Taking a closer look at the basics of Blockchain and Cryptocurrencies
Technological disruption occurs every day. Startups are often the first to initiate chains of disruption by utilizing modern technologies for business applications in order to gain an edge in shaping the future. Among today’s most promising and revolutionary technologies is blockchain technology. Along with cryptocurrency, it is among the most widely discussed topic around the world.
“By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet,” Blockgeeks explains. Although it is often associated with cryptocurrency, it is also a standalone technology that has a huge range of use cases. And it solves a lot of the issues plaguing a variety of industries today.
The technology is decentralized — one single party cannot control the blockchain. It is also completely transparent and there is no longer a need for trust as “the blockchain network lives in a state of consensus, one that automatically checks in with itself every ten minutes.” In a way, it is “a self-auditing ecosystem” and information on the blockchain cannot be altered. A blockchain is comprised of a network of nodes, which are essentially computer systems connected to the blockchain “using a client that performs the task of validating and relaying transactions.” These nodes are responsible for securing the blockchain. This technology will bring significant advantages to virtually all industries and all of this disruption is a good thing.
9 Industries that will soon be disrupted by blockchain according to inc magazine 5/18:
- Banking Industry
- Real Estate Industry
- Healthcare Industry
- Legal Industry
- Cryptocurrency Exchange Industry
- Startup Industry
- Video Industry
- Education Industry
Blockchain-distributed ledger technology provides a safe and auditable way to record and transfer data. It can transform the way we live our everyday lives and disrupt any industry that uses data or transactions at all.
Now let’s talk about cryptocurrencies — the most widely recognized use case of blockchain technology. As The Motley Fool explained, “Cryptocurrency is an electronic cash system that doesn’t rely on central banks or trusted third parties to verify transactions and create new units. Instead, it uses cryptography to confirm transactions on a publicly distributed ledger called the blockchain, enabling direct peer-to-peer payments.” Cryptocurrency is a alternative to traditional fiat currencies — they are decentralized, therefore there is no longer the need to use banks to facilitate transactions. The most popular cryptocurrency is Bitcoin — it all began in 2008 when an anonymous person or group of people who went by the name of Satoshi Nakamoto published a paper describing the currency that came to be known as Bitcoin. It was described as a peer-to-peer electronic cash system.
What followed years later was unprecedented — thousands of other cryptocurrencies formed and by early 2018, the market cap of the entire cryptocurrency market reached over $800 billion. Although the market has since corrected, the success and acceptance of cryptocurrencies indicated just how much the world needed them.
This is only the beginning of the era in blockchain and crypto and Spot9 is excited to be part of it all. Be part of the future with us — learn more about us at spot9.de
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