Cryptocurrencies brought blockchain technology into the realm of business transactions, showing that blockchain technology goes beyond mere cryptocurrency applications. Blockchain innovation can now be seen in an extensive variety of industries, due to its advantage in digitizing databases and disseminating intelligence, but the eventual fate of this technology is unfurling now.
Initial coin offerings (ICO) alongside different projects are changing the way the world does transactions in real time. Indeed, and an increasing number of companies are devoting resources to research and development of own use blockchain technology projects.
The next digital jump
Developers of the early Internet were not concerned about making transactions real time or that secure, connectivity was what they were working towards. Technical innovation around security paved the way for otherwise ground-breaking applications in digital transactions. Saying that, the Internet/digital age has not fully matured as yet, it was not long ago that videos become as simple to share as pictures. Blockchain technology speaks to the next digital jump by leveraging the worlds already established digital network.
Decentralised and trustless data makes for effective transactions. This can get rid of powerful mediators that control data, putting their own agendas before people who possess the data. It also effectively utilises developers time and enables a greater range clients to jump on the blockchain bandwagon. If you thought innovation progressed rapidly with the coming of the Internet, just wait until people and business understand the full capabilities of Blockchain technology.
Benefits of Blockchain
At this moment there are a considerable number of blockchain projects underway, with interoperability being an essential aspect of such projects. Innovative and smart developers are understanding the advantages of creating compatibility pathways. Blockchain technology by its nature is free, developed in an open source environment, allowing for others to build on existing projects or adapt the programming developed, for their own use, thus helping blockchain technology expand exponentially.
Centralised data is bolted away and requires consent from a large administrative organization that despite being digitally centered is controlled by legislation such red tape. Free flow of data does not require the absence of ownership, as digital records and extensive distribution guarantees security.
This is the world GALLACTIC is building, one block of trust at once.