The future is here and it’s virtual. Everything we do, buy and sell has become digitized. The digital world has opened up a new pandora’s box of opportunities. Every single industry is now going through a massive transformation because of the Internet, mobile applications, big data, cloud computing and artificial intelligence. In the digital world, there are no intermediaries or brokers; everything runs on automated processes with trust being given to code and not people. This trust that is given to codes is what makes the Blockchain technology so unique and beneficial. To give further clarity, we reached out to Tommy Welborn who’s VP of Digital Assets at FGA Partners Private Equity Firm where his main focus is to utilize blockchain solutions to help companies. Let us take a deeper look at what the future holds for blockchain technology…
What is Blockchain?
A Blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. The technology behind it makes use of a network of computers located across the globe to create a decentralized network. No single computer is responsible for keeping the ledger. The blockchain has been used for various industries besides the financial sector. From supply chain management to data sharing, all industries can use blockchain technology. The blockchain’s main purpose is to create trust. It is a distributed, tamper-resistant digital ledger that is transparent and accessible to everyone. It’s also a record of transactions or anything of value.
Decentralized Applications (DApps)
DApps are decentralized applications that are hosted on a distributed network of computers. The idea behind them is to keep all the data on the network, instead of a centralized server. Decentralized networks are more secure and trustless because they don’t depend on a central company. The users of the network are the owners of the network. These networks are revolutionary because they allow the exchange of money, data and anything of value without the need for a middleman. A decentralized application built on the blockchain technology can’t be shut down or controlled by a single entity. The services that DApps provide are transparent, auditable and tamper-resistant.
Smart contracts are computer protocols that facilitate the exchange of money, property or anything of value. They are self-executing with no third party required. The smart contracts are executed when the conditions for the contract are met. They are irreversible and trustless.
Bitcoin, Ethereum and Other Coins
“Bitcoin was the first cryptocurrency ever mined. It has a market cap of over $100 billion and is around 11 years old. Bitcoin’s network is slow and expensive. It can’t process micro-transactions and is not scalable. The Ethereum blockchain is different from Bitcoin’s blockchain. It is more than just a cryptocurrency. It is a decentralized platform that runs smart contracts and DApps. To date, there are over 2,000 other cryptocurrencies. The other cryptocurrencies besides Bitcoin are called altcoins. They are designed to solve Bitcoin’s problems and shortcomings. There aren’t many projects that are truly innovating and doing really great things. I believe Pecu Novus is the best layer-1 solution right now. Pecu Novus utilizes a proof of time protocol and is capable of handling a lot more transactions per second than Ethereum and Bitcoin. On top of all this, it boasts extremely low gas fees and autonomous scaling.,” Welborn said.
How Will Blockchain Change the World?
Blockchain technology will disrupt and transform almost every industry. It will change how we do business and how we live our day-to-day lives. With blockchain technology, we can expect to see drastic changes in many different areas including Supply Chain Advancement, Identity Management, and Data Security. “A company worth noting is MegaHoot Technologies. This software/tech company has many blockchain enabled projects under its belt. They are building a full ecosystem of blockchain enabled platforms that provide web3 solutions with web2 ease of use. Our team at FGA Partners are heavily focused on this because of our motivation to be the new version of private equity where we focus on digitization to help companies,” Welborn said.
One of the biggest ways blockchain will make the world a better place is by giving us more control over our identities. We’ll be able to take back control of our data and decide who gets to see it. We’ll also be able to use blockchain to create unique identities for people who don’t have them.
Blockchain technology is just starting to transform our world. It wiitstommywebornll take time for blockchain to reach its full potential but there are already layer-1 blockchains such as Pecu Novus that are showing what’s really possible. We can expect blockchain technology to
completely transform the way we do business and live our lives in the next decade. All industries will be affected by blockchain. As this technology continues to grow, there are sure to be unforeseen obstacles and issues that are difficult to predict. We will see the evolution of blockchain technology as it continues to find new applications in every industry.
To stay up to date with Tommy Welborn you can check his twitter @itstommywelborn