By Chris San Filippo
[Chris works for Anchor Free, a VPN provider. -Bob]
Blockchain Technology Is Surging In Popularity
Blockchain is the technology that powers Bitcoin and a host of other cryptocurrencies. The blockchain contains a ledger which holds all previous transactions. The computers that process these transactions are called “miners,” and exist as a decentralized network throughout the world. With the blockchain, internet users can send money across the world without the need for a bank. The funds can settle in an hour or less, while international bank wires can take days to complete.
That is why blockchain and the cryptocurrencies it powers (including others like Litecoin and Ethereum) have surged in popularity over recent years. The genius of blockchain is that it isn’t completely connected to cryptocurrencies. One could use blockchain to send dollars, information, or any type of digital data to another person securely and anonymously. Financial institutions have begun investigating how they can use private blockchains to process information.
More Governments Are Moving To Restrict Blockchain And Cryptocurrency Access
Governments like China fear cryptocurrencies (and the blockchain that powers them) because of the anonymity they provide. Internet users can make anonymous transactions across the globe without the government’s knowledge. They can also transfer their money into cryptocurrencies, which many government officials fear are used to avoid paying taxes or for illicit activities. As a result, more governments are moving to restrict access to blockchain and cryptocurrency associated websites.
VPNs Help Internet Users Avoid Geo-Location Restrictions
VPNs, or virtual private networks, are playing a major role in providing internet users with access to the web. Even though a government might restrict access to a blockchain site, a VPN user would still be able to gain access regardless of where they were located. VPNs like Hotspot Shield do this by creating a tunnel between the device connecting to the web and a server located somewhere else around the world. All of the information traveling through the tunnel is encrypted, and VPN users also are provided with a new IP address. This allows VPN users to access blocked websites securely and anonymously without fear of government monitoring.
The Future Of VPNs And Blockchain Technology
In the future, internet users should expect more crackdowns on cryptocurrency and blockchain related sites. The good news is that VPNs will still allow users to access these websites regardless of whether local governments decide to engage in censorship online. Expect VPN use to grow alongside cryptocurrency use over the next several years.