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Does blockchain threaten our freedom?

| October 06, 2021, 08:00 AM

Bitcoin’s growing popularity has made it one of the most prominent cryptocurrencies in today’s time. If anyone mentions cryptocurrencies, the first thing you can think about is bitcoin. Isn’t it so? Comparatively, the price of bitcoin is higher than other cryptocurrencies.

Many people believe that bitcoin only has financial benefits. Nonetheless, it is necessary to note that it isn’t so. Bitcoin functions on cryptographic blocks that are also known as the blockchain. Blockchain technology has significantly advanced in the past few years.

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Bitcoin was introduced in 2009 with a value of less than $1. However, in today’s time, the value of bitcoin is over thousands of dollars. Blockchain consists of interconnected nodes that keep a record of all the transactions. Ever since its development, blockchain technology has come a long way. Furthermore, one of the most important things to note about blockchain technology is that it is the fastest-growing economy in today’s world. Then click here this program can help you understand bitcoin and blockchain technology thoroughly.

What are the features of blockchain technology?

The various features of blockchain technology have played an essential role in its growing popularity. Although it is a public ledger, all the information stored in it is entirely safe and secure. Some of the prominent features of blockchain technology include the following:

Confidentiality

Confidentiality is one of the significant features of blockchain technology. With the help of blockchain technology, you can keep a record of the transactions, but it will not display the same to others. This eventually helps to maintain consumer privacy.

Agreement

Transparency between two partners in a business is highly crucial. If there is no transparency, most companies will struggle. The agreement mechanism is a continuous process in blockchain technology. Nonetheless, to prevent the risk of displacement, companies must get complete control over their data.

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Redistribution

The dispersed network can eventually lead to network duplication. As a result, businesses can keep a check with the network. Furthermore, it is also necessary to understand how redistribution can be beneficial in the long run.

While there are benefits, there are specific cons too. Blockchain technology can play an essential role in easing transactions. However, it can also lead to illegal transactions, which can eventually be a problem in the long run.

Is blockchain technology threatening our freedom?

While blockchain technology is dominating all the sectors, there are specific problems too. It is necessary to address these issues as much as possible. Furthermore, it is essential to keep a check on the threats.

The lack of a centralized platform is one of the main reasons why there is no consistent development. It is for this reason that the use of blockchain technology has been limited in various sectors.

Some of the major threats that the consistent use of blockchain technology can pose include the following:

Legal issues

Legality has often been a problem while dealing with cryptocurrencies. While bitcoin and other cryptocurrencies are legal in certain countries, they are illegal in many. Nonetheless, in countries where bitcoin is illegal, operating the exchanges is also a significant threat.

Responsibility

Since the governments get to control fiat currencies, they love dealing with them. However, there is a lack of a centralized platform in dealing with cryptocurrencies when it comes to cryptocurrencies, which is why many governments refrain from using them. Several countries reject the use of cryptos which eventually paves the way to the problem.

Availability

Blockchain technology isn’t available on portable devices. As a result, they have several accessibility issues as compared to the other platform. Nonetheless, if you’re connected to a strong network, you can have an easy time accessing the internet.

Surveillance

When it comes to surveillance, the blockchain mechanism is an essential factor. The lack of surveillance on blockchain networks has often paved the way for issues.

Conclusion

Blockchain technology has observed massive growth in the past few years. Not only is it benefiting the surveillance system, but also the financial system. If you’re using blockchain technology, it is advisable to be familiar with the basics. This will play an essential role in avoiding the risks.

Category: Local News, NEWS

About the Author - Stephanie Maris

Stefanie is a local blogger and social media content marketer from Maryland and most recently a wife and a mother. She has an unhealthy obsession with puns, sarcasm and caffeinated beverages.

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