Blockchain is the rising star amidst cryptocurrency volatility [How does blockchain work?]

Blockchain is the rising star amidst cryptocurrency volatility

One thing which you cannot take away from the rise in cryptocurrencies is the underlying technology. The blockchain is gaining more momentum as compared to cryptocurrency. Now that, cryptocurrency market is facing sideways movement or downward bias, it is blockchain which is hogging the limelight.

The attention is shifting away from the astronomical rise in the prices of cryptocurrencies to the underlying technology which is being used by hundreds of companies all over the world. Blockchain technology is the underlying technology of cryptocurrencies. It is a decentralized religion processing system.

What is blockchain?

Blockchain is the decentralized ledger system which allows you to verify not only transactions but process information as well. As it is decentralized, it greatly reduces the requirement of centralized hardware. This makes it easier for companies to process their data and offer products and services to the customers. Since the cost of IT infrastructure is minimized, the cost of products, as well as services, can be minimized as well.

Blockchain technology is not just limited to cryptocurrency miners. Many of the financial companies are also using blockchain technology in order to offer products and services. Companies are able to provide round-the-clock and secured services to the customers with the help of blockchain technology.

The programmers and developers who are well versed in blockchain technology are also in great demand due to the number of companies adopting the technology. Some of the companies which have started using blockchain technology include:

  • Boeing has been using blockchain technology in order to coordinate the supply chain which consists of thousands of different parts.
  • Maersk is working with IBM to develop a blockchain based system to track shipping of containers all over the world.
  • Walmart has also teamed up with IBM in order to track various products as well as food shipments.

The total number of companies using blockchain technology is much more than these. Thus, whether cryptocurrencies continue to rise or whether they face headwinds, blockchain technology is here to stay. With the increasing usage of blockchain technology, you can be sure that many more companies would adopt blockchain technology. (Source: geekwire)

With each passing month, the applications of blockchain technology are increasing significantly. This is also bringing newer and newer industries into the blockchain niche. Also, with such a large variety of applications, you can be sure that companies in the blockchain industry are also gaining more and more business and expanding their list of clients.

Blockchain Expert Explains One Concept in 5 Levels of Difficulty

Blockchain, the key technology behind Bitcoin, is a new network that helps decentralize trade, and allows for more peer-to-peer transactions. WIRED challenged political scientist and blockchain researcher Bettina Warburg to explain blockchain technology to 5 different people; a child, a teen, a college student, a grad student, and an expert.

Tags: blockchain wiki, blockchain definition, blockchain tutorial, how does blockchain work, blockchain explained, blockchain transaction, blockchain for dummies, blockchain explorer

Adam Webb is editor in Smartereum, blockchain and currency news, where he produces updates on Blockchain, Ethereum and other alternative cryptocurrencies.


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