Technology evolves more each year – how does it affect consumers and businesses?

Technology evolves more each year – how does it affect consumers and businesses?

All of us know, what is the most important and crucial invention, that affects every aspect of our lives. That is obviously the internet. Sure, there are many other important inventions, but they go back much more time than the internet.

The internet is not the last important invention. By each year, the more new invention is introduced to the world. Some of them turn out to be impractical, but many will have a great influence on the whole world. Additionally, the inventions keep on evolving every year, thus getting better with making everyday life easier. But what are the most important inventions, and how do they affect different parts of our lives?

Blockchain technology is a very practical invention

Blockchain technology was invented much earlier than many think. The very first written mentions of blockchain technology are even from 1982, which is much further away than many think. This is because even though blockchain technology is a very important invention, many think that it was invented for cryptocurrencies. The fact is quite opposite. Cryptocurrencies were merely the first ones to use this technology for their advance.

Blockchain is a type of cryptography, which makes it very usable for both consumers and businesses. Blockchain for Business can mean a lot of different possibilities.  Blockchain technology makes many different processes much safer and more encrypted. Because of this, it can be used for example for important documentation, that needs to be kept safe from different parties.

Blockchain can be useful for both businesses and also consumers

So what blockchain actually is. To put it very simply, it is a chain, that is formed by blocks. Each and every one of these blocks contains a lot of information, that needs to be accepted by the miners. The miners are people, who mine the blocks. The process of this depends quite a lot on the type of blockchain. Still, the main idea is quite similar from one blockchain to another. Basically, the miners need to use hardware to solve a sort of puzzle, by putting it through the hardware as many times as needed. This will create a key, which will be the name of the blockchain.

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This process makes blockchains very safe. All of the activities need to be accepted by all of the miners because everyone has a copy of the blockchain. Because of this, any sudden changes in the blockchain will be visible to everyone. This means, that it is very safe since it is almost impossible to create false blocks.

This level of safety makes it practical in many different ways. For example, blockchain technology can be used by consumers to form different contracts, that will keep all of the parties completely safe. As we mentioned, businesses can use blockchains to store their important documents in a safe manner. There is even some Governmental usage for blockchains. For example, some governments have started to investigate the ways to use blockchain technology for voting. This could keep the voting process safe from any parties, that might try to influence the outcome.

More use for blockchain in the future?

It is very clear, that there are many different ways to use blockchain technology already. Nevertheless, with time, this has expanded even more. Now, some doctors are investigating ways to use it in their practice, to keep patient information safe, and easy to transfer from one doctor to another.

Additionally, some companies, that deliver products have started to use blockchain technology to track down any possible faults in the delivery. This way companies can optimize their work. All in all, blockchain technology has opened many doors for many different purposes, and this will certainly only grow in the future.

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Cryptocurrencies are one of the most popular inventions of the last decade

As we mentioned before, even though blockchain technology turns 40 years old in 2022, people think that the invention is much younger. This is because a lot of people assume, that the technology was originally created for the first cryptocurrency, Bitcoin. They couldn’t be more wrong, but Bitcoin did manage to make blockchain technology famous.

Bitcoin was the first practical invention to use blockchain technology. With its help, Bitcoin could figure out something, that no other cryptocurrency had managed to figure out before; how to keep the currency safe.

Bitcoin and other cryptocurrencies have evolved a lot during the decade they have existed. In the beginning, many people doubted their importance and possibilities. This has clearly changed a lot, and now most people take them seriously and acknowledge the fact, that this is one of the most influential inventions of the 21st century.

Cryptocurrencies offer both practical and fun possibilities

One of the great things about cryptocurrencies is that it makes both practical and fun possibilities available. Usage such as smart contract creation is clearly very practical and can be used by consumers and businesses alike. Additionally, there are a lot of fun things people can do with cryptocurrencies such as NFTs.

NFT means Non-Fungible Tokens, which are collectibles of the crypto world. Sure, there is not a lot of practical usage for them, just as any physical collectible wouldn’t have. Still having them, and obviously selling them, can be quite fun. Since NFTs exist in the digital world, there are no limitations on what they can be. Therefore, they can be in a form of digital art, music, videos, or anything else.

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Day to day life is easier due to different technological advances

Blockchain technology and cryptocurrencies are clearly very important, and they have had a great influence on how the whole world works. Still, there are many other inventions, that might be smaller, but still, make our everyday life much easier.

A great example of this is smartphone applications. Thanks to them, now we can even transfer money to another person or a company without using our banking information or payment cards at all. Couple of years ago, an invention like this was hard to imagine, and now it’s even harder to imagine life without them.

Ayhan Fletcher

"Subtly charming zombie nerd. Infuriatingly humble thinker. Twitter enthusiast. Hardcore web junkie."

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