Over the last ten years since the blockchain technology came to light, there has been a massive adoption trend, and in a manner that is unprecedented; somewhat geometrical rather than arithmetic. This is by the advantages that this invention brings- something that is becoming obvious to more people as the days pass. It is no more news to say that if these events continue (which is pretty definite), then a worldwide transition from the regular fiat currency system to the cryptocurrency-powered networks, is imminent.
The characteristics of the blockchain technology in general, are the factors that have put the use of it, in some heightening preference in recent times. Some of the significant features are a contrast to the traditional banking systems as we know them. Thus it seems the very lapses of the centralized payment option (the banks), were the focus of the design that is seen in the feature and function of the decentralized systems- the blockchain.
For instance, one of the reasons why people have had complains about the centralized systems is the prevalent third-party interference. Cryptocurrencies allow transfer of value between individuals without restriction or monitoring from government authorities or bank regulators. The use of cryptographic algorithms makes transactions mostly anonymous, while all the information is not controlled or stored by a central entity.
Asides this, the speed of transaction on the blockchain protocols are another reason to pitch tents with this technology. Unlike the banking system where transactions need to undergo a number of processes before confirmation and forwarding, the cryptocurrency networks are known for facilitating transactions within the spate of seconds, or very few minutes at the most. Every business person, and even just anybody can tell the importance of sending and receiving vast amounts of money, almost instantly and at any time.
An important strategy that would help the future of decentralized payment options is the creation of project-specific blockchain for every sector of the world’s economy. Now, blockchain protocol developers are beginning to develop dedicated blockchain for health, transport, commerce, insurance, entertainment, recreation, and leisure, amongst others. The effect of this is that greater ease is brought to the way we connect with individuals on specific aspects of our lives. If all of the health services or transport services in a region are united on a blockchain, people are allowed to more options to choose whose goods or service they prefer, and with equal ease of communication and exchange.
Although the blockchain technology is currently hindered by some issues such as security concerns, market price volatility of cryptocurrency tokens, antagonism from financial institutions, etc., there are prospects of a stable framework that would overcome all of these challenges shortly.
The next thing to tackle is how to get the less developed, and developing countries to fully come on board, especially since transactions can only be effected using the internet, as well as other technological inputs that are involved; a lot of which may not be readily available.

The Future of Everyday Transactions
3 (60.95%) 21 votes

Published by Davide Zucchetti

Co-founder HiSkill; Business School Sole 24 Ore Professor; ICOBooster Co-Founder; FintechReview Co-Founder