Why Blockchain Will Survive Even If Bitcoin Doesn't
Mar 23, 2018 Posted / 2573 Views
We are now flooded with the crypto hype like cryptocurrencies and fundraising method as Initial coin offering (ICO). All these have shrouded the splendid works of blockchain technology. The humdrum applications of the blockchain can lead to the most concrete changes in our day to day lives.
Now, this technology cannot only be used in coin exchange and make the people using it into millionaires overnight. But it can have a profound effect on the worlds most critical industry. Using blockchain technology you can do almost anything from managing cargos to mapping origins of goods and many more.
It is basically a secure database, or a record book spread across a various computer in the network. The integrity is maintained using the algorithms in which all the transactions details are stored in all systems so tampering with one does not prove to be fruitful. The term Crypto refers to the cryptography-the art of encrypting data.
Why can blockchain transform all these industries?
Blockchain has the power to transform all the industries because of three reasons:
In this way, it resembles the cloud computing. It can allow new start-ups and ecosystem for supporting technologies. It can form new business model too. Blockchain has all the potential that can fulfill the demands of critical industries.
Many companies have already started using this technology including Walmart, IBM, Maersk and the list is soon going to be increasing.
When Satoshi Nakamoto released the white paper in 2009 it was not just about the currency. It was a system of sharing information in a decentralized platform without the need for third-party interference.
It is transparency that makes this unique. Every cryptocurrency has its own blockchain. Now this blockchain can be of anything in upcoming future.
Blockchain cannot only be used with coins or ICO, rather it has a lot of potentials. Now even if the bitcoins fails this technology has lots of upcoming usages. Companies like Samsung and Augur is thinking of launching it for IOT and forecasting. Cloud storage and healthcare have also lots of upcoming presents. It has a lot of possibilities that one can even imagine. Warren Buffet in his interview said that Bitcoin like concepts has always been around but what made it successful was this new technology of sharing information.
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 .
Hottest Blockchain Newsletter
For updates and exclusive offers, enter your e-mail below.