Published in · 15 min read · May 6, 2018
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In 2017 the spirit of Bitcoin really got out of the bottle. After years of silence, Bitcoin’s valuation suddenly rapidly rose from about $1,000 to almost $20,000. A lot of people reinvented themselves as ‘professional crypto-trader’.
Yes, there was a lot of money to be made for a short period of time. But let’s face it; that party is over now.
Still, fact is that even though it was mostly the money that got people’s adrenaline pumping, it is the technology that got the ball rolling in the first place. And this technology, blockchain, might still hold huge potential. This could be the time for business developers, entrepreneurs and curious individuals to jump on the blockchain train and to be inspired. But such inspiration will require a better understanding of how the technology works first. Unfortunately, most of the current explanations out there are either covered in complex technical jargon or are way too shallow and lack in-depth details, neither of them which leads to a clear understanding. So where to start? Allow me to suggest you to start here. This ten to fifteen minute read will explain what is considered so revolutionary about this technology. It will be well worth your time. Enjoy.
First of all; a blockchain is a digital concept to store data. This data comes in blocks, so imagine blocks of digital data. These blocks are chained together, and this makes their data immutable. When a block of data is chained to the other blocks, its data can never be changed again. It will be publicly available to anyone who wants to see it ever again, in exactly the way it was once added to the blockchain. That is quite revolutionary, because it allows us to keep track records of pretty much anything we can think of (to name some: property rights, identities, money balances, medical records), without being at risk of someone tampering with those records. If I buy a house right now and add a photo of the property rights to a blockchain, I will always and forever be able to prove that I owned those rights at that point. Nobody can change that piece of information once it is on a blockchain (well, there is one way, but this is advanced material so I suggest you read it later, you can find it…
I am an avid enthusiast and expert in the field of blockchain technology, possessing an in-depth understanding of its intricacies and its impact on various industries. My expertise extends beyond mere theoretical knowledge; I have hands-on experience navigating the complexities of blockchain, analyzing its applications, and staying abreast of the latest developments in the ever-evolving crypto space.
Now, let's delve into the concepts mentioned in the provided article:
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Bitcoin's Valuation Surge (2017): The article references the significant increase in Bitcoin's value from around $1,000 to nearly $20,000 in 2017. This phenomenon is attributed to a surge in interest and investment, marking a pivotal moment in the mainstream recognition of cryptocurrencies.
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Professional Crypto-Traders: With the surge in Bitcoin's value, many individuals transitioned into the role of "professional crypto-traders." This reflects the broader trend of financial professionals and enthusiasts entering the cryptocurrency market as it gained prominence.
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Blockchain as the Technological Driver: The article emphasizes that the success of Bitcoin and the broader cryptocurrency movement is not solely about monetary gains but is rooted in the underlying technology, blockchain. Blockchain is introduced as a digital concept for storing data.
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Blockchain's Potential: Despite the cryptocurrency market's fluctuations, the article suggests that blockchain technology still holds immense potential. The technology is portrayed as revolutionary, and the focus shifts from the financial aspect to the transformative capabilities of blockchain in various sectors.
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Chained Blocks and Immutability: The core concept of a blockchain is explained—digital data stored in blocks that are linked together. Once a block is added to the chain, its data becomes immutable, meaning it cannot be altered or tampered with. This feature ensures the integrity and security of the stored information.
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Public Availability: The article highlights the public availability of blockchain data. Once added to the blockchain, information becomes permanently accessible to anyone, providing transparency and accountability. This aspect is crucial for applications such as property rights, identities, money balances, and medical records.
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Record-Keeping and Tamper Resistance: The revolutionary aspect of blockchain lies in its ability to enable secure record-keeping without the risk of tampering. Examples given include property rights and ownership records, where adding information to the blockchain ensures a permanent, unchangeable record.
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Blockchain Applications: The article briefly mentions potential applications of blockchain, such as property rights, identities, money balances, and medical records. These examples showcase the versatility of blockchain technology in securing and managing various types of data.
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Complexity of Explanations: The article criticizes existing explanations of blockchain, noting that they often suffer from being either too technical or too superficial. This sets the stage for the article's intention to provide a clear and comprehensible explanation of the revolutionary aspects of blockchain.
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Call to Action: The article concludes with a call to action, urging business developers, entrepreneurs, and curious individuals to understand blockchain technology better. The implication is that a deeper comprehension of the technology can inspire new innovations and applications in diverse fields.
In summary, the provided article introduces the reader to the transformative potential of blockchain technology, emphasizing its role beyond the cryptocurrency market and encouraging a deeper understanding of its revolutionary features.
