Are Cryptocurrencies the Best Application of Blockchain Technology?

Last Modified:12 May 2020 14:34:21
Are Cryptocurrencies the Best Application of Blockchain Technology?

There have been many questions and ambiguities since the advent of new Blockchain technology and various cryptocurrencies. This variety of ambiguities and questions in new Blockchain technology is still raising many questions. Many believe that cryptocurrencies are not the only important application Blockchain network can offer the world. In fact, it cannot be said that cryptocurrencies are the marvelous emerging technology introduced by Blockchain network to the world. The application of the Blockchain network cannot actually be limited to the world of payments and digital currencies. Currently, different startups are working on various fields of Blockchain network. The following will address the other capabilities of this network. Follow us:

Blockchain Applications in Various Fields

Blockchain can be beneficent in various fields like medication, health, security, education, etc. too. The activity of novel companies and smart young startups in these fields give the good news of outstanding growth of Blockchain application in various areas in the near future. The applications which are not solely limited to cryptocurrencies and they might lead to the change of global standpoint to this new technology. Presently, many people and governments do not trust in and are not aware of security, importance and of course the capabilities of Blockchain network. If the applications of this network are proved in more objective grounds such as medication and education, it will earn more money and credit, and even more, people will tend to invest in the field of cryptocurrencies.

It is clear that trusting in Blockchain and cryptocurrencies is a little harder in other applications of Blockchain. It is the matter of capital and cryptocurrency, and it is, in fact, a serious issue; any trial and error in the investment markets can be a great risk. So the need to draw the public’s trust is highly necessary for developing Blockchain applications.

Helping Charities and Public Utilities

One of the remarkable applications of Blockchain network is its use in benevolent activities. For instance, collecting fund from around the world is possible with the help of cryptocurrencies. Just donating amounts of money from every part of the world with the help of cryptocurrencies such as Bitcoin and the like to do benevolent, humanitarian activities and environment protection is enough. Through clarification in the route of spending cryptocurrencies and the ability to trace trades and transactions in Blockchain, you will fully know that the money you have donated will be reached, benefactors.

This application of Blockchain and cryptocurrencies causes this aspect of the new world of technology more positive for the common people and pessimistic experts.

Final Points

Blockchain and other cryptocurrencies cannot be removed from the world. The route ahead of them might not get to destiny as the way it is predicted, but there will not be any disappearance or removal. This new technology has come to remain and stay. You should wait and see if benevolent activities cause developing welcoming Blockchain and cryptocurrencies or not?