Today software is shaping our world, penetrating all spheres of life and helping to reach new levels of implementation of our priorities. We read news written on websites, browse social networks through applications developed by programmers from some software development company, work on computers that use various software. We interact with the software every step of the way. And this is not our future. It is our present.
At the same time, we hear around about cryptocurrency exchanges, bitcoins, and new opportunities that blockchains provide. Frightening, new market, little known, little explored. It is like a current, as a person recognized the Internet, timid steps, complex actions for a simple result. And to what effect it led!
Software development can improve the use of cryptocurrency. Here are some of how these two great technologies can work together and their real-world implications.
Blockchain contracts
Blockchain is something new in understanding the absolute transparency of transactions.
The Forbes article notes that the blockchain can record all cryptocurrency transactions that have occurred on the network and serves as a way to verify and verify the integrity of the trade publicly. Since the blockchain and all of its transactions are publicly available, the frequency of fraudulent transactions is significantly reduced. Therefore the reliability of transactions is generally higher than traditional forms of payment such as a credit card.
Here there are many options for the further development of the blockchain for all areas of our life—for example, blockchain-based contracts.
Such a contract would act as a program in which pre-programmed conditions could be written to be self-executed and enforced. It allows parties to do business without intermediaries and lowers the cost of transactions.
Development of software solutions for cryptocurrency
The growth of cryptocurrency popularity is continuous, so many people want to start working with it. It creates opportunities for growth in demand for websites, applications, and other software solutions for working with cryptocurrency. There are clients worldwide, from trading platforms, exchange platforms to small businesses looking to get into cryptocurrency.
Offer cryptocurrency advisory services
Due to the growing popularity of cryptocurrency transactions,
many want to start working with cryptocurrency and are looking for expert opinions. As an emerging industry, the cryptocurrency industry does not have enough consultants globally, and software developers can seize this opportunity to gain a foothold in the cryptocurrency world.
Automated trading bots
Trading bots are computer programs that determine when to buy and sell cryptocurrency on an exchange. They are very similar to the high-frequency trading algorithms of institutional investors who trade on a traditional stock exchange. However, gaining access to channels and bandwidth on a regulated stock exchange to make HFT programs profitable is prohibitively expensive for the average person.
A software developer with a computer and an Internet connection can open an account and interact with the API to perform several functions, including buying and selling. A more advanced trading program can analyze patterns across many cryptocurrencies and use sophisticated trading strategies such as statistical arbitrage or eliminate pricing inefficiencies using APIs across multiple exchanges.
Conclusion
According to Statista, the size of the global blockchain technology market from 2017 to 2027. The global blockchain market was valued at US $ 1.57 billion in 2018 and is projected to grow more than a hundredfold to US $ 163 billion by 2027.
It is vast potential and massive growth. At the same time, progress in software technology penetrates all areas of our lives. Possessing computer programming skills can create a real digital revolution using the technologies of cryptocurrency markets. And this is the future that we are already becoming a part of today.
Author’s bio: Anastasiia Lastovetska is a technology writer at MLSDev, a software development company that builds web & mobile app solutions from scratch. She researches the area of technology to create great content about app development, UX/UI design, tech & business consulting.
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