Blockchain News

The Truth about Blockchain

The Truth about Blockchain:

How Blockchain Technology is Meant to Push Digital Transformation

Ever since blockchain technology came onto the digital scene almost 10 years ago, starting with Bitcoin (BTC) back in 2009, the public became fascinated with the fact that anyone can keep their anonymity on the ledger while safely sending transactions from one end to another without the middleman interference.

Bitcoin thus found its purpose on the Dark Web, facilitating purchases of illegal products and services, however, it soon evolved to be seen as not only a promising asset of value but also the commencing thread of a huge digital evolution waiting to happen.

This conditioned the rise of hundreds of different blockchain-based projects as well, creating a multi-billion dollar industry out of blockchain and ICOs.

Blockchain Technology Set to Solve the Present Problems

The truth is that all crucial points of our social, professional and personal lives, which would include finances, legislation, and politics, are operating far from perfect order although these represent the pillars of the society of a modern man.

The blockchain is said to be able to solve these issues and enable a transparent, decentralized and secure solution for data storage and record keeping, voting, finances and transactions, and even social interaction in accordance with the potential of this technology.

However, one must note that although blockchain technology is most certainly set to become the main point of digital transformation, potentially leading to a new digital era, blockchain is still not a disruptive technology.

Blockchain to Enable the Ultimate Digitalization of Services

Blockchain technology is indeed able to keep records of any and every contract, agreement, transfer of value, transaction, or database. In this environment, this data would be available only under consent and would be as transparent as required by the owner of data.

None of this data could be altered, changed, deleted, modified, or lost while resting within a blockchain ecosystem, so the options on how blockchain could be used are numerous.

Blockchain could find its purpose in medicinal data, automotive industry, data storage and administration, product tracking, creating and signing different contracts and agreements and storing any type of value by digitalizing it or more conveniently said, by tokenizing the value.

Although the blockchain technology represents one of the greatest innovations since the beginning of the modern digital era, blockchain is actually a foundational technology.

That means that before blockchain would be able to change the world, many years might pass.

The key for accelerating the time needed for the disruption of digital era to take place would be educating the public on what blockchain actually represents and what can offer, as only with the consent of majority could blockchain bloom further from this point.

Does Cryptocurrency Market Crash Equal the Crash of Blockchain Technology?

Despite the fact that the crypto market has adopted a downwards trend from January 2018 after the majority of cryptos reached for record prices, blockchain technology is not dying with the crashing market.

What the crashing market actually represents is a crystallization of digital assets that are valuable from those that cannot offer any true value for the digital revolution that is set to come with blockchain in the years to come.

Even outside ICOs and the cryptocurrency market, blockchain would still be able to find various real-life purposes and applications that would eventually lead to digital evolution.