Today marks the 10th birthday of blockchain technology and yet many people have failed to understand the concept of it. Why is that so? Bitcoin was the first Cryptocurrency, a new form of currency which was introduced and the primary use of the blockchain technology was to be used a payment system. The blockchain technology has evolved over the years and expanded but what made Bitcoin hold back? Blockchain technology plays a major role in identity verification systems and security systems.
The banking world
When Bitcoin was introduced in the market, there were many promises made of it being costless and was an instant way to exchange the currency without a middleman. It was said to rock the banking world and take over, but did that really happen? It didn’t really go as it was stated and as planned, the whole process of Bitcoin taking over was slowed down due to the rise in the fees and slow transaction. The banks did fear of being outdated by this digital currency with time but Bitcoin didn’t explore the market as it claimed it would. Although the banks adopted the blockchain technology for security and identifying fake identities, the Bitcoin failed to take over the banking world.
No government intervention
Blockchain proclaimed to act as a middleman to be a savior for the communities and citizens and stand in between corrupt governments trying to scam and take away the citizens money. Even the most corrupt governments of all would come up on the table with a level of security, the problem of blockchain was that if you do not know how to use the blockchain technology, you didn’t belong to the world of Cryptocurrency and blockchain technology. The blockchain is a dangerous place to be at if you do not have an understanding of how to go about it, the problem came that in the world of Bitcoin, you are on your own to solve the issue and find out ways whereas, in the ideal world, you have help to guide you.
Often while exchanging properties, shares, or anything of value, the role of the middleman is often a hassle. With the help of smart contracts, you can avoid all the hassle of eliminating the middleman services and everything is direct with the concerned person. However, smart contracts may still not be reliable and still have a long way to go.
Blockchain technology has no doubt taken over the modern lifestyle and has changed the lives of many to suffice. Today after 10 years after the birth of this technology which revolutionized the digital world, blockchain technology is used in almost all sectors providing them security and changing technology, yet they somewhere failed in the proper and clear execution of their plan. With the potential to change the world, had Bitcoin executed their ideas properly, they’d be unstoppable right now.
Was our article helpful to you? Please leave your comments in the section below.