The Emergence of Blockchain

Sep 17

The Emergence of Blockchain

The appearance of the blockchain technology has revolutionized the worlds of finance and business. Blockchain has been introduced through the rise of Bitcoin and other cryptocurrencies and it has already had a great impact on the entire industry. Some people claim that this technology is the cure for all the problems in the world of industry, other fear its impact and the fact that it is still an uncharted territory that is being used without a complete knowledge. One thing is for sure – blockchain will stay with us for a long period of time. Many famous multinational corporations utilize the appearance of blockchain for various purposes: money transfers, loyalty rewards, data sharing and more. While it is only a time where blockchain starts being used in a mall or your local coffee place, it is interesting to see how it spreads. Hey, maybe one day we can see it on sites that have offers like 21LuckyBet Bonus Review? Who knows!

When did it all start?

Blockchain was first mentioned in 2008 by Satoshi Nakamoto (real name unknown), a computer programmer who unleashed the world’s most famous cryptocurrency, Bitcoin. The appearance of Bitcoin meant that the world was ready for a fully developed digital currency and that it had a technology sophisticated enough to create and distribute cryptocurrencies from point A to point B, without the involvement of banks or governments. Yet, it was not until 2011/2012 that Bitcoin started gaining popularity. Only then was it recognized and accepted as a valid form of payment. However, the financial industry quickly moved away from Bitcoin, mostly because of the malversations and the connection of Bitcoin to some criminal activity. This new type of currency gave the opportunity of a technology that facilitates the exchange of goods online. The appearance of the blockchain technology made the banks very nervous – they accentuated its unpredictable impact on the entire finance industry. Yet, another story is being told today – today, every bank has a strategy for blockchain technology and they often come up with new ways of using it. More and more money pours into blockchain each day.

Exploring and applying the new technology

One should think that, with all the fuss being created over cryptocurrencies today, blockchain technology is used on a daily basis. That is not true – blockchain has a small spot in the finance industry and it had almost no impact on the treasury professionals. Certain experiments are being conducted in order to find a better use for the new technology and finding out all about its benefits for the modern society. The banks are taking the matter into their own hands and are carefully studying the blockchain technology with regards to trade finances, correspondent banking and cross-border payments.

Blockchain as the solution to modern day problems

It is still debated, yet, it could be possible that the blockchain technology is the ultimate cure for all the problems of current social networks and mass media. What makes blockchain so groundbreaking is its transparency, control over data and delivering only relevant content to social media users. When it comes to transparency, a blockchain-based platform provides full tracking and monitoring of each and every transaction over the network, meaning that no one could mess with users’ data. With the decentralization of the social networks, users will be able to own and control their data. This new type of technology offers a possibility of tracking posts, meaning that the users will have an insight into where their content is going, without any fear of duplication. The best part is that if a user wants to delete something, it will be forever deleted and no unauthorized use will happen. Without a doubt, blockchain technology will change the modern society for the better.