Is blockchain overhyped? The rise and fall of technology

 

Everyone knows what a blockchain is since the apparition of cryptocurrency. From Bitcoin to the development of other altcoins, blockchain technology began to represent a controversial subject among specialists. Some people associate the blockchain technology with cryptocurrency only, which is a mistake. Professionals state the blockchain technology can be successfully used in different fields of work, not related in any way with virtual coins or Bitcoin itself. But why is the topic overhyped?

People believe that, through the apparition of blockchain technology, they no longer have to pay unnecessary fees and taxes to banks or other intermediaries. What they don’t know is that specialists consider blockchain technology a step further, but not the most significant evolution step ever taken. Solving complex mathematical tasks and using high-performance computers is not new, so the fact that people exaggerate the impact of blockchain technology is only caused by misinformation.

Japan adopted cryptocurrency in all industries

Japan is the country that adopted cryptocurrency the fastest in almost all fields of work. They announced that some tech companies offered their employees the possibility to receive their salary in virtual currency. Even though the decision is still limited to a few companies, blockchain tech is appreciated in Japan. Several countries around the world shared their interest in following the example of blockchain Tokyo. Moreover, some companies stated that they’d like to invest considerable amounts of money in minim Bitcoin the following year. Japan believes in the potential apparition of a universal currency, the reason why they make all the necessary efforts to adopt and implement it. Of course, there is room for traditional payment methods and the physical currency everyone is still used to.

Banks want to implement blockchain-based cash systems

At first, banks seemed to be unhappy that cryptocurrency and the blockchain technology, in general, started to be popular among people. The fact that people realized that not paying taxes to a bank when making a transfer is much more convenient, banks began to think about their options. That’s the moment when they thought about implementing blockchain cash systems for completing transactions quicker and involving fewer taxes than before. Considering the fact that banks are usually relying on third-party verification and complicated procedures for transactions, a shared ledger could solve most of their issues. Banks could say goodbye to manual processing or difficult authentication, thus saving time and regaining the people’s interest.

The royal family is open to cryptocurrency

Many people still wonder if virtual coins are a good idea, taking into account the downfalls and the benefits of technology altogether. The only way to trust a new type of technology is by receiving confirmation from specialists and important people. What better confirmation other than the royal family using cryptocurrency would one need. Liechtenstein’s royal family decided to invest in cryptocurrency, a decision that made a large number of people trust virtual coins more than before. If the royal family is ready to accept all the changes and risks of cryptocurrency, there is surely something to win out of it.