The relevance of the blockchain technology beyond Bitcoin is an area that until now has had relatively little reception in the technological world. However, this does not change the enormous potential that this technology has, and that is why we have decided to immerse ourselves into the subject and understand a little bit better the panorama of this innovative tool.
“The great industrial revolution”, “the internet of value”, “the democratization of power”; These are some of the phrases that many experts and top executives have used to describe the potential and relevance of the blockchain technology in a wide range of industries. This new technology is here to stay, it is imminent. But why is it so disruptive? Can the blockchain technology really have any relevance beyond Bitcoin? Or is this simply a matter of overestimated speculation?
The emergence of the blockchain technology, in the private and public sphere, will have a huge impact on the business world, because it will eliminate the need to trust a third party when transferring value.
When we think about the relevance of the blockchain technology today, we generally associate it with Bitcoin, other cryptocurrencies, and markets. While cryptocurrencies are revolutionizing the financial ecosystem, the range of possibilities that the blockchain technology has to offer is truly fascinating and it is believed that it can go beyond Bitcoin.
Why this belief? Thanks to the feature of decentralization, the great promise of the blockchain technology. From a business point of view, this means the ability to exchange information of value, or value in itself such as money, legal documents, property certificates, directly between peers. Everything can be exchanged in a secure, immutable manner, and without the need to depend on a third party for the viability and integrity of these transactions.
A bank, for example, invests millions of dollars in advertising in order to generate credibility in its clients, since it is precisely in trust that the key to any business relationship lies. That trust, at the end of the day, is a trust in the word of the people who manage such an institution. Whether they are the leaders of a government, the directors of a central or commercial bank, or a notary.