Blockchain is the future of the financial industry

What is blockchain and why is it so popular – a quick guide.

«Blockchain» is on the Top-100 common words in 2021. Its structural unit is cryptocurrency. For buying, exchanging and saving digital coins you need special wallets like BitMarket Network Client.

Blockchain ≠ Bitcoin

Let’s be clear: Bitcoin and Blockchain are not the same thing.

Blockchain is a technology, a tool with which crypto-currencies, including Bitcoin, are created. It is a whole system and the fastest growing industry today. The developers of innovative multi-currency wallet BitMarket Network Client, predicted that Blockchain will become the main financial industry and Bitcoin the major means of payment after five years.

Now this technology is perfect for clearing securities, transactions between banks and individuals, for credit operations. Blockchain technologies are already being researched at the state level. Almost all major central banks in large countries develop their own digital currency (CBDC). China is already testing its digital yuan in real-world conditions. Russia plans to start testing the digital ruble at the end of 2021.

This trend is driving changes in related areas – trade financing, securities settlements, and inter-bank payments. Scope of application are all transactions of financial institutions. In the rapidly developing sector of decentralized finance, innovative models of exchange platforms, their own derivatives, insurance, lending, portfolio management, and investments have appeared.

How to become a part of the blockchain community

Modern society is gradually moving from paper money to digital coins. However, cryptocurrency also needs to be stored in special online, desktop, hardware or mobile wallets. The most convenient one is BitMarket Network Client. It combines multi-currency (the service supports Bitcoins, Litecoins, Ethereum and other coins) and cross-platform (it works on MAC OS X, Linux, Win; iOS and Android soon).

The reliability of this wallet is ensured with two-factor authentication (2FA). No one knowing users’ password can enter his storage without knowing his phone code. An open source allows developers to fix bugs and everyone can help in the system’s improvement. The limited access of the crypto wallet creators guarantee 100% safety of savings.

Using this service for buying and exchanging coins is also very simple and convenient. All available cryptocurrencies are displayed in the fiat according to the current rates. Transactions are carried out anonymously with the lowest fees in the shortest possible time.

Now there are many promising wallet projects on the cryptocurrency market, but the most reliable and convenient of them, due to their complexity, are still under development –  in their alpha version. Therefore, many IT-developers are now looking for professional specialists to help in the implementation of their idea.

Impact of the Pandemic

COVID-19 made business online and now people think about optimization of the working process and its costs. During the crisis in 2020, many companies were convinced that investing in emerging technologies is the key to maintaining a competitive position in the future market. In this regard, blockchain is similar to cloud technologies, Big data, Internet and artificial intelligence.

The governments of different countries are doing their best to support and stimulate the development of crypto-technologies, because the information of the blockchain is publicly available and protected from counterfeiting.

  • In Healthcare – Blockchain technology will be used to keep records of medicines, to compile patient cards.
  • In Property rights and real estate transactions – the technology allows excluding fake personal information and the human factor.
  • In Logistics and manufacturing – Blockchain is involved in the supply chain of goods and the production processes.
  • In Politics and digital identity – during elections this service can eliminate faking results and make the process more transparent. Blockchain will become a person’s digital passport very soon.

Digitalization is changing the World and the financial sector. People use paper money less every year. Soon cryptocurrency will replace plastic cards and it will be possible to pay for goods and services only using a blockchain wallet.

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