Touted as the defining technology of the next decade, blockchain is quickly moving beyond cryptocurrencies into many real-world applications that have tremendous value for the business world. As we’ve begun to witness, blockchain will expand its capabilities as a secure, anonymous, and decentralized technology into several industries, including the growth of cryptocurrencies, as we push further into the 21st century.
“The blockchain market has grown at a much faster rate than anticipated,” says Jeff Koyen, Strategic Advisor of 360 Blockchain, a company focused on investing in technologies that use blockchain in innovative ways. The blockchain market is expected to be worth more than $7 billion by 2022; Koyen and his team view blockchain as the most disruptive technology since the Internet.
Real-World Utility of Blockchain
Blockchain is the technology that uses a shared ledger to record transactions across a decentralized network of computers. “Decentralized is the key word here,” says Koyen. “Because blockchain has no central authority figures, blockchains are governed by the network operators.”
Before a transaction is recorded to the ledger, an agreement must be reached by the entire network. This means that blockchains are unhackable. For a transaction to be edited retroactively, the same consensus must be reached across the entire network. Thus, hacking is a practical impossibility.
Read – “Blockchain Technology: An Introduction for Investors”
One of the failings of the 90s Internet boom was the rush to apply the new technology to industries that weren’t ready to adopt.
“As much as everyone is jumping on blockchain, we don’t think we’ll see blockchain in every industry, in the same way that we saw a flood of companies trying to go online in the late 90s,” Koyen says.
“As it turns out, your local plumber doesn’t really need to be online. There are services that you’d hope the plumber should Continue Reading