Is blockchain all about currency systems?
To start with- blockchain, as you know, was popularised by bitcoin cryptocurrency system.
Blockchain, all in all, is a kind of database.
What bitcoin or currency tech people did was just using the database to store cryptographically signed (explained in another article) records used in finance.
But a database not only stores some coined entities, it has the capability to store a variety of collective data.
Let’s take an example and understand what blockchain has to do with the never-ending data, collected and disclosed to the world of web.
Suppose you are four members in your family. The monthly ration for the four of you is stored in a room (say a database). At the start of every month, as the ration arrives each one of you is given the amount of staple and extra diet you can consume from the store as a list.
Now, every member has the list of what the person himself and the other members are supposed to consume.
So, the entire stored ration has been regulated and distributed to all the members of the family. And what happens is that now, rather than the information being confined to the lady of your family, the whole stored ration is sent to a state where the consensus of everyone matters. [Because everyone in the family should and must know what stays in the store].
Same is the case with blockchain.
Each node (what we call the distributed workers) has a copy of this database which is not entirely working on a single computer.
It is nearly impossible to temper one set of this copy of data without informing the other node. This is thus, a technology which works on the global consensus of all the working nodes(just as the use of that distributed ration is).
Hence, blockchain technology not just finds their ways in cryptocurrency systems or to develop some financial asset techno platform. They can be used in a variety of other situations too where this system of distribution is required and can be implemented.
As far as the hype is concerned, even if the bitcoin currency system stays to a limited area, blockchain doesn’t and it definitely, is the future.
During the time of 2017, we saw the big technology players made move in the blockchain. Blockchain suddenly came up as a golden name in mid-October of the year. With the advancement of the blockchain, the developments too increased.
Inclusion to Microsoft & IBM, Oracle released in October, a new type of cloud-based blockchain as a service offering, while SAP advanced early access to its own version of the offering in the month of May. With these new updates, it’s easy to say that the Fortune 500 companies are now uniting with the providers to delve into blockchain’s uses in their trade. The number of companies, as increases, leading to a new set of developments in industrial arena for blockchain and cryptocurrency.
These are the examples of the type of approval and efficacy we thought to see in the course of 2017, but even these type of positive developments could still be in considering scratch the surface. The reason might be that cryptocurrency is completely uncertain.
Government bodies also tend to collaborate on the abundant potential advantage of the blockchain, and bright entrepreneurs are brainstorming about how the technology can be used as the ground for new apps and smartphones.
Even the recent agitated nature of cryptocurrency-bitcoin which has overwhelmed the investment association and has been causing both scorn & praise – cannot disrupt the current progress of blockchain.While we follow the journey of bitcoin, let’s look forward at what we can likely to see developments in 2018: The year of alternate coins?
At the starting point of the year, it was repulsive to note that Bitcoin’s domination of the cryptocurrency economy has begun to diminish. Bitcoin’s market share for the first time fell below 33% ever, indicating that “altcoins” i.e. alternate digital currency could rise and influence the market during the next 12 months.
- Blockchain Technology will aggressively be pushed by Asia and the Middle East
Enthusiasm in blockchain continues to reach high in the areas of Asia and the Middle East, where large banking institutions are starting ahead from scratch with blockchain businesses or service offerings, particularly in the medium of payments.
For instance, banks in South Korea and Japan have just begun the testing a blockchain tech that could attain same-day international transfers and cut the cost by nearly 30 percent.
- Cybersecurity will strengthen blockchain acceptance
With the increase of ransomware attacks challenging cryptocurrencies, blockchain & IoT cybersecurity will come up with protection system based on cryptocurrency technologies.
This may sound somewhat fantastical and futuristic, the evolution of blockchain cybersecurity tools will be the next big thing coming up in blockchain tech. Where there are some major breaches such as Equifax confirming that companies can’t safeguard the current identity data systems, there is a need for a more secure & guarded blockchain-based identity approach, in which no one will holding all the keys, the technique might be emerging.
- ICOs will lift off
There was a vibrational jump in ICOs in the course of 2017, and therefore the ecosystem of cryptocurrencies has expanded in a gigantic way. In the year 2018, the pace of the ICOs will definitely grow significantly faster and will engulf the venture capital funding.
- Automation, privatization is coming
Blockchain technology will drive the digital transformation of the firm specifically with automation, digitization of processes, tokenization of physical assets and activities and codification of complex contracts.
- Bitcoin payments acceptance around big cities
Cities and towns around the world are raising up their adoption of Bitcoin as a mode of payment for the goods and services. For example, London is strongly and truly leading the way for Britain’s cryptocurrency scene, where with more retailers and ATMs are accepting Bitcoin than any other region of the UK. From ordering the fast food to having a tattoo, the number of Bitcoin-accepting outlets is growing exponentially. Even the theatre venues are also now leading the way for accepting Bitcoin payments. London’s Southwark Playhouse is also accepting donation amounts in Bitcoin and is looking to extend this to its bar and ticketing operations later this year.
Cryptocurrencies have performed extremely well in the course of 2017 and are continuing to attract new investors in the year 2018.
While cryptocurrencies can give you huge & gigantic profits, you must be prepared for one more thing — Losing money. Remember, your predictions won’t always be right! Nobody truly knows what is going to happen to the price of a cryptocurrency or any other investment.
Do you know what most of the expert cryptocurrency investors say? You should only invest money that you are not afraid to lose. It’s great advice, so always remember it!