There are many reasons why Bitcoin is such a genius creation. Whether the reason is decentralization, no third party interference or quickness in transactions, there is one benefit that makes this protocol a game-changer. Cryptocurrency is programmable money; Satoshi Nakamoto provided a head start with the creation of Bitcoin and its initial features; he also provided a never-ending system where people can build on top of it to improve it.
What does programmable money mean?
“When money and software collide, specific terms and conditions can be “bolted on” to money, dictating when it is available or how it is used. Essentially, you can set up rules for the movement of money that are enforced by the money itself.”
Literally smart money.
Being able to program whatever we want to money is revolutionary; it simplifies many things. It makes transaction processes easier to execute; it also opens up new business possibilities not only in the crypto space but in traditional institutions as well. These institutions have found themselves in need to remain at the forefront of technological advances, because of this, there are a large number of companies that are opening up to new technologies such as blockchain.
What is the impact that it can have on employment’s?
Having programmable money, with never-ending ideas and ways to make improvements to the product is something every tech and financial company must have their eye on. This also means that the need for software developers is increasing and will rise significantly in requests. Our company Davinci Codes based in Chile; is dedicated to the development of software in the field of cryptocurrencies. We have been on different occasions in the search for new developers, and we have met with the shortage of professionals with knowledge of cryptocurrencies and blockchain.
I believe many jobs can be affected by these technological advances. In this specific area of digital money, the banking world will begin to change little by little, or perhaps it will be extinguished and replaced with modern software. Undoubtedly, a new era of employability is slowly appearing. Keeping up to date with technology will be essential in the financial, accounting, communications, among others.
What are your thoughts on programmable money?
I hope you enjoyed it!!
By: Carolina Pérez