For persons like me and others who are curious about crypto blockchain kindly read through👇
- The biggest barrier to blockchain’s adoption by the enterprise on an industry-wide scale is a set of misconceptions about what exactly blockchain is and its relationship to cryptocurrencies.
Most people who are aware of blockchain learned about it because of the media’s fascination with Bitcoin, the volatile digital currency that has taken its “hodlers” on a wild ride in 2018-9. When you ask someone in the transportation industry—say, a trucking carrier—if they’re interested in blockchain for industry applications, they often assume it means receiving payment in a cryptocurrency.
Cryptocurrency is a digital currency which can be used to buy or sell different things in the economy. In other words, it is a digital asset used as a medium of exchange and which uses cryptography to secure the transactions, to verify the transfers and to monitor the creation of additional units.
On the other hand, blockchain is a public digital ledger which records the state of the shared database between different people. The biggest misconception in this regard is that people think that blockchain deals with cryptocurrencies. But blockchain is more about the consensus of some digital asset and storage of information in a decentralised environment.
Indeed, Cryptocurrencies have optimally used blockchain technology than any other sector but that doesn’t mean blockchain is just limited to cryptocurrencies. In this blog, I will explore the other prospects of blockchain technology.
Think of a place where you can store all your personal information and you can decide as to what part of the information you want to share and what not. You have the authority to decide who can read that information and can also revoke that access. This type of imaginary place can be brought into existence with the help of blockchain technology.
Storing data in a blockchain ledger is a great solution. And many decentralized applications are working exactly this way. The Interplanetary File System (IPFS) allows us to share files on the client’s computers which unites them in a global file system. This peer to the peer file system is addressable which means it is impossible to forge the content by a given address. There are also decentralized cloud storage systems that overcome some of the limitations of IPFS - Daniel spyralatos
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Interesting write up about cryptocurrency and blockchain nice to have the likes of you to share our little knowledge with friends around us.