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What the Future Have In-Store for Cryptocurrency and Blockchain?

Nov 26, 2017 Posted /  3600 Views

What the Future Have In-Store for Cryptocurrency and Blockchain?

Undoubtedly, Cryptocurrency and Blockchain Technology is the future of our digital society, when robots will be around, at the workplaces, in our homes preparing supper, and in schools building our future generation.

All the above were the common morks, people come with, when the experts worldwide suggested Cryptocurrency and Blockchain Technology, both have immense potential to become a part of our daily life.

But, as a matter of truth, they were true in foretelling the future. In the last couple of years, the daily crypto transactions figure has boomed immensely. The increase in a number of merchants accepting cryptocurrency as a mode of payment, and the investors embracing the digital currency as an ocean of possibilities.

The Blockchain Technology, on the other hand, come to public light as the nucleus of world’s first cryptocurrency, Bitcoin, now finds its application everywhere. Be it the aviation sector, the society of journalism, the banking sector, etc. making our lives simpler and effortless.

The Journey of Cryptocurrency

The idea of cryptocurrency aroused from cryptography. It is a practice of ensuring secure communications in the presence of third parties, known as the adversaries. This was popular during the second war, when there was the need of the hour for secure communications between the seniors at the battle arena and the government authority, to help them with the on-spot discussion making. During the first world war, even after the official declaration of the end of the war, there were hundreds of battlefields around the world, where soldiers were battling it out, owing to lack of timely communication at the time. But, with the dawn of concept of cryptography, the advanced army of Russia and the American were largely helped during the second world war.

The concept of cryptocurrency in late 90's and early 20's was a model of academic research for top universities students worldwide. However, in the public the cryptocurrency idea, was unwrapped on 31st October 2008, when Satoshi Nakatomo, an anonymous group or a Japanese origin Internet activist(the truth is still to be unfolded about the founder of Bitcoin currency), released a research paper about Bitcoin. From there on, this idea took pace, becoming a topic of hot debates among the veterans of finance and global economy, but still was largely far from being a dinnertime discussion topic in households.

In the year 2009, this become a reality, with the unleashing of Bitcoin, a cryptocurrency. It is a kind of network powered by the secure and robust future technology known as the Blockchain. During that time, no one was expecting this decentralization model will stand any chance in the fast-growing growing global economy. But, much to the delight of people, those who were highlighting the pros of cryptocurrency for years, the Bitcoin currency has soared largely in price in the just 8 years, from $23 to above $8,000, and expected to surpass the $9,000 mark this festive season.

Not just Bitcoin, several cryptocurrencies have grown in popularity. if, yes.Bitcoin occupies 60% of world digital currency transactions, the rest is held by emerging currencies like the Ethereum, Bitcoin Cash, Ripple, and many more. The smart contract is a revolutionary idea given by the Ethereum currency. Here, the sender or receiver party ink a virtual deal, with an eligibility condition when to release the Ethereum currency, Like, if a Freelance agency agrees to build a business website with 100% client sanctification, only if this condition is met, the beneficiary party will get its dues from the sender party. This will definitely redefine how businesses commit with their clients. Besides, Ethereum is not only a  cryptocurrency, but a platform for coders to create decentralized applications.

The Bitcoin Cash, the latest digital money was obtained from the hard forking of the network of Bitcoin, August this month. During, its early days, no give it a chance to stand shoulder to shoulder with the Bitcoin’s original chain. But, as the per the recent data, on August the 30th, 2017, there were 30% more miners of Bitcoin Cash network, then on Bitcoin.

The Journey of Blockchain Technology

A distributed, transparent ledger, Blockchain was implemented on a bigger scale by the Bitcoin network, where it verify and record every single transaction. Nowadays, this technology has attained a dominant foothold in our lives. Right from the aviation sector, where it is powering the model of e-ticketing. Embraced by top worldwide banks to cut the middlemen in the transaction, and to lower the transaction fees. Renowned universities are investing in the Blockchain Technology to develop a secure database which keeps a tab on all the personal data of their students. Recently, Civil, a decentralized, marketplace announced being funded by a media group to code a new platform, where journalists being in any part of the work can share interesting and influencing news and stories to redefine the boundaries of journalism.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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Tags: blockchain cryptocurrency hard forking distributed ledger

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