There are a number of different reasons for the great interest in blockchain technology. On the one hand, confidence in banks and the conventional financial market has been exhausted. Secondly, today’s enormous amounts of data require a solution that can only be found in an innovative technology. From the point of view of the population, blockchains are foremost and primarily related to cryptocurrencies, their trade and transactions on a global basis. Currently, the main field of application of blockchain technology is based on the “second financial market”, which is appealing to more and more people and is proving to be a real refuge. In times of low interest rates and financial uncertainty, cryptocurrencies are the new savings book or endowment insurance, which in their original structure no longer generate a return. In addition to investing in tangible assets, more and more people are relying on cryptocurrencies and thus on blockchain technology, which makes trading with Bitcoin and Co. possible in the first place. It is a fact that blockchain will continue to occupy a leading position, especially in the financial sector, and will herald the next digital revolution. But far away from the financial economy, the blockchain is also gaining in importance and is attracting considerable attention.
Political opinion concerning blockchain – times are a changing
Initially, politicians largely rejected the new technology. Even though the possibilities of the blockchain are unlimited, it was viewed with unmistakable skepticism and primarily classified as a second financial market. In reality, blockchain is the solution for managing large data streams, avoiding the risks of central storage on servers, and preventing data manipulation. What is stored once in the decentralized structure of the blockchain can neither “disappear” nor be changed afterwards. All companies can secure this benefit by exploiting the advantages of the blockchain as well as all potentials of the digitalization of the future now. The benefits of the innovative technology have also reached the political arena and are leading to discussions that are increasingly showing more advocates than skeptics. In other countries of the world, this technology already forms a stable basis for the economy, so that Germany should now follow suit and not jeopardize its connection to the competition. The approval process has already been relaxed by politicians, but the full potential of the blockchain is still not in use in Germany, apart from dynamic start-ups and their focus on visionary technologies.
Used correctly and comprehensively, blockchain is a groundbreaking and forward-looking technology
The cryptocurrency sector will also become even more important in the future and will break away from the “second financial market” niche. The fact that Bitcoin and co. are more than just an alternative is shown by the great interest among the population in new means of payment and bank-independent solutions. The blockchain enables automated processes, real-time money transfers worldwide and a reduction in costs, as the transfer is possible without charges and without the exchange of currencies. The technology is also a revolution in terms of administration with maximum protection against counterfeiting.