Buy These 3 Leading Blockchain Technology Stocks


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Buy These 3 Leading Blockchain Technology Stocks

BLOCKCHAINGLOBAL INVESTINGTECHNOLOGY TRENDS
 

Even though the mania has cooled a bit, the technology behind Bitcoin – blockchain – is still a very hot sector on Wall Street.

And blockchain has come a long way from its very earliest days when it was a facilitator of drug deals using Bitcoin on the dark web. The market for blockchain-related products and services is forecast to reach $7.7 billion in 2022, according to the research firm Markets & Markets.

That forecast may turn out to be rather conservative. A survey conducted by Juniper Research of 400 executives from the world’s largest corporations found that 60% of them said they were considering using blockchain technology in their business.

Blockchain Technology

Despite all the recent hype, you may be wondering ‘what the heck is blockchain (also known as distributed ledger technology)?’

Briefly, blockchain will enable companies doing business with each other to record transactions securely. Blockchain’s main strength lies in its trustworthiness. In other words, it’s tough to change what has already been recorded.

The main advantage of blockchain over existing processes is its ability to speed up and simplify complex transactions by making changes and updates immediately visible to all parties. A single blockchain-based system is also cheaper to maintain than the myriad of systems that, for example, banks use for transactions now.

The blockchain can also hold many more documents and data than traditional database storage, and it can hold embedded contracts, such as a car lease, whose virtual key could be transferred to a bank in the event of a default.

For a hint about what companies you should be looking at to invest into, a good place to start is to see which firms have either applied for, or have already received patents on blockchain technology. Not surprisingly (since blockchain can make transactions faster and more efficient), banks are among the leaders here.

 

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