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What’s so exciting about the blockchain tech?
Probably the fact that the tech can be applied to so many different areas. We’re most familiar with the tech because it powers Bitcoin, but there’s a lot more that it can do.
What Can Blockchain Technology Do?
First off, it has always been open source. This allows developers complete creativity when it comes to designing new applications and is one of the reasons that the tech has already had such a disruptive influence across such a varied range of industries.
Stefan, the editor of BitFortune.net, says that the present-day blockchain is at the same level of development that the internet was 20 years ago. His research, summarized in the infographic you’ll also find below makes for a scintillating read.
Did you know, for example, that the crypto market was valued at $330 billion in March of this year? Or that forecasts say that the tech market itself will be worth $20 billion dollars in just six years-time?
It’s pretty amazing growth for some obscure tech that pretty much seemed to come out of nowhere. While it has been around since 2008/09, it was really only in the last few years that serious development has started to take place.
With most applications only really moving from the planning stages to real-life implementations this year, we’ve only started to realize what the potential for this tech really is. This is an exciting time as it is just now gaining more widespread acceptance.
We have already seen a big leap in its capabilities. Ethereum, for example, took the concept and improved it by adding programming language into the mix. Ripple, on the other hand, stuck with the basic cryptocurrency program but streamlined the verification process.
What's Next For Blockchain Technology?
Who knows what’s next? We can guess at the directions that the tech might take, but it really is anyone’s guess. Stefan compared it to the internet in its early stages. The internet started out as a way for educational institutions to share information.
The worldwide web consisted at one time of a dozen or so websites. In just a few decades, it has grown into a global monster. Can you imagine a world without the internet? Who knows, maybe our children will say the same of the blockchain tech.
Blockchain Infographic: What Does Blockchain Disruption Look Like? Fortune blockchain shows us what the future of blockchain technology looks like.