The global eruption of bitcoin took place around 2008 when people started to think about alternatives to the traditional fiat framework when the economic recession hit. Although a major boost was not seen in the early years of bitcoin, the asset has seen large-scale global prevalence in the past few years. 2017 proved to be quite significant for the asset as it almost touched the $20,000 mark last December. But since then, things have not been quite good for the asset. It is down in the $3K range now with some people claiming it to be its end. But should bitcoin be our main focus or there is another thing that we should all look out for? In my opinion, the main point of our focus right now should be the revolutionary technology lying at the core of bitcoin, the blockchain.
Doesn’t matter if bitcoin is here to stay or not, our main focal point should be blockchain, the decentralized tech underlying the asset. So what is this blockchain? In short, it is a decentralized framework. What it does is that it removes the need of a third party in a framework and provides a decentralized network where users can be in control. Global networks can be made using it. The record of all the happenings of the network is also available to everybody in the network and hence, a transparent fabric of operation is established. The record is also immutable, meaning once something is entered, it cannot be tampered with.
Frameworks that are centralized such as banks, social media etc. involve the intervention of a central controlling party. Users have to go through a third-party validator to perform operations within themselves. With blockchain, a trustless system of operation is put into place where users can trust the code and can exchange information with each other with any third-party involvement.
Bitcoin is just one use-case of the blockchain technology. It can prove to be revolutionary and game-changing in any centralized framework where transparency is of utmost importance. Besides finance, the technology can be used to revamp governmental operations, healthcare, and sports sector as well. Whether it be the content-creation arena or the social media, blockchain can help a lot.
Right now, the technology is still in its revolutionary phase. Issues like scalability, network maintenance incentives etc. are still present. But as more and more developments are made in this world, it can surely prove to be the technology of the future.
Previously, talking to BlockPublisher, the founder of Morgan Creek Digital Assets, Anthony Pompliano stated:
The technology is highly compelling and stands to have a substantial impact in a number of industries.
SEE ALSO: Understanding Blockchain – For Dummies