One of the most influential things from this decade, would certainly be Bitcoin, and blockchain technology. Many people from around the world have already invested into this new tech. Not only for the potential of the platform to run smart contracts, and process payments for almost free. But also, because Bitcoin has become an asset with value, because of blockchain technology and how it may improve life for everyone.
If you haven’t heard about Bitcoin, or blockchain yet, do not worry, we are going to explain exactly what it means. Blockchain is simply autonomous computer code that is hack proof, and fraud proof. It was originally created in 2009 and was meant to be a peer-to-peer payment system.
Unlike centralized banks, blockchain is decentralized, and no one entity can control, or manipulate it whatsoever. When a transaction takes place on the chain, it is recorded simultaneously, on thousands of networked computers. This way, it can not be hacked, or altered in anyway.
The ledger that records all transactions is public so anyone with Bitcoin, or other crypto currencies, can inspect the ledger anytime.
The way it works is much like your bank account at the bank you use regularly. The big difference is that you don’t own your bank account. However, when you use the blockchain to process a payment, you own the wallet you’re using to buy and hold crypto currencies. A lot of users of cryptocurrency use bitcoin calculator, it helps to know and determine the exchange between major fiat currencies and cryptocurrencies.
Are Companies Adopting Blockchain?
In 2021, major financial institutions have adopted blockchain into their overall business. Companies such as Wells Fargo, Visa, Mastercard, and others have blockchain applications that customers can use today. Many other businesses are building smart contracts, WEB3, and NFT projects, working on blockchain too. In fact, Visa offers a Bitcoin rewards credit card now. The points earned are converted into Bitcoin and stored in an online wallet in your Visa account.
That is a great sign that adoption of blockchain is upon us.
Who can Use the Blockchain?
Anyone who owns crypto coins can access blockchain technologies. Bitcoin’s blockchain is separate from others like Ethereum, the second most popular crypto coin, and Solana, an up-and-coming blockchain, dubbed the Ethereum killer.
If you purchase some Bitcoin, and wish to send some to family and friends, then you are using blockchain to do it. Same goes for Ethereum, Solana, and other crypto’s. It is just that whatever crypto your sending will be sent on the corresponding blockchain.
Is There More Than Blockchain?
Yes, the blockchain is the base code, or first layer. Recently, many layer two applications have been created like smart contracts that can operate without human guidance, and perform complicated tasks, while learning autonomously.
You should think of blockchain as the internet and layer two applications are like websites, or other applications you would find online today. In the future, every payment system, real estate contract, automobile purchase, and more, can be made available to customers on the chain.
Nobody knows for sure, but just look at financial tycoon, Elan Musk, who owns Tesla, and SpaceX. He will accept some crypto coins as payments for products his companies sell. If you purchase something from Elon, you will be sending him the money right on blockchain technology.
Blockchain does it better, safer, faster, cheaper. You do not need identification to use blockchain. Anyone can send Bitcoin value around the world instantly. In the coming years, blockchain could be seen running all the most important things we use today. Plus, anyone can invest in blockchain, via crypto currencies, that can be purchased at crypto exchanges.
What Real World Applications Does Blockchain Provide?
There are literally an infinite number of possibilities for blockchain applications. Think about anything that needs to be secure, and hack-proof, and blockchain can handle it. Some examples would be:
- Peer-to-peer payment systems – Blockchain is already being used for this function. Bitcoin itself, is a payment system, where anyone can send or receive Bitcoin payments, anywhere around the globe.
- Security system software – Neighborhoods who have gated security entrances that operate from secure, software apps, could use blockchain to simplify their entire process and make it less expensive at the same time.
- Medical record transcripts – Something personal and protected by laws like your medical records, could be securely sent and viewed, via blockchain applications.
There has been so much buzz around Bitcoin and blockchain recently, you simply can not deny it anymore. If you haven’t learned about crypto currencies yet, there is not time to waste. Blockchain is here to stay and becomes more valuable very year.
When Bitcoin first came out you could purchase them for pennies. Nowadays, 1 Bitcoin will cost you over $40k, and is poised to go much higher in value within the coming years. Even if you’re not an investor, the most attractive part about blockchain is the ease of accessibility, and the safe and secure way you can send and receive money, that isn’t monitored, or messed with by the Government, or anyone else for that matter.