The Future of Finance

March 1, 2019

Bitcoin is the currency of the future. Thousands of businesses worldwide including Microsoft and Virgin trust cryptocurrency payments, making it the leading form of innovative transactions. 

UNH Professional Development and Training is now offering Bitcoin and Blockchain workshops to help professionals develop the skills they need to be on the cutting edge of technology. Those who are proficient with this new technology will be sought after in the job market of today and tomorrow.

Bitcoin is an attractive method of payment for business owners because it eliminates transactional fees and credit card fraud associated with internet payments. The money normally spent on fees for traditional payment methods can be eliminated and reinvested back into the business or allow a higher profit yield. This new technology allows payments to be made between consumers without an existing level of trust by automatically recording the transaction on the internet ledger known as Blockchain. Fluency in Blockchain technology is quickly becoming a highly sought skill for professionals as one Bitcoin is currently worth approximately $3,000 USD.

The receiver of a Bitcoin payment does not receive any information from the sender and vice versa which makes it one the most secure ways to make internet transactions. Neither the sender nor the receiver will have their personal information corrupted via Blockchain. Blockchain eliminates the risk of fraudulent behavior.

As the technology improves, consumers could eventually take Bitcoin to brick and mortar stores. This would eliminate the risk of credit card fraud associated with places like Target. The store would also lower transaction fees by not going through a traditional credit card company. Every transaction is accounted for with Blockchain, which is like the Bitcoin checkbook register.

Smart Contracts are the vehicle through which transactions are authenticated and trustworthy on Blockchain. A Smart Contract is essentially a virtual contract that is automatically authenticated on the Blockchain when cryptocurrency transactions are made. These virtual contracts are another security measure that allow trusted transactions and exchanges of information on the internet without the middleman.

In addition to cryptocurrency, Blockchain has other applications beyond finance. Healthcare and the automotive industries are potential applications for Blockchain because they involve the exchange of information. Blockchain allows increased transparency on the internet because it is traceable, accurate, and provides permanent recordings. The technology is complex which is why courses like Blockchain Foundations offered by UNH Professional Development will benefit professionals looking to stay relevant in the workforce of tomorrow.

Familiarity and fluency with Bitcoin and Blockchain technology is beneficial for consumers who want to be ahead of the future of currency, business owners who would like to be on the cutting edge of innovation, and program developers. For more information please visit https://training.unh.edu/blockchain or call (603) 862-7380.

 

References:
dealbook.nytimes.com/2014/01/21/why-bitcoin-matters/
www.pwc.com/us/en/industries/financial-services/fintech/bitcoin-blockchain-cryptocurrency.html

 

Author:
Olivia Olbrych

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