By Gabe Garcia | August 8, 2022

Have you noticed that finance-related technology has been drastically improving and wonder how industries have been able to keep track of various products securely and efficiently? Blockchain technology has helped companies thrive when it comes to tracking products, which is a type of peer-to-peer (P2P) technology that ensures the authenticity of records and cannot be forged or destroyed. Cryptocurrency has also been on the rise within the past decade because it is a good way for users to own money securely without the control of the government, which makes the blockchain and crypto similar to one another. Blockchain technology has uses outside of crypto and it’s starting to be adopted into business in order to promote full transparency, security, ethical supply chains, etc. 

Full transparency is demanded among consumers, manufacturers, suppliers, and retailers because they want to know everything about the product to be sure what they’re getting is authentic (materials, where it’s made, etc.). The blockchain also allows manufacturers to track and monitor the entire record of each product since the supply chain requires multiple stages of manufacturing across the globe, which is efficient to keep track of authenticated products and avoid counterfeits and even tracking the item’s lifecycle. The reason why companies and consumers want to avoid counterfeit products is because it damages the reputation of their brand, which could potentially break the trust between the company and the consumers (e.g., electronics, clothing, etc). 

Cryptocurrency is also connected with the blockchain, which is a form of money that people can own that’s been around since the late 2000s to early 2010s, having several advantages. For example, its accessibility on a global scale makes it easier to send money without the need of converting it to another country’s currency, and it only takes a few minutes at most. It is also anonymous and independent. Its return value has been known to be very high throughout the years; however, the value of crypto can be very volatile, meaning that the value can change unexpectedly for the better or the worse. Even though the government can’t track crypto and is anonymous, this means that it is not protected by law and is irreversible after investing a certain amount in crypto. Lastly, even though it is very flexible, not every company uses crypto for transactions, so although it can be very flexible internationally, not every company accepts crypto as a type of currency they use. 

Blockchain technology has made a huge impact on general technology, from how people purchase products to how they are tracked, which has benefited numerous industries. Also, cryptocurrency is connected to the blockchain since they are independent from government control and can be very secure. It is easily accessible on an international scale compared to traditional currency since it can be exchanged quickly. However, its volatile nature and irreversibleness can make anyone question whether investing in crypto is a good idea, since its value can fluctuate rapidly and drastically. Despite its downsides, it’s not a bad idea to invest in crypto but at the same time, it never hurts to do rigorous research before actually investing into something volatile, because even though it may seem very valuable one day, it may drastically dip the next.