows that traditional investment platforms are required to come out of the box and see how things are working in the crypto space. They need to upgrade themselves and offer something similar to the cryptocurrencies if possible so that user retention can be good on the traditional investment as well as they can onboard more people.

src

With Crypto, things are easy in terms of trading and creating accounts because there is no manual process involved, and the entire ecosystem runs on digital solutions whereas things are not the same in the real world. Crypto has got more attention because anyone can be part of it just by using their devices including the mobile phone or computers. If the situation is going to remain same and the traditional market will not improve then for sure the crypto segment is going to disrupt the traditional market

Crypto has become one of the markets where people can trade anytime because it works 24/7 format and one need not follow any traditional process to be part of it. because everything is digital and one can access it using a computer or a mobile phone it is also one of the plus regions that is why crypto is getting more attention than any other segment which is built for the investment purpose. It is high time that other segments need to realize what changes they are required to make in the existing infrastructure else crypto is going to be much bigger than what we have now because the provided options are easy to use and can be done from any place in the world. Having a device connected to the Internet is good enough to continue with and because of such regions, crypto can disrupt the market. The earning potential is one of the components that we cannot ignore but this is not the only reason why people would move more on the crypto side however we will agree that with Crypto things are transparent and the digital form makes things easy for any user to follow. If this situation continues to be the same for the next few years then probably we can see more influence of crypto in the traditional market and probably that might be late to retain the users because once they are moved then it will be difficult for them to bring back.

Conclusion

Overall cryptocurrency and blockchain are the new solutions for many things available around us but the involvement of institutions and governments Is needed to make it more popular and useful for the citizens of the country. blockchain technology is highly advanced and innovative and similarly, crypto tokens are meant to provide solutions that can reduce the remittance cost significantly and that remove third-party involvement in the transaction. Fiat currency is going through a tough time in many countries because of the various regions and this is where crypto gets more attention because investors are more comfortable investing in cryptocurrency despite knowing that it is highly volatile.

Thank you

Posted Using LeoFinance Alpha