Just as the hype bubble around VR and chatbots has burst over the past few years, will the hype surrounding blockchain and cryptocurrencies be filled with eternal promise and growth, or are these technology solutions approaching their own trough of disillusionment?
Before we dig into whether blockchain and crypto are living up to the hype being heaped upon them by pundits and luminaries, let’s do a quick review of where these things came from, and why.
What Is Blockchain?
Blockchain is the technology that enables the creation of cryptocurrency.
A blockchain is a decentralized and distributed digital ledger of records across a network, sometimes public and sometimes private. These digital records are called blocks, and they record transactions across different computers. Blockchain works by ensuring no block can be altered retroactively without the alteration of all subsequent blocks. Using blockchain technology, users can confirm transactions without needing a central authority, like a bank.
The top use cases for blockchain for organizations worldwide are digital currency (33%), data access and sharing (32%) and data reconciliation (31%). Other popular use cases include identity protection (31%), payments (30%) and tracking and tracing (27%), according to Deloitte.
Think of blockchain as a technology that reduces the trust cost between companies and individuals, making business easier to do, less expensive and not as risky.
Continue reading: https://www.cmswire.com/digital-experience/2022-blockchain-and-cryptocurrency-reality-check/
Before we dig into whether blockchain and crypto are living up to the hype being heaped upon them by pundits and luminaries, let’s do a quick review of where these things came from, and why.
What Is Blockchain?
Blockchain is the technology that enables the creation of cryptocurrency.
A blockchain is a decentralized and distributed digital ledger of records across a network, sometimes public and sometimes private. These digital records are called blocks, and they record transactions across different computers. Blockchain works by ensuring no block can be altered retroactively without the alteration of all subsequent blocks. Using blockchain technology, users can confirm transactions without needing a central authority, like a bank.
The top use cases for blockchain for organizations worldwide are digital currency (33%), data access and sharing (32%) and data reconciliation (31%). Other popular use cases include identity protection (31%), payments (30%) and tracking and tracing (27%), according to Deloitte.
Think of blockchain as a technology that reduces the trust cost between companies and individuals, making business easier to do, less expensive and not as risky.
Continue reading: https://www.cmswire.com/digital-experience/2022-blockchain-and-cryptocurrency-reality-check/
