In solid and simplified words, Blockchain is new technology that has revolutionized the technology world through virtual coins or simply Crypto coins. Also known as the “trust protocol” is a distributed registration technology that aims at decentralization as a security measure.
But when one comes across the word Blockchain today, the word Bitcoin comes to mind; only Blockchain is the technology and Bitcoin is just the first manifestation of its potential.
Scary isn’t it? Yeah, Blockchain is not just another technology, it is a showcase of technology and the proof of this are its manifestations that include Bitcoin, Bitcoin Cash, Ethereum, Rippler, Dash and thousands of other technology coins. .
The unspoken question is: What will it be like in the future if this is only the first manifestation?
Experts say that Bitcoin alone could be worth up to $ 1 million making it the world’s leading currency.
What do you think?
The blockchain is seen as bitcoin’s main technological innovation as it is proof of all transactions on the network. Its original design has inspired the emergence of new cryptocurrencies and distributed databases.
In the age of shared economy, blockchain has come to allow digital information to be distributed rather than copied. Initially designed to support Bitcoin digital currency, the blockchain has been gaining more space and new uses for it are being developed.
What is its impact on the future?
A financial transaction has two main pieces of information: the value and who is receiving it. When this transaction is made by Bitcoin, for example, this information is sent securely and is recorded in a database. The blockchain has been encrypting these records since 2009, when the digital currency was created.
When we pay taxes to the government, it is impossible to track this money and confirm whether it was actually used correctly or went into someone’s pocket illegally. With Bitcoin and blockchain, this transaction is traceable, that is, you can see where it came from and who received it, and thus reduce the scams.
So this is one of the ways blockchain technology can be very beneficial to the country and the increasingly decentralized economy in general.