Despite people tend to trust traditional finance and banking more than their innovative alternatives, global giants prove they are not as reliable as it seems. As giant banks get themselves exposed to nefarious activity, people start exploring innovations like cryptocurrency, thus building trust in this kind of assets.
Eastern European countries are topping the list in cryptoasset adoption speed. Particularly, Ukraine and Russia have topped others because they have unduly intensive cryptocurrency usage. This shows that a bigger ration of nationals has moved away from traditional monetary activity to cryptoassets.
Despite the interest in bitcoin as well as other cryptocurrencies has grown rapidly, there are still lots of people that are cautious about it. While faithful adepts of the crypto industry argue that cautiousness is caused by the lack of awareness, there might also be other reasons for the lack of trust.
The increase of fake news raises alarms over the role of media, Internet and social media platforms in contemporary egalitarian societies. The community and the media industry can move to transparent information flow by restoring the role of the media with blockchain technology.
Since the launch of cryptocurrency and its underlying technology, blockchain, many were puzzled as to how it would revolutionize various sectors of the economy. Now, businessmen have found a new use case for blockchain technology in the sale of used mobile phones.
Cases of food contamination, counterfeits and requests from consumers for more information on the origin of food are increasing the demand for solutions, both system and global, which can show all actors in the supply chain how to certify traceability and the processing of the processed, distributed and sold product.
Blockchain technology and theory start from this point and aims to create an equivalent system, without the existence of a central controller, or intermediary, for example banks or insurance companies.