by Craig Cobb
If you’re a social person who likes to converse about the topics of the day around the watercooler at work, out to dinner with friends or around the family dinner table then you will have no doubt heard about Bitcoin.
Yes, it has had a smattering of press both good and bad over the years but in the last few months as bitcoin approached US$20,000 many were forced to take note and ask themselves, what is Bitcoin and should I invest in it?
This ground-breaking technology behind Bitcoin is one reason you’d be mad not to explore a new this new market – the blockchain.
What is the blockchain?
Put simply, the blockchain is an online ledger.
Think of it like a receipt of a transaction. When I buy my watch, I hand over currency in the form of cash or card and I am given a receipt of that purchase. The blockchain works in a similar way to the receipt system, however instead of a physical paper receipt, a digital version is stored within the chain for every single transaction.
Not only is every transaction recorded, the online ledger is near impossible to hack, making it exceptionally safe.
Why is this blockchain technology life-changing?
The blockchain is a place where things are more easily distributed for all to access and see and more openly transparent and able to be accounted for.
Imagine how simple and cost effective the same sex marriage plebiscite would have been if the vote sat on the blockchain instead of a paper or online vote? The $120 million cost could have been avoided and Australian’s details would be more secure from the have the threat of being compromised.
It’s a place that would be perfect for a vote, and the cost? Which has been quoted at around one tenth.
You vote once, it’s on the blockchain and it’s easy to count and recount. This helps to counter It can’t be manipulation, it rules out corruption and overall provides a superior brilliant solution to the current susceptible to tampering and less transparent voting system.
This is just one example of how blockchain can make life more efficient, more effective, more trusted and a lot cheaper.
How about other applications such as banking? Have you ever sent money to a foreign country or purchased currency at an exchange for your holiday? We all know the costs involved are huge and not to mention time delays.
But Cryptocurrency and the blockchain can, and will, transform how we exchange currency and do business. It is already starting to creep into all parts of our lives from decentralised social platforms like Steem which unlike Facebook rewards you depending on how many likes your posts gets through to Brave is a web browser that blocks advertisements and trackers. As a result, websites work faster and traffic decreases significantly. So you save your time and money. In addition, you cannot catch any malware in the ad clicking on it accidentally.
Personally I’m really excited at the new and emerging technologies that are coming about due
to this new ecosystem and believe this is a great telescope to peer through to view the
potential future ahead.
Craig Cobb has 15-plus years experience in traditional markets like stocks, FX, commodities and bonds and is managing director of TraderCobb.com, an online educator for the Cryptocurrency marketplace.