Essay On Blockchain

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Source Unless you have been living under a rock for the past 10 years, you must have heard of the 2008 financial crisis. I'm in the majority, who knows that there was a financial crisis in 2008 but nothing more. The whole Idea that I got was Banks made mistakes to cause this, but what are we going to do about it? I mean they are banks, and we need them. But do we really? That was the question an anonymous person with the pseudonym Satoshi Nakamoto asked him/herself to come-up with cryptocurrency, Bitcoin, in 2009. The blockchain is the underlying technology upon which this Bitcoin was built, that later on has been found to have a range of implementation. What exactly is BlockChain? Simply it’s an immutable distributed digital …show more content…

Traditionally each participant of a transaction maintains their own ledger, leading to duplication & discrepancies. The disputes caused consume time & money also requiring an intermediary. Blockchain eliminates this issue as once the transaction is validated by the consensus and added to the ledger, it cannot be modified. This saves time, cost and transparency increase the trust in the flow of the transaction, eliminating the need for auditing. Gartner's hype cycle 2017 Which is an annual report on upcoming technologies), recognizes Blockchain as an emerging, platform revolutionising technology. Applicability of this process to organizations is challenged by the transaction speed, verification process, data limit, high starting cost and the necessary large processing power. Additionally, the regulatory status with governments is still uncertain. According to Gartner, Blockchain is at the peak of inflated expectation phase, closing in on the peak of the cycle. This suggests some of the expectation around the usefulness of this technology might not be feasible. Additionally, it shows that, it will take another 5-10 years for this technology to become mainstream. Where are Blockchain being used and what future uses does it promise? According to Pilkington, following are some of the areas have the potential to revolutionize the traditional methods and which are currently being implemented upon, relatively on a smaller

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