[ad_1]
The global bitcoin eruption occurred around 2008, when people started thinking about alternatives to the traditional fiat framework when the economic downturn hit. Although in the early years of bitcoin there has not been a strong push, in recent years the activity has seen a large-scale prevalence worldwide. 2017 proved to be quite significant for the asset as it nearly touched $ 20,000 last December. But since then, things have not gone well for the good. It is down in the $ 3K range now with some people claiming it's its end. But the bitcoin should be our main goal or is it another thing we should all look for? In my opinion, the main point of our focus right now should be the revolutionary technology that lies at the heart of bitcoin, the blockchain.
It does not matter if bitcoin is here to stay or not, our main focus should be the blockchain, the decentralized technology at the base of the asset. So, what's this blockchain? In short, it is a decentralized structure. What it does is that it removes the need for a third party in a framework and provides a decentralized network where users can take control. Global networks can be created using this. The recording of all the events in the network is also available to all users of the network and, therefore, a transparent operating structure is established. The record is also immutable, in the sense that once inserted something, it can not be tampered with.
Centralized frameworks such as banks, social media etc. Implicate the intervention of a central control part. Users must go through a third-party validator to perform operations within themselves. With blockchain, a system of operations is implemented without any confidence in which users can trust the code and can exchange information with each other with any involvement of third parties.
Bitcoin is just a case of the use of blockchain technology. It can be revolutionary and revolutionary in any centralized framework where transparency is of the utmost importance. In addition to finance, technology can also be used to renew government activities, health care and the sports sector. Whether it's the arena for creating content or social media, blockchain can help a lot.
Right now, technology is still in its revolutionary phase. Problems such as scalability, incentives for network maintenance, etc. They are still present. But as more and more developments are being made in this world, it can certainly prove to be the technology of the future.
Previously, talking to BlockPublisher, the founder of Morgan Creek Digital Assets, Anthony Pompliano said:
The technology is highly convincing and has a substantial impact in a number of areas.
SEE ALSO: Understanding Blockchain – For Dummies
