Amid the countless “Bitcoin is Crashing!” and “Bitcoin is a Bubble!” articles churned out every second, one word is often mysteriously missing: blockchain.
This singular technological advancement powering the cryptocurrency revolution is rarely mentioned and hardly ever explained.
Why? It’s more complex, and requires more explanation than a simple regurgitation of Bitcoin’s current price, plunging price, surging price, or the price of Bitcoin an hour ago.
Here’s a short and simple explanation of why the crypto revolution is rocking the world:
Instead of letting banks keep track of transactions, blockchain technologies are attempting to record every transaction on an unchangeable digital ledger. The blockchain consists of computers around the world that maintain separate copies of this digital ledger in real time. This keeps the ledger secure and cuts out the need for third parties and middlemen like banks and clearing houses with high fees, borders, delays and bureaucratic protocols.
The blockchain is greater than Bitcoin with its many moods and wild swings. We expect it to be extraordinarily resilient, to reshape the concept of money, flatten the duties of central banking and redesign the wheels of finance. It will be interesting to see if the blockchain can reach mainstream adoption.