Blockchain was built to revolutionize how we share data…but can it live up to the promises it has built?
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While bitcoin and blockchain are often part of the same discussion, the two technologies are not synonymous and blockchain actually has potential issues far beyond bitcoin and other cryptocurrencies.
Blockchain, a recording software that makes it near impossible to change, hack, or cheat the system, can be a way to get multiple parties that might not trust each other to share and agree on data. It’s this peer-to-peer system that’s made blockchain appealing for financial applications like Bitcoin and other cryptocurrencies. But ironically, it is those same features that make it secure, that also make it impractical for many applications.
So what exactly is blockchain, what exactly is it used for, and what is ultimately holding it back?
Find out more in this Elements.
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What is blockchain? The complete guide
“Based on a peer-to-peer (P2P) topology, blockchain is a distributed ledger technology (DLT) that allows data to be stored globally on thousands of servers – while letting anyone on the network see everyone else’s entries in near real-time.”
Making sense of bitcoin, cryptocurrency and blockchain
“Bitcoin is the name of the best-known cryptocurrency, the one for which blockchain technology was invented.”
What’s Blockchain Actually Good for, Anyway? For Now, Not Much
“For a while, blockchain was seen as a panacea, says Andrew Stevens, a Gartner analyst who coauthored the “blockchain fatigue” study. …They predicted 90 percent of those projects would eventually stall.”
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