Bitcoin and blockchain, these two terms are very closely linked. Whenever we talk about the technology of blockchain, we present forward the example of bitcoin to explain it. On the other end, the properties and features of bitcoin are often explained by elaborating the technology of blockchain. But which one of these two should be in our prime focus? If bitcoin collapses anytime soon and disappears from the scene, will blockchain die out as well? Here’s what you need to know.
Blockchain itself is a universe. It offers a framework of operation to the people. It provides a transparent workflow. Bitcoin is just one use-case of it. Since transparency is of prime importance in the world of finance, bitcoin seems to be the most viable use-case of the blockchain tech for now.
The bitcoin world itself is very large. A global network is currently up and running with billions of dollars contained in it. It has created ripples in the financial market of the world. Some people claim that it will become the gold of the future while others believe it will become a widespread global currency. So much impact with just one use-case, what else can blockchain do?
Blockchain essentially puts forward the concept of decentralization. Much of the operational frameworks across the world are centralized. There is usually a central controlling party in charge of all the activities happening on a network. Whether it is the banks or the social media, most of the services that we use have third-parties at their backs. Blockchain changes this. It puts the users of a network in control. The record of all the happenings of a network is not maintained by just one party, instead, it is distributed. As a result of this distributed-ness, transparency is maintained.
A blockchain-based network is also immutable, meaning once something has been put in a block, it cannot be changed. Think of the possibilities that this opens up. Every centralized framework across the world can be revamped using this revolutionary tech. Governmental operations such as elections, where transparency is of prime importance, can be completely revolutionized if this tech is used properly. The possibilities, endless.
Blockchain is still in its nascent phase right now. It has a lot of shortcomings associated with it such as scalability, incentivization procedures etc. But once environmental friendly solutions to these are devised out and the issues linked to it are resolved, blockchain might surely prove itself to be the technology of the future. Bitcoin is just a world within the universe of blockchain, a lot needs to be explored, Stick around.