Whatever it may be, but Blockchain is not the Tulip Mania. It is here to stay and for long. It was in 2009 when we heard about this technology that gave birth to Bitcoin. Although Bitcoin gained immediate popularity, it took some time for blockchain to garner the eyes of the technology patrons. However, the scenario has now topsy-turvy. Blockchain has taken the world by storm, and every day we can find some news related to this new technology. There are various reasons which make it such a big hit, which I will be discussing later in this blog. But for now, let’s start off with blockchain first.
What is Blockchain?
The heart of bitcoin and other cryptocurrencies, blockchain came into existence in 2009. It is the decentralized heart of cryptocurrency; it is a digital distributed ledger where all information or transactions are stored. All these information is immutable, unalterable, and unchangeable. Before 2017, blockchain was only related to cryptocurrency, however, in 2017, the applicability of blockchain crossed the horizons of cryptocurrency exchange, and it became multifunction. The developers are now working on using blockchain outside finance. All the transaction records or information are stored in cryptocurrency making it difficult to be hacked. This feature allows the transaction to be verified without human involvement. Moreover, it also makes the entire system impervious to hacking.
Why Blockchain ruled 2017 and will rule 2018?
You all would agree on with the fact that digitization is ruling our world; from buying products to doing business technology has overpowered everything. It has webbed us so strong that it’s difficult to imagine our life without it. But, with the rise of digitization, our world has also become very open when it comes to data and information.
Sharing of information with the third party, using a third party platform for the transaction, leaking of personal information are some of the apprehensions which make the World Wide Web a dubious entity. Under such circumstances, there is a dire need for a system that can make the entire work full-proof and transparent at the same time.
Well, the role of blockchain comes here. This technology with its multitude of features has grabbed the attention of many business niches. Blockchain provides a secure and unique system of records such that every information in this ledger is encrypted making all the information safe and secure. 2017 was all about the probable usage of blockchain in different fees, however, in 2018, we are likely to see blockchain adoption in banking, healthcare, and financial services.
Key features making Blockchain a success –
As mentioned above, there are various reasons which make blockchain such a big hit. The prime one being, the need for a full proof system and a system which is free from any control. Since all the transaction or exchange of information in the blockchain is peer-to-peer, it is highly secure. Moreover, anonymity is another feature of blockchain which makes it a success.
Bitcoin, the pioneer in the field of cryptocurrency, although became popular in initial stages its lack of control and regulation let it down. Many people believe that it’s a bubble which is so going to burst. However, when we talk about blockchain, it is more trustworthy and has a better reputation amongst the developers. Moreover, blockchain happens to be the next big thing. Unlike Bitcoin, blockchain has a better reputation amongst the developers, and thus, it became the story of success in 2017.
The blockchain is the bridge between the gap created by the current technology. The current technology that we are using has many loopholes; leakage of personal information is one of them. Although, we have many systems and processes in place the problem of keeping information secure is staring at us in the face.
Blockchain has emerged as a probable solution for the same. It has all the features which can prevent the sharing of information with the third party. Moreover, its traceability feature makes it easy for anyone in the system to find the source of information in some time, which is not the case with the current technology, thus, making blockchain a huge success and an underpinning for the future course of action.