Technology In the Future
The technology will change the way we pay for services and products. The blockchain technology and emergency of the cryptocurrency will change the way online payment is made in the foreseeable future. The cryptocurrency technology ensures that transaction between parties is secure. Bitcoin became the first form of cryptocurrency to transact in 2009. After bitcoin, there have other digital coins used in online payment. Cryptocurrency legality issues depend on country rules and regulations. Therefore, the technology will change only payment in the future.
Cryptocurrencies technology will offer enormous benefits to its users because it eliminates the third party in securing transactions. The various organizations that have started to invest in this type of technology ensure the security of transactions and the parties involved don’t need to reveal their identities (Bonneau et al. 2015). As well, it eliminates that it is a society with online payment because it is decentralized, and there are no government regulations.
One of the major concerns is about cryptocurrencies is that Cryptos are also highly unregulated, hence volatile, and this makes it challenging to perform the risk assessment (Bonneau et al. 2015). As well, there is a high probability people will use to transfer money generated in the black market. The cryptocurrencies technology doesn’t require an individual doing transactions to reveal their names. In this regard, this is an aspect that raises significant concern because criminals will use to commit fraud and other monetary offenses.
The online payment industry will change drastically as a result of blockchain and cryptocurrency technology. The reason is that cryptocurrency uses cryptography to control and monitor the creation of additional units of blockchain. As well, cryptocurrencies use blockchain technology that is effective and efficient in ensuring that the identity of the transferring money is protected. Currently, online users usually use PayPal to pay for services, but this will completely change in the future. Notably, this is because cryptocurrency technology is cheaper and more secure (Gilad et al., 2017).
References
Bonneau, J., Miller, A., Clark, J., Narayanan, A., Kroll, J. A., & Felten, E. W. (2015, May). Sok: Research perspectives and challenges for bitcoin and cryptocurrencies. In 2015 IEEE Symposium on Security and Privacy (pp. 104-121). IEEE. Retrieved from: https://ieeexplore.ieee.org/abstract/document/7163021/
Gilad, Y., Hemo, R., Micali, S., Vlachos, G., & Zeldovich, N. (2017, October). Algorand: Scaling byzantine agreements for cryptocurrencies. In Proceedings of the 26th Symposium on Operating Systems Principles (pp. 51-68). Retrieved from: https://dl.acm.org/doi/10.1145/3132747.3132757