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Bitcoin and blockchain, these two terms are closely linked. Whenever we talk about blockchain technology, we present the example of bitcoin to explain it. On the other hand, the properties and characteristics of bitcoin are often explained by processing the blockchain technology. But which of these two should be our main goal? If the bitcoin collapses at any moment and disappears from the scene, will the blockchain die too? Here's what you need to know.
Blockchain itself is a universe. It offers an operational framework to people. Provides a transparent workflow. Bitcoin is just a case of use. Since transparency is paramount in the financial world, bitcoin seems to be the most feasible use case of blockchain technology for now.
The bitcoin world is very large. A global network is currently active and functioning with billions of dollars contained in it. He created ripples in the financial market of the world. Some claim it will become the gold of the future while others believe it will become a widespread global currency. So much impact with just one use case, so what else can the blockchain do?
Blockchain essentially presents the concept of decentralization. Most of the operating structures worldwide are centralized. Usually there is a central part of control that takes care of all the activities that take place on a network. Whether it's banks or social media, most of the services we use are behind third parties. Blockchain changes this. Control users of a network. The recording of all events on a network is not maintained by only one part, but is distributed. As a result of this distribution, transparency is maintained.
Even a blockchain-based network is immutable, which means that once something has been placed in a block, it can not be changed. Think about the possibilities that this opens up. Every centralized structure in the world can be renewed using this revolutionary technology. Government operations such as elections, in which transparency is paramount, can be completely revolutionized if this technology is used correctly. The possibilities, endless.
Blockchain is still in its nascent phase right now. It has many shortcomings associated with it, such as scalability, incentive procedures, etc. But once the environmentally-friendly solutions are resolved and the issues related to it are resolved, blockchain could well prove to be the technology of the future. Bitcoin is just a world in the blockchain universe, much has to be explored, Attack.
