Without a doubt you know what a cryptocurrency is, an online currency that can be used for trading and purchasing much like a currency from any corner of the world. We live on a planet where some countries don’t even have currencies themselves, where they rely on the banking system staying afloat in a country that is thousands of miles away. Where other countries with currencies of their own, struggle by day to day not knowing whether the value will decrease suddenly or increase unexpectantly. A country where people go to shops uncertain if the bread they bought a week ago will have risen in price. There are these countries and yet somehow there exists an online currency, one that everyone can use and one that has a volatility of its own. You may not know it and you may not even care but Blockchain development is one of the keys to a cryptocurrency system working correctly and efficiently.

 

When Bitcoin took over the world during months of November and December last year, the average man and woman on the street suddenly became obsessed with the world of crypto and what it had to offer them. The average joe off the street, the one sitting in front of 3 computer screens a day or working in a construction site looking to make ends meet. Blockchain development was one of the factors powering the cryptocurrency they had become so obsessed with. For that month or two before Christmas, everyone knew this. There were crypto events popping up out of nowhere for those who wanted to learn more about this get rich quick investment. For many it worked and for just as many it didn’t as Bitcoin took a spectacular tumble around the turn of the year. It was both expected and unexpected at the same time. Millions of dollars had been ploughed into the industry and just as quick as people made thousands, they lost those thousands of dollars at an even quicker rate. However, blockchain development was able to keep up with the newfound demand for its services and facilitate transactions that were needed.

Along with the crypto industry, blockchain development can also be seen in the banking industry which is a new step forward for an industry still getting to terms with rapid developments in technology. With speed of transfer or settlement at the forefront of banks minds now, they are becoming more and more eager to use any technology that can make payments quicker and safer than ever. While not exactly a proven technology yet, blockchain development still has quite a while to go before being universally accepted in the banking industry. It is making long quick strides towards perfection. Some banks have introduced research labs to gain a better understand of how it can help them become leaner, more efficient money-making machines.

 

Blockchain development has also been used to create sharing within different video games as a way for users to play games that share assets, however, there is to be more research done on this. Moreover, blockchain development is helping to create multiple new technologies that can create public ledger systems or peer to peer sharing. This has promoted a sharing economy in the insurance industry as microinsurance and peer-to-peer insurance has adopted it.

 

As previously mentioned, blockchain development was at the forefront of helping Bitcoin to take over the world, and now nearly a year after the fascination took over the general public, it is now helping to improve processes in our day to day lives. We not see the advantages for a few years, but it is certain we will see them eventually.