Article

Hemang Rindani
Hemang Rindani 22 September 2017

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.

Please login or register to add a comment.

Contribute Now!

Loving our articles? Do you have an insightful post that you want to shout about? Well, you've come to the right place! We are always looking for fresh Doughnuts to be a part of our community.

Popular Articles

See all
The Sound of Success: Sonic Branding's Impact on Modern Marketing

The Sound of Success: Sonic Branding's Impact on Modern Marketing

Sonic branding, the practice of creating unique and memorable sounds to represent a brand, is emerging as a critical strategy in the modern marketing landscape. Whether it's a jingle that sticks in your mind or...

Domenique Comparetto
Domenique Comparetto 14 September 2023
Read more
Beyond ROI: The Many Benefits of Partnership Marketing

Beyond ROI: The Many Benefits of Partnership Marketing

When we think of the departments most focused on numeric data, our first thoughts will likely lead to engineering, finance and IT. In most modern organizations, however, you’d be hard-pressed to find any department...

Amanda Neuts
Amanda Neuts 27 September 2023
Read more
Using Performance Data to Run Efficient Ad Campaigns

Using Performance Data to Run Efficient Ad Campaigns

When running multiple ad campaigns, working quickly to assess customer interaction is crucial. However, data is often spread across different platforms making it harder to find and assess in a timely manner...

Juni | financial platform built for digital commerce
Juni | financial platform built for digital commerce 12 September 2023
Read more
Navigating the Future of Personalized Marketing with AI

Navigating the Future of Personalized Marketing with AI

In a world where seventy-one percent of consumers expect companies to deliver personalized interactions. And seventy-six percent get frustrated when this doesn’t happen. Personalization is no longer a luxury; it’s an...

Nick Watt
Nick Watt 21 September 2023
Read more
10 Factors that Influence Customer Buying Behaviour Online

10 Factors that Influence Customer Buying Behaviour Online

Now is an era where customers take the center stags influencing business strategies across industries. No business can afford to overlook factors that could either break the customer experience or even pose a risk of...

Edward Roesch
Edward Roesch 4 June 2018
Read more