BlockChain
You are here and why should you care?
It was the year 2009 when 0.0001 BTC(bitcoin) was equal to $1. On 3rd March 2017, 1BTC was close to whopping 81955.72 INR and after 4 months, the value increased by nearly 60%. Yeah! Now as on 15th of july-17, 1 BTC is close to 1.33 Lakhs in INR. Which means if you had invested in one bitcoin in early march-17, you would have earned 50,000 in 4 months. And it's really fasinating how it took 2 years for Bitcoin to get the value equal to $1. Bitcoin was official in 2008 and in 2010, 1BTC was equal to $1. Oh! Did I mention the first real transaction was made for 2 pizzas to Papa-Jones worth 10,000BTC in 2010 !!! [Suggested read - Someone in 2010 bought 2 pizzas with 10,000 bitcoins; which today would be worth $20 million]. So what is heck is it?
Let's dive deeper
If we look around ourselves everything is getting decentralised. The evolution started from internet, and now it is in
the next stage that we term as BLOCKCHAIN. Although, there isn’t much difference between a blockchain and internet but it’s
not the same. What internet is to communication, Blockchain is to Economy/Money. Ok! Stop it! Talked much hiding in the bushes let’s get nerdy.
Bitcoin is a digital currency or Crpto-Curency based on
the BlockChain Technology in which encryption techniques are used to regulate the generation of units of currency and verify the
transfer of funds, operating independently of a central bank.
And the blockchain is an incorruptible digital
ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of
value.”
By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet.
Originally devised for the digital currency, Bitcoin, the tech community is now finding other potential uses for the technology.
Similar to the rising of the internet, blockchain has the potential to truly disrupt multiple industries and make processes
more democratic, secure, transparent, and efficient. Entrepreneurs, startup companies, investors, global organizations and governments
have all identified blockchain as a revolutionary technology.
Blockchain has the potential to drive simplicity and efficiency by establishing new financial services infrastructure and processes,
the forum said, adding that the technology will form the foundation of next generation financial services infrastructure.
A recent survey by IBM also found that 15% of top global banks intend to roll out full-scale, commercial blockchain
products in 2017.
The technology company said that areas most commonly identified by lenders as ripe for blockchain-based innovation were
clearing and settlement, wholesale payments, equity and debt issuance, and reference data.
Want to move on to next stage?
[Suggested Reads and Videos]
- Bitcoin BlockChain Explained [4Min Video]
- How BlockChain Works [3Min Video]
- What is Block Chain Technology
[10Min read] OR BlockChain Basics [5Min Video]
- Bitcoin Demystified [11Min Video]
- Paper on Bitcoin [20Min Read]
- Industries, The BlockChain will disrupt [10Min Video]
p.s - This article is a curation of different sources regarding BlockChain. Thankyou BlockGeeks, asia.finance, Q-Insights and all the other sources for the information regarding BlockChain and relevant topics.