Blockchain and Bitcoin seem to be inseparably connected. There are no bitcoins without the blockchain technology, but still the technology without bitcoins. Find out what implications this can have.
Blockchain technology offers a lot of potential
Let’s recall: Blockchain technology can be used to authenticate processes and procedures without the need for a higher-level authority. In Blockchain technology, authentication is handled by the network, that is, all the peer-to-peer network (P2P) computers on which the corresponding records are stored. And that’s exactly what makes the technology so appealing to many users, because it’s not just authentication of cryptocurrency.
Blockchain is very diverse
The blockchain technology became famous through bitcoins and was a marginal phenomenon in the early 2010s. This changed in 2016 at the latest, and especially in 2017, when the price of bitcoins rose to unprecedented heights, and became an issue not only for techies. Today, everyone talks about the technology and even the new government of Germany mentions the term six times in the current coalition agreement. This clearly shows how much reputation the technology has gained in the last few years. Which only is consistent since there are many different starting points to benefit from this technology.
Blockchain could make the internet a little more decentralized again
Some want to make the world wide web a neutral space again, in which freedom of expression and information enjoy the highest priority. In this regard, the data block technology could help. However, it still seems a long way to go. For example, a search engine based on Blockchain technology that could replace the Giant from the United States doesn’t exist at the moment. Neither a social network that relies on decentralized storage of the data.
But other applications are already being tried. Such as the digital medical record. Hyperledger is the project of the Linux Foundation named. And this project wants to return patients the sovereignty over their own data. Only with the consent of the patient, doctors or institutions may access the digital medical record.
Another, rather superordinate application possibility are the so-called smart contracts. These intelligent contracts can also execute a legally compliant transaction even if the parties in question are not involved. With the smart contracts, transactions such as the exchange of goods, shares or money can take place without a middleman. This type of contract could even be a possibility for self-driving cars. Apps like Uber would become obsolete with this technology.
Maybe these possible applications are just the beginning, but maybe they mark the final destination of a development. Nobody can predict where Bitcoins and Blockchain technology are heading. Laszlo Hanyecz certainly would not have thought that the price of bitcoins would rise so much when he paid 10,000 bitcoins for two large pizzas in 2010.