Cryptocurrency Technologies That Will Affect You

Cryptocurrency has hit a bump in the road over the last month, but its growth shows no sign of abating. Smaller coins continue to grow, and Canada is a growing crypto hub due to its favourable trade and infrastructure. Cryptocurrency is, of course, a product of technological forces, with its most famous proponent – Bitcoin – ‘mined’ through the calculation of complex mathematical strings by consumer computers.

To match, the cryptocurrency industry is ever evolving, bringing innovative computer security solutions and disruptive technologies that will soon feature massively in our everyday lives.

Blockchain

Probably the most familiar term for all of those not familiar with cryptocurrency and it’s technical language, blockchain is – in simple terms – a record of blocks that have been mined since the cryptocurrency ever started, generating an ultra-secure and contiguous list of transactions and records. What impact does this have on our everyday lives, though? Several companies have already scoped out the possibility of using blockchain to securely establish medical records in an accessible fashion, and blockchain is being introduced to companies in a preparatory nature for the disruption it may cause. Current trajectories already show blockchain activity eclipsing other popular trends, like cloud computing and the IoT.

Wallets

Cryptocurrency transactions rely on two main avenues; currency exchanges and wallets. The latter were key during the early days, before trading of cryptocurrency as a forex-style venture really blossomed. Whilst the idea of keeping data on a secure outlet has always been recommended, the information age has seen many consumers hosting huge amounts of data in the cloud or on vault apps. However, events like the 350m USD Coincheck hack have brought this into sharp focus, and the abilities of wallets. Expect to see a huge outreach in personal data storage and security solutions as current favourites are scrutinized.

Smart contracts

A major gripe for many small businesses the world over is getting those up the transaction chain to pay. With little recourse to legal avenues without serious outlay, it can seem difficult. Smart contracts are as they are in real life – contractual – but have instant effects, guaranteeing a contract without the minimum of fuss. This allows for an easily accessed audit trail to be used with personal account applications and prevents the risk of not being paid – or restricting services.

Cryptocurrency has been the rollercoaster financial story of 2017 onwards. Less publicized is the transformative nature of its technologies, which will have positive effects on the world in years to come.

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