The year 2017 witnessed a remarkable transformation in the history of digital currencies particularly Bitcoin. In mid-November, Bitcoin attained an all-time high exchange rate of $7,800 proving its supremacy as the king of cryptocurrencies. The year also witnessed the creation of a second digital token known as Bitcoin Gold which was simply due to a lack of consensus on the future development of the blockchain.
Apart from Bitcoin, it was observed that other cryptocurrencies such as Litecoin, Ripple, and Ethereum also achieved significant increases in value. This is why most experts in the industry have termed it to be the “Year of the Blockchain.” No doubt, the year recorded an unprecedented level of remarkable achievements owing to the significant development performed in the underlying technology. To this end, it is best to say that the future of the blockchain is already here.
Why Consider the Blockchain
Initially, BTC was established to become a widely accepted means of making electronic payments. But as some skeptics would recall, the cryptocurrency is yet to meet its objective. Though most merchants are yet to wholly recognize Bitcoin as a medium of exchange, it is important to note that a remarkable circulation of the cryptocurrency has been observed in a few nations where the sovereign fiat has fallen such as Zimbabwe and Venezuela.
Obviously, the central banks are not pleased with the decentralized nature of Bitcoin. Interestingly, this has not in any way restricted Singaporean and Russian government officials from executing advanced blockchain solutions. As a matter of fact, these countries have respectively implemented the Singaporean dollar and the Russian ruble as the electronic versions of their respective national currencies which they manage on their own.
Interestingly, some retail banking giants like JPMorgan Chase are already showing great interest in working with financial tech startups that specialize in developing blockchain applications. Other financial services providers such as Fidelity Investments and MasterCard are also not relenting to show their support for the blockchain.
How to Choose the Right Blockchain Specialization
While there are high prospects of the blockchain and the distributed ledger technology in the field of financial technology, it is important for every prospective investor to be wary about how they adopt it. As a result of overwhelming market saturation, it is more important to consider cyber security in Fort Lauderdale than just developing a new cryptocurrency wallet.
Particularly in the healthcare sector, there is every need to ensure adequate cyber security in Fort Lauderdale by developing viable blockchain systems that can effectively support the transfer of health information and also ensure secure storage, exchange, and management of digital medical records.
Rather than creating digital currencies, several companies and organizations are already using distributed ledger currencies to develop applications aimed at securing and organize companies’ data while ensuring smooth efficiency. Basically, they are seeking to shape the development of the blockchain.