Today we will discuss the question: DoesThe Blockchain Matter?
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Bitcoin is a network that runs on a public ledger known as the blockchain. The Blockchain has since evolved into a separate concept, and thousands of blockchains have been created using similar cryptographic techniques. For the sake of our discussion, we will focus on the blockchain technology in general.
The basics of blockchain technology are very straightforward. Any given blockchain consists of a single chain of discrete blocks of information, arranged chronologically. In principle this information can be any string of 1s and 0s, meaning it could include emails, contracts, land titles, marriage certificates, or bond trades. In theory, any type of contract between two parties can be established on a blockchain as long as both parties agree on the contract. This could take away any need for a third party to be involved in any contract.
In Bitcoin’s case, though, the information on the blockchain is mostly transactions. But it could also become a platform where “smart contracts” can occur, therefore creating a whole realm of decentralized financial products without any middlemen, fees, or potential data breaches that come along with them.
This versatility has caught the eye of governments and private corporations. Some analysts believe that blockchain technology will ultimately be the most impactful aspect of the cryptocurrency craze.
Bitcoin is really just a list. Person A sent X bitcoin to person B, who sent Y bitcoin to person C, etc. By tallying these transactions up, everyone knows where individual users stand. It’s important to note that these transactions do not necessarily need to be done from human to human.
Anything can access and use the Bitcoin network. This creates vast possibilities for the internet of things. In the future, we could see systems where self-driving taxis or uber vehicles have their own blockchain wallets. The car would be sent cryptocurrency from the passenger and would not move until funds are received. The vehicle would be able to assess when it needs fuel and would use its wallet to facilitate a refill.
I believe that the Blockchain is interesting technology but still in it’s infancy. Outside of cryptocurrency, it was also being touted as a more secure method of transacting. However, recent system breaches have called that into question. At this point I would have to say that The Blockchain DOES NOT MATTER. At least not yet. What do you Think?