Future Of The Blockchain Depends On The Bitcoin
A bomb was dropped by the bitcoin developer Mike Hearn in January 2016 that Bitcoin has failed. The statement itself is a bit overdramatic, the reasons behind it is far from the overstatement. He states that bitcoin will fail because it lacks the systemically institutions.
It is a system that controlled by fewer number of people and the network is on the brink of the technical collapse, further states by him. But since his statement, nothing happened and the blockchain of the bitcoin is full. A long time ago, an artificial capacity cap of one megabyte per block, utilized as a temporary kludge. More than 95% of the Bitcoin mining hashing power is controlled by a handful of people.
Information about the Blockchain
The blockchain works same for the bitcoin as currency works for the money. If a certain currency fails, that doesn’t mean that the money has also failed. There is an exciting concept behind the blockchain whether it is with or without bitcoin. In the traditional method, a track of assets are kept by the financial firms in the separate databases whereas in this blockchain case, there is a need to share just one database.
This database can offer instant trades with less chance of risk and it is advantageous for the anti-money laundering.
If the banks invest in the blockchain, that will make them look more innovative, which can turn out to be a good marketing stunt. But to use the blockchain to its full potential in case of more than PR, will take some time.
According to the financial advisors, the use of the blockchain will reach to its peak in about five to ten years. Another eye-catching thing about the blockchain is that it can be used for many more things than the cash. The transfer of value of any digital thing can be facilitated by the blockchain.
In the future, we might be able to send invoices and contracts each other, which will have more security. It will also make visible the digital transaction record.