By Wirba Brice Divine Ransinyuy. [email protected]
As the world moves on in witnessing daily and various advancements, so it is the same with economical advancements. The world is gaining heights in its entire aspect bringing civilisation to a different and new level. With this in sight, the world has come to experience a new growth and emergence on blockchain technology in a significant balance as it affects particularly the virtual than any other world. It has redefined and established the way online financial life looks like bringing a complete different outlook to it. The world is witnessing a new shift of paradigm as it regards blockchain technology on the virtual financial world market.
With the outbreak of blochchain technology several years ago by a prominent figure, the blockchain technology genie has come out with some turning point as he gave us another side, that is a new way to look and rethink of the online economic life. On the virtual financial world market platform, blockchain technology turns out to be the new paradigm that has security, trustfulness and irreversibility that is close to both the client and the service provider for providing a better quality of financial service. It has rendered the online services better in that, when an online transaction takes place using the blockchain technology, it gathers the input and output database. According to Tapscott on the economic impact of blockchain technology, he brings on an argument stating that “Blockchain technology offers a genuine privacy protection and also an online financial platform for truth and trust”. This privacy protection and truth and trust which is blockchain technology is an immutable, unhackable distributed database of online digital assets that does not only work for financial online services but also right across every virtual aspect of the society.
Though blockchain technology may seem complex, in a real sense, the idea is quite simple. Just like the internet was the first medium of information, blockchain technology is the first medium for value as it has completely changed the online financial world. It has done so by dropping the cost and complexity of financial systems as people prefer more and more dealing using a digital form of money. Looking at blockchain technology on a given scene, it is easy to say that using the blockchain technology, online transactions give the opportunity to virtual banks and online financial institutions platforms to do transactions of any amount of moment as banks have limits that is banks cannot settle trillions of real-time transactions due to the risk of low security whereas with blockchain technology it is possible to do so across the world according to a research carried out by students and researchers of Harvard on May 10 2016 taking two years of profound research.
This has instigated nations to revolutionize their online dealings and transactions as they turn to use blockchain technology to break the middleman who benefits all the gains and profits.