Bitcoin May Depreciate, But Technology Behind It Won’t
Bitcoin’s fall is something which should not come as a surprise at all. As good as its technology may be, it just never felt that bitcoins could ever take over mainstream currency. But Bitcoin was indeed a revolution of its kind, its technology set a benchmark out there. Sky is the limit, with investors betting on a change in all kinds of transactions due to blockchain technology.
Why is sky the limit?
One reason is due to the fact that Bitcoin has achieved something which a lot of competitors failed at They found the secret to the art of developing trust. Difficult in their particular line of work, they found out how to make two people trust each other, without even knowing the other person. This concept of theirs was deservedly given a title called, the “trust protocol”.
Contracts have always been one of the most important documents for man. But they are not awfully well known for their ‘conviency’. Considered as tiresome documents, processing them could take weeks. Blockchain technology could literally cut the ‘supply line’ to two people, you and the person whom you are dealing with. Embedding all the hundreds of documents, along with the payment, through automation it makes one’s work a lot easier. This just a sneak peak into what one could do with a smart card.
Because of the lack of trust, the need for adequate security has increased. The idea of one’s household security or even appliances would just need an authentication code, suddenly doesn’t sound so safe anymore. The solution might sound strange but you need to give the password an ‘identity’. An entire history of one’s activity sounds a bit more secure than an authentication password. Although, not foolproof blockchain technology can prove to enhance one’s security.
Centered around the “trust protocol”, this was a glimpse into its possible bright future.