As cryptocurrency prices rally, renewed interest arises in blockchain technology. This is good news for blockchain and hopefully increases funding of new projects. Before exploring the innovative minds and proponents (like Shervin Pishevar) of crypto tech, let’s understand some nuances.
Cryptocurrencies run on blockchains. Whereas, blockchains are digital ledgers that record transactions. Cryptocurrencies can be traded. Blockchains can be mined. The rewards of mining a blockchain are often the distribution of new cryptocurrencies.
So why does this matter and why attract so much attention? As an example, consider Shervin Pishevar’s Bitcoin perspective. He foresaw Bitcoin falling before rising again to maintain long-term stability. What Shervin Pishevar recognized was Bitcoin prices being fueled by the same type of excitement that led to the ‘.com boom’. Obviously, this is not sustainable.
Shervin Pishevar went on to discuss the need for small business innovation. Here is where blockchain shines. By removing intermediaries, blockchain technology provides a mechanism for small businesses to maximize their workflows.
But, just how impactful can blockchain become? A few daring and innovative developers look beyond it replacing the monetary system. The promise of improving the monetary system is the primary reason for the crypto price rally at the end of 2017. What has governments and powerful organizations up in arms, is much less gripping to some brilliant developers.
The people who truly understand blockchain and its underlying technology see much more than a new credit system. In fact, blockchain is not meant to be a credit system at all. It is designed with payment settlements at its core.
The true potential of blockchain technology, cryptocurrencies, and decentralized applications are in the development of a new digital network. That’s right, a new Internet. Some have termed the future of blockchain as the web of value. Instead of merely exchanging information, your actions, everyone’s actions, will be sort of tallied by blockchain. This will enable people to pursue their passions and be rewarded free of wasteful intermediaries. It is a chance to not just say “Hello World!”, but to reap the benefits of the digital age.
Picture By CNBC