Every now and then, a new technology arises and immediately gets hyped up as the 'next big thing'. But then, some stay some don’t. Several ideas come and go, some live up to their hype and stay while even the hype of others dies down and the world moves on, then instead of making history, they become history.
This brings us to the blockchain, it's one of the most-hyped buzzwords of the last couple of years. This technology is essentially a distributed, decentralized database that verified and records transactions, and it's being applied in major big industries of recent times. But the question is, Is blockchain's future as promising as its backers would have you believe or is it destined to fade away too? Is it just a fad?
The first and most common misconception to think that block-chain and crypto-currencies are the same things. They sure are interconnected, but block-chain is a technology where crypto-currencies are digital money. Block-chain is used to create altcoins, just like what email is to the internet that’s how the crypto-currencies is to block-chain. There are several ways the block-chain can be used and crypto-currency is not the only one.
Applications of block-chain
Financial sector
blockchain's original application in this area and it is widely associated with the financial sector. For instance, crypto-currencies.
Payments
There are banks, businesses, etc. that use online transaction services, block-chain provides transactions that cheap and secure.
Smart Contracts
To eliminate the need for third-party, smart contacts are created but smart contracts deployed on a block-chain are immutable, which means that they can’t be modified once created.
Storage systems
since the amount of data is increasing in bulks, the block-chain allows you to store more data using less hardware, it allows cloud storage, you can store the same amount of data using less hardware, it also means you save more.
Accessibility
Block-chain design makes everything traceable, so when a problem occurs it can be easily traced and fixed.
Speed
Transactions can now be initiated and completed much faster.
Validity and security
From voter authentication to government processes, health information, and proof of intellectual property, block-chains can provide a secure process to validate almost anything of value and keep it safe.
So long story short, if you only restrict the technology of block-chain to crypto-currency, then the future sure seems a little dark. But blockchain is more than that. Block-chain is an infrastructure level technology meaning it is going to be used by everyone without our even knowing it like it already is too as per blockchain development company USA. So, it's better if we don’t get side-tracked, pulled into discussions motivated by fear, or deflected by non-consequential points. If we learn what block-chain actually is and know its depth and don’t just restrict to Bitcoin and cryptocurrency, there’s a huge possibility the block-chain technology won't fade away any time near soon.
