Explained | What is a blockchain ecosystem?

[Brianna White]

Blockchains have surged in popularity ever since bitcoin introduced the world to cryptocurrency. There has never been a new technology that has grown this fast. In a blockchain, data is stored in a way that its near impossible to change or hack it. Everyone wants a piece of this pie, from Silicon Valley to businesses and venture capitalists. But while blockchain has been around for a long time, people mostly associate it with cryptocurrency. Blockchain has now evolved into various decentralized projects that leverage its power.
This evolution owes its success to the creation of smart contracts, a self-executing piece of code that is stored in the blocks of a blockchain. The contracts allow for the automation of tasks that were previously performed by a central entity in software projects and applications.
This evolution has resulted in the growth of the blockchain ecosystem -- a network of participants in a blockchain that share business objectives and processes. There is still a long way to go for this nascent technology as more developers and businesses start utilizing it for a plethora of reasons. As time passes, the significance of a sound blockchain ecosystem will grow, but let us understand where the blockchain ecosystem stands as of now.
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