Technology Is The Technology For The Nextgen

1230 WordsAug 15, 20165 Pages
Blockchain technology came into existence in 2011 with Bitcoins, the digital cryptocurrency. At the onset, Bitcoins were used mainly in the darknet and thus developed a shady controversial image. But, with 15.8 million (Blockchain Info , n.d.) Bitcoins in existence at this moment, they are surely gaining popularity. It isn’t really this crypto currency, but the underlying Blockchain Technology engine has huge potential in the future. Recently, there is an increasing distrust in the centralized systems like the Government, banks, other technology companies, etc. This has resulted in disintermediation in numerous industries like music, healthcare, ecommerce, etc. In this prospective no-middle-man world, Blockchain is liking to be the driving force for almost all the transaction-based system. Also, with big companies like IBM, Morgan Stanley, Goldman Sachs, etc. investing in research on Blockchain, this technology is seems to be the technology for the nextGen. This paper attempts to introduce the blockchain technology and current advances seen in this field. Also, the paper will cover the prospect of using block-chain in the Internet of Things and thus becoming “the next thing”. The paper will also attempt in understanding whether Internet of Value aka Blockchain is really a valuable or not. Introduction To Blockchain Technology: Blockchain technology, in simple words, is a public peer-to-peer ledger having the digitally recorded “blocks”-chained sequentially. This
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