There Are Many More Features In Blockchain Than Just The Buzz Of Bitcoin
After every couple of years, someone claims about the discover the Satoshi. The Bitcoin is as mysterious as its creator Satoshi. Known as the first digital currency, which do not need a central bank and can transfer to wallets without any delay. However, the Bitcoin has a bad reputation due to its use by the drug and weapons dealers.
The discussion is more on the technology that powers Bitcoin and known as the Blackchain. According to experts, there will be more than 20% of the world’s GDP to rely on the applications based on the Blockchain by 2025. The best way to tell about the Blockchain is its similarity to the crptologicaly protected universal ledger.
There is a trusted ledger required to maintain a ledger in the case of the banks. Imagine if there will be only a one universal ledger where all the parties can fill their entries. Everyone can see the new entries, but because of the crypto-protection, no one could change it. All the central trusted authorities will be substituted by the chain’s distribution authorities. This universal ledger is the blockchain having a consensus algorithm who governs it.
Bitcoin Blockchain is the first to put into the production and very popular among the users. There are many potential applications and disruptions that can go beyond the bitcoins. One of the major candidates for disruption is the trade finance. Also, there are many applications that can go beyond the banking and finance.
The internet has supposed the Blockchain as the ultimate disintermediator. The blockchain is taken for granted by the people in the same way today as the internet was during the 1990s. In reality, the bitcoin is much more than that and it has the potential to develop a new economy and new multi-billion dollar companies. This new ecosystem has the potential to change the world with its new technology.