Will blockchain disappear? A repeated question in every bear cycle but no my friend this is not how the picture looks like.
It is a very common phenomenon when anything starts losing its value (either in terms of utility or in money) people start doubting its future.
It doesn’t matter how good or bad it is there will be opinions which in upcoming days start gaining currency. After some time, this opinion becomes a belief due to the support of several people who also think in the same direction.
Exactly the same is happening currently with blockchain technology and its favorite child Bitcoin. In this blog of blocksutra, efforts are made to put some logical facts that strongly advocate the necessity and inevitability of Blockchain. On the basis of that readers can decide themselves – Will blockchain disappear or not?
How did it start?
By the time Bitcoin and other cryptocurrencies started slipping into the bearish phase at the start of the year 2018, most people had no idea where the prices are heading to. Soon they realized it was going only down.
During this a sense of insecurity seeped into the minds of traders and newbies with money. An opinion got multiplied in volume and by the end of the year converted into a (dis)belief.
All of a sudden blockchain became the ‘Bitcoin Bubble’ similar to the ‘Internet Bubble'(which never happened) in early of the twenty-first century. Today the Internet has become the backbone of the global economy and now you can imagine what potential blockchain is having.
Blockchain and Bitcoin are not the Same
Most of people have a huge misconception that Bitcoin and blockchain are the same. For people, Blockchain is synonymous to bitcoin so when it comes to the use of blockchain technology then it’s all about bitcoin. But it’s high time people should shrug this misconception off.
Bitcoin is one of the examples of blockchain technology. And also most popular use case as the first product derived from the blockchain. The blockchain is currently epowering thousands of projects in the crypto space but not only Bitcoin.
The Untold Secrets
Barring a few nobody bats an eye about how and where it all started. But information is the king. If you dig a little deeper you will find that the most prominent grouping opposing blockchain technology is either the governments or market giants.
You may find it silly but you should know what kind of problem Blockchain is going to create for them.
The blockchain is the fruit of the tree named decentralization where the user is the only authority of his or her belonging.
For the governments and banking systems (whose structures are woven on the nets of centralization), blockchain is a threat. It will deprive them of various privileges like interest and taxation.
For financial bodies, it is an obstacle that can give them a run for the money. There are multiple reasons and one of them is the peer-to-peer(p2p) transaction system. The p2p system powered by blockchain discourages any requirement of third parties or intermediaries. Which means zero to minimum requirement of banks etc.
What makes blockchain a need of the hour?
The blockchain is not all about just cryptocurrencies and investment. It’s one of its faces that is known by most of people.
In the truest senses, blockchain is solving some huge problems in financial, automation, medical, education, and security fields, It’s revolutionizing the peer to peer transactions by making it more secure and faster.
It’s augmenting the efficiency of business practices with its cutting-edge technology. Various governments, financial bodies, regulatory authorities, and big companies have already started taking its benefits. In the future too, there is no stopping for blockchain. Apart from making things efficient, it is also assisting products towards the affordability front.
Will Blockchain Disappear in the Future?
Nobody can guarantee a 100% right answer but with the welcoming response it is receiving between the visionaries and tech enthusiasts it can be safely said Blockchain is going to stay here.