12th July 2022 Knowledge The value in Blockchain technology remains “Blockchain technology still represents an enormous opportunity for revolutionizing a whole host of industries, systems and processes.“ Is it a good time to buy or sell your crypto? Will we ever again see the heights of Bitcoin and Ethereum as we did in 2021? In times of uncertainty and decline, we understand the need to ask these questions and try to investigate the current state of blockchain but also explain why we believe that this is far from over. It appears that most of the current Cryptocurrency related news cycle is, somewhat naturally, focused on the volatility in market conditions. It appears necessary then to remind ourselves why the value in the technology that underpins cryptocurrency – blockchain, is as relevant as ever. It is understandable that during these market conditions there is a focus on the negative outcomes associated with Crypto exchange. What is easily forgotten however, is that blockchain technology still represents an enormous opportunity for revolutionizing a whole host of industries, systems and processes. This fact will remain regardless of market conditions – which will naturally fluctuate. As many cryptocurrency companies attempt to adapt in order to remain competitive and relevant, it is worthwhile remembering that blockchain technology is still an extremely reliable way of storing data from a variety of transactions and exchanges. Research from Cryptoradar suggests that people under 35 have a higher risk tolerance to invest. However, trade war and global economic downturn predictions are making people act more cautiously when investing, which makes Bitcoin’s high volatility less attractive. According to the study, the crypto industry needs to better communicate the many benefits the underlying technology offers to different industries, especially to older and female audiences. So any company (including companies in the crypto space) ought to be exploring or at least making its audience aware of what more can be done with the technology at their disposal. A pertinent example includes IBM’s creation of a Food Trust blockchain to trace the journey that food products take to get to their locations. It can take weeks to find the source of food contamination outbreaks or the cause of sickness from what people are eating, so using blockchain allows for the tracking of a food product’s route from its origin, through each stop it makes, including its delivery. If a food is found to be contaminated, then it can be traced all the way back through each stop to its origin, which can potentially save lives. This is an extraordinary example of how flexible blockchain’s functions can be by utilizing its ability to store data in a decentralized and uneditable/immutable manner. “it should be a cause of optimism for investors and companies alike, that the technology which underpins cryptocurrency is so multifaceted and adaptable” Another interesting area and/or process which blockchain has the potential to disrupt strikes right at the heart of modern society – democracy. The voting process in many countries is susceptible to corruption and voter tampering, and the electoral procedure is largely stuck in the last century. In many countries, the fact that voters must leave their homes to submit a ballot paper opens up the possibility of voter intimidation. On top of this, paper votes are easily destroyed and/or tampered with. This corrupts the voting process, and on a larger scale, destabilizes and diminishes the value of a democratic system. Because blockchain at its core is a digital ledger, it would allow for voters to effectively submit their vote without revealing their identity or political preferences to the public. Electoral officials can then count votes with absolute certainty, knowing that each ID is directly attributable to one vote, no fakes can be created, and tampering becomes essentially impossible. Regardless of how cryptocurrency markets may be performing at any given time, it should be a cause of optimism for investors and companies alike, that the technology which underpins cryptocurrency is so multifaceted and adaptable. It is already being used in a plethora of ways but there is still far more to come. Whatever may come, let us remember that the technology that underpins cryptocurrency remains incredibly powerful. This alone should be a reason for optimism. If you want to learn more about Coinify’s solutions for wallets, deposits, invoicing, etc., please reach out to us at [email protected]. Source: IBM Food Trust: A new era in the world’s food supply, link.Why Regulations Will Benefit the Crypto Industry in the Long Run, link.