Blockchain: Between a Block and a Hard Place
There’s a good chance that when you read the word ‘blockchain’ your mind turns to cryptocurrencies and financial services. If that’s the case there’s a very good reason for it: a massive hype bubble built up around blockchain and cryptocurrencies around 2018, when the price of Bitcoin peaked at $20,000. The subsequent crash caused public […]

Get Learn Progress

in your inbox

no spam, just juicy content

Hussein Hallak

Blockchain: Between a Block and a Hard Place

There’s a good chance that when you read the word ‘blockchain’ your mind turns to cryptocurrencies and financial services. If that’s the case there’s a very good reason for it: a massive hype bubble built up around blockchain and cryptocurrencies around 2018, when the price of Bitcoin peaked at $20,000. The subsequent crash caused public interest in blockchain to virtually evaporate as quickly as it had formed. This all happened before many people really understood what kind of fascinating applications that the underlying technology could have in areas way beyond cryptocurrencies.

When the person (or persons) known as Satoshi Nakamoto was developing Bitcoin they needed a method of reliably recording and authenticating currency transactions. Nobody would trust an online currency if you couldn’t guarantee that every transaction was legitimate. What prevented someone digitally copying a Bitcoin, like you could copy an MP3 file, for example? The original blockchain white paper was written with the intention of certificating cryptocurrency activity (with this in mind, it is unsurprising that blockchain remains wedded to cryptocurrencies in the public mindset). It has taken some time for many people to see how this capability for authentication can be utilized elsewhere.



Learn blockchain in an afternoon. Without spending countless hours deciphering tech jargon

The only blockchain guide giving you full historical context in bite-sized information with visually stunning graphics


Leave a Reply

Your email address will not be published. Required fields are marked *

×
×

Cart