The rise and development of Blockchain technology

By Wirba Brice Divine Ransinyuy. [email protected]

Central banks and retailing banks are pursuing how to better get in contact with blockchain technology. A huge number of central banks throughout the world have started to research, do piloting and actively aiming on how to better use the blockchain technology in all its aspects from the biggest to the smallest aspect. Central banks of digital currency are also actively involved in the research to use the blockchain technology easily with the aim of making blockchain unique to its users. A report came in that the president of the European Central Bank, Christine Lagarde has given all greenlights for the development of blockchain technology and also of a Central Bank of Digital currency. She went on by insisting on the fact that since the demand of financial and business transactions are high and urgent, there is need of the use of blockhain to answer these demands by rendering the businesses fast and low –cost payments in order that the European central Bank should join the race of financial supremacy in the world.

The blockchain technology has risen to global heights and does not any longer limit itself in the financial world as it is the case with cryptocurrency. Using blockchain technology in cryptocurrencies like Bitcoin which is known for its instability reduces the risk of having the value of the currency at risk as it gives countries which are known with an unstable currency or unstable currencies to have a more stable currency with better and more applications and implications without a lose of value as they operate under a wider network of persons and institutions doing business safely at home and at the international level. This is the case with countries like Ecuador, Brazil who constantly suffer economic crisis leading to an unstable currency. With the blockchain technology they are able to use Bitcoin and other cryptocurrencies in order to feel in the vacuum left by an unstable national currency.

Notwithstanding, blockchain technology has risen and developed to different heights like in the use of property records and healthcare uses. In the face of property record use, blockchain technology has the ability and capacity to eliminate and wipe out completely for scanning and overlooking of documents and also the tracking of physical files and documents stored in a local recording office. In order for it to take place, the property has to be stored and verified on the blockchain as the stored information shall become accurate and permanent. In the healthcare use, blockchain technology gives the opportunity to encode and store the personal health records of an individual as the records will be stored forever with much confidence underlying. This is an argument that advocates and experts on blockchain technology arguably put forward.

Various professional services network like Deloitte have recently measured out the development of blockchain through a survey and it stipulates there is a constant rise of 40% after every 12 months.