Blockchain is a decentralized, complex ledger technology that powers cryptocurrencies. Bitcoin is the most popular application of the Blockchain. Ever since its arrival, the world has witnessed its vast utilization from health to economic sectors. In nations like East Africa, India, and Kenya, Blockchain technology has found its uses in banking and other financial services.
Evolution of Blockchain:
The three primary benefits of Blockchain are its transparency, authentication, and auditing abilities. The development of Blockchain has occurred in two phases.
- The first phase was between 1991 and 2013. The estimated price of bankruptcy of Lehman Brothers in 2008 was in trillions as reported by the USA agencies.
- The introduction of Bitcoin in 2009 was the primary known application of Blockchain technology.
- Centralized payments and monetary organizations based on clearinghouses that act as a third party between buyer and seller are considered the chief contributors of this event.
- Bitcoin, a Blockchain technology-oriented digital currency, was accepted as the initial decentralized monetary organization globally.
- Since the introduction of Bitcoin, several applications have emerged that seek to support the concept and potential of the digital ledger technology of Blockchain.
- The history of the evolution of Blockchain contains a list of developed applications. These applications have emerged with the advancement of technology and science behind Blockchain.
- The years between 2013 and 2015 consist of the second phase of the evolution of Blockchain and are called contracts.
- Vitalik Buterin had developed Ethereum from a new public Blockchain in 2013. Ethereum had additional functionalities compared to Bitcoin, an expansion that marked the pivotal movement in the history of Blockchain development.
- The additional features dilated the utilization of Ethereum from being a cryptocurrency to a platform advancing the decentralized application as well. Trading cryptocurrencies can be chaotic for beginners; apps like bitcoin profit app can be beneficial for them.
Blockchain Science and its uses:
This complex technology provides necessary support to track down the transactions in digital currencies across the globe.
- While Blockchain is considered one of the chief technologies behind cryptocurrencies, it has various other applications.
- Banking sectors and fine-tech payment organizations have already portrayed their interest in Blockchain technology.
- From healthcare and insurance to real estate and data management, the potential of Blockchain technology is vast. Many researchers have also estimated that the chances of Blockchain adoption in the mainstream business world are enormous.
- Some leading economies of the world are highly benefitting from Blockchain technology. Developing nations like India, Kenya, and East Africa have used banking sectors, managing the supply chain and agriculture.
- Out of its several advantages like data securing and managing transactions, Blockchain technology can enhance the speed of transactions and boost financial inclusion by providing enormous opportunities for those unable to access the financial service sectors.
Several individuals across the globe are yet to have easy access to banking services. By enabling Blockchain technology to the banks, users worldwide will have the opportunity to get access to the banks.
- Due to Blockchain technology, individuals in developing nations could use banks, and financial services can be available to them.
- India – ConsenSys Ventures, a Blockchain software firm in India, has worked with the National Institution for Transforming India (NITI Aayog), the think tank of the Indian Government on incorporating Blockchain in a land tilting proposal.
- Africa – in Kenya, IBM got together with Twiga Foods, a business-based management platform, to set up food stalls across Africa and to extend microfinance credits to local vendors. These loans were supposed to help these vendors purchase and manage the register.
- Haiti – Haiti has been the victim of severe natural calamities in the past and has highly benefited from Blockchain. The Government of Haiti has proposed to incorporate Blockchain technology in voting, bureaucracy, and property exchanges.
The developing nations are highly benefitting from Blockchain technology. Although Blockchain technology is still in its development phase, it has high potential in transforming the global economy.