Technology of this Century: Crypto-currency and Blockchain

Every century has its own groundbreaking technology which brings more advancement to the era. For instance, the 1800s had electricity. 1900’s had telephones. The 2000s have already had many innovations such as the internet, mobile phone, drones and now crypto-currency is one of such technologies which will change the way people perceive their day-to-day activities.

Digital currency or cryptocurrency has been quite a subject for our daily conversations for a while now. Possibly this will be the new form of payments and transactions in the near future. Then why not already get on board?

Most people must have come across news about cryptocurrency. Also, it was rumoured as being a con and with poor reliability. However, despite all the negative claims the cryptocurrencies did not only stick around in the market, it grew dramatically. Bitcoin was the first such cryptocurrency that was introduced in the market in 2009. At the time the value of bitcoin was a few cents. After several dips and growth, the cryptocurrency finally is priced at as high as 50,000 USD per BTC.

Blockchain technology is an innovation that enables this currency. It is a novel way of storing transactions in a p2p distributed, immutable ledger. Blockchain and the overall decentralized technology ecosystem is a breakthrough as important as the internet itself. Decentralization enables an entirely new way for people to transact by removing the need for third parties like banks and governments. This is also a controversial idea that hinders the adaption of technology. Some authoritarian governments have already imposed restrictions on the use of this technology while simultaneously introducing their own alternative digital currencies. Bitcoin adoption and price has been resilient in the face of these restrictions. Countries like Venezuela and Nigeria facing economic crises or hyperinflating currencies have promoted bitcoin and adoption has accelerated.

Blockchains technology is built upon decades of work in the field of cryptography. It allows a medium to securely transact value in a decentralized way. It is essentially a distributed, immutable database. This enables a fast settlement of transactions without the need for a central authority. However, the applications of this technology are not limited to keeping a ledger of transactions, but also to conduct other processes such as keeping medical records, identifications, e-notaries, voting and many more. Defi and NFTs are just the beginning of the revolution.

Stay tuned because we will be discussing cryptocurrencies, blockchain technology and smart contracts more in detail for enthusiasts like you!