Blockchain: Its history and future
Blockchain, mostly known as the backbone technology behind Bitcoin, is one of the hottest and most intriguing technologies currently in the market. It was discovered to provide legitimacy to the founder of Bitcoins after the financial cataclysm of 2008.
Many of the technologies that now we take for granted were a buzz in their own time. Say smartphones or IoT, they had their time and are now becoming a constant in over lives. Many technologies have revolutionized the way we live and the future seems to offer the same with disruptive technologies. And when we talk about such technologies, Blockchain is right up there.
Blockchain, mostly known as the backbone technology behind Bitcoin, is one of the hottest and most intriguing technologies currently in the market. It was discovered to provide legitimacy to the founder of Bitcoins after the financial cataclysm of 2008. Since then it was an underground activity only until 2013, when it became a public name. Google’s search data says that the look for Blockchain is increased by 1900% since 2013 which shows the eagerness to explore it more.
At the heart, Blockchain offers a central authoritative control while offering a decentralized network of self-compliance and regulation. While it was known to be a technology behind bitcoins, it is now been identified as a revolutionary technology by entrepreneurs, startup companies, investors, global organizations and even by governments.
What is BlockChain? It is a secure distributed electronic ledger, connecting multiple stakeholders in a network of integrity, facilitating the transfer of assets, funds or information. The distributed database is generally made up of the blocks that are secured by a key only known to related parties. This means any request for a change in a document needs to have the approval of all the stakeholders.
The blockchain is expected to offer secured transaction, data protection, data accuracy, process integrity, ecosystem simplification, quick transaction and lower transaction costs. This completely compliments the fact of Blockchain being a top technology disruptor. While the top industries expected to invest heavily in Blockchain are Banking & financial institutes and Healthcare with almost 15% of the banks adopting this technology by mid-2018.
I look forward to it, do you? Share your thoughts as comments.