The future of cryptocurrency is not the future of

Blockchain

It has been almost ten years since the birth of Bitcoin, when, in 2009, Satoshi Nakamoto posted his Bitcoin reveal. It was with the delivery of Bitcoin that gave way to the numerous amounts of other cryptocurrencies, and also, it was the birth of Blockchain technology. Bitcoin was the birth of cryptocurrency and blockchain; however, the two are not mutually exclusive. Cryptocurrency in the last ten years exploded, making many people rich beyond their dreams, but where is it going?

Cryptocurrency

Although volatile, some nations have adopted it as a currency, or to support their currency. The Marshall Islands in March of this year stated they were going to create their cryptocurrency and make it legal tender. With more of the world online these days, a digital currency makes sense. How many people go to the store and pay with cash these days? Other nations that are making cryptocurrency, or are planning to release their own, are Ecuador, Japan, Estonia, China, Russia, and Sweden. Cryptocurrency has been in a slump this year, but if more nations start adapting it to their currency, it could very well still turn out to be the currency of the future.

Blockchain

As far stretching as the world of cryptocurrency has become, Blockchain technology is determined to transcend this. Blockchain has been found already infiltrating other industries. Arcade city is a ride-sharing service company that is aiming to open this fall. All their operations will be run with blockchain technology, as well as all transactions will be logged within the blockchain. A blockchain system helps to keep information organized as well as put the feeling of control into the hands of the drivers. The healthcare industry is another area that has started using a blockchain solution to help fix their operational problems. The goal is to set up a shared database of information for healthcare providers regardless of what electronic medical system was used. The security will be higher, when using a blockchain system, for private medical information as well. Other industries that could adapt blockchain systems to name a few are: The energy sector, Government, and public records, Gift card companies, Human resources, and so on. The list could, in theory, contain all industries that do a lot of their day-to-day operations on the computer. It should be clear now that the birth of Bitcoin wasn’t just the birth of cryptocurrency. Cryptocurrency and Blockchain technology is dramatically changing the digital world and how industries go about their day-to-day tasks. As our understanding of this technology grows, we will discover new uses for both of them, bringing us closer to the future we dreamed of when we were little.

Written by James Hepburn

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