Cryptocurrencies play a big part in how online money transactions are carried out. When Bitcoin was introduced as the first cryptographic digital currency, so did the first Blockchain system that ran behind it.
The Blockchain is just what its name suggests. A series of blocks, containing data of all the transaction carried out using a specific cryptocurrency like Bitcoin, Ethereum, and many others. If you are using one of them you probably have already caught a glimpse of how a system like that looks like. Just a bunch of constantly updated lines of codes and dates. But how is a system like that going to evolve?
The future of Blockchain
As we previously mentioned in the article, a Blockchain can be used to collect and display data related to transactions of an economic nature. But a system like that can have many advantages over other popular software used by some of the largest companies in the world.
Already, a bunch of music companies has started adopting the system to keep track of payments and contracts between them and their partnered singers. Even some real national currencies such as the Tunisian Dinar and Senegal’s CFA franc have started using Blockchain technology. But will Blockchain stop there?
The answer to that is no. What started as a mean of keeping track of transactions made with Bitcoin has evolved into one of the most technologically sophisticated piece of software in the world and all that in less than 10 years. Just like with Bitcoin, the system behind it has met great acknowledgement from the public.
Maybe that is the reason why people like it that much. It’s open source environment. When everything is tracked down no one can tamper with or steal any money without someone noticing.
Will it stop here?
Blockchain will not only stop at this point but there are even banks which have started adopting the famous software technology. Take R3 for example. Its great work exceeds its reputation. R3 is a company that is partnered with more than 70 of the biggest institution in the financial industry. Through Blockchain all these banks can connect and share data with each other keeping in that way a healthy relationship between them and the public.
IBM, one of the biggest prime companies which brought personal computers to the public, has also adopted a cloud-based Blockchain version for one of its current projects. Deloitte and ConsenCys are in the developing of the very first Blockchain based digital bank in the world.
Even the leading computer operating system software, Microsoft, has plans for integrating the programming language of Blockchain in the next versions of Microsoft Visual Studio so that many developers can start working on this new promising technology.
Having said all that, the possibility of someone predicting the future of Blockchain is simply nonexistent. One this is for certain though, no matter which happens Blockchain’s technology will not fall.
Blockchain which is probably one of the greatest developing projects of our times can revolutionize many aspects of our everyday lives. Bank transactions and cryptocurrencies are only the end of the beginning. More things are going to pop up every now and then surrounded by Blockchain’s technology. Let’s only hope that things change for the better because otherwise, the whole system of our society could collapse in a blink of the eye!