Even as the price of Bitcoin rises and falls tumultuously, virtually no one believes any longer that media giants like Bloomberg will one day have to remove “crypto” sections from their websites. Meanwhile, blockchain, the technology powering such digital assets, has expanded far beyond cryptocurrencies or even their surrounding ecosystem; legacy industries are gradually beginning to eye blockchain for their own purposes, and there’s slim reason to think they’ll hesitate in adopting it.
In fact, blockchain was always better positioned for mainstream adoption than the idea of decentralized money, which is a potential headache for economists working in traditional finance. The idea of a decentralized database or even a runtime environment, however, does not look as scary for the typical Wall Street type. Blockchain is, after all, a decentralized database that was first used to store transaction data, and now that it’s improving has the potential to hold pretty much anything else.
Blockchain is powering a revolution
Just as crypto made it from obscurity to riches, blockchain is powering an evolution, even if it’s happening at a slower pace than its most fervent advocates may hope for. And soon enough, it will prove to be powerful enough to change the entire paradigm of how we do business.
Right now, there’s a budding industry focused on setting the stage for blockchain’s adoption in business. Its major promise in this respect (and keep in mind that this feature is not necessarily inherent to all blockchains) is a combination of the decentralized consensus mechanism and smart contracts. The former is an algorithm enabling all nodes to agree on the current state of the system (including the number of tokens in everyone’s wallets), while the latter are decentralized applications deployed on the blockchain as executable code.
Continue reading: https://www.entrepreneur.com/article/414658
In fact, blockchain was always better positioned for mainstream adoption than the idea of decentralized money, which is a potential headache for economists working in traditional finance. The idea of a decentralized database or even a runtime environment, however, does not look as scary for the typical Wall Street type. Blockchain is, after all, a decentralized database that was first used to store transaction data, and now that it’s improving has the potential to hold pretty much anything else.
Blockchain is powering a revolution
Just as crypto made it from obscurity to riches, blockchain is powering an evolution, even if it’s happening at a slower pace than its most fervent advocates may hope for. And soon enough, it will prove to be powerful enough to change the entire paradigm of how we do business.
Right now, there’s a budding industry focused on setting the stage for blockchain’s adoption in business. Its major promise in this respect (and keep in mind that this feature is not necessarily inherent to all blockchains) is a combination of the decentralized consensus mechanism and smart contracts. The former is an algorithm enabling all nodes to agree on the current state of the system (including the number of tokens in everyone’s wallets), while the latter are decentralized applications deployed on the blockchain as executable code.
Continue reading: https://www.entrepreneur.com/article/414658
