Blockchain and Cryptocurrency: The Next Big Thing
How many of you were around when the Internet was born? I remember when it all started, and frankly, I did not imagine it would grow to be as big as it is today. Back in the day, some people said the Internet would die in a few years. Some were more optimistic, saying it is the greatest technological advancement of all time. Well, take a look at where the Internet is now. It is everywhere, in every corner of the earth. It’s become such a normal part of our lives that it doesn’t seem like the mind-blowing innovation that it was in its infancy.
I believe we’re at that stage with blockchain technology and cryptocurrency. Let’s first start by defining blockchain and cryptocurrency. Merriam-Webster defines “blockchain” as “a digital database containing information that can be simultaneously used and shared within a large decentralized, publicly accessible network.” The same dictionary defines “cryptocurrency” as “any form of currency that only exists digitally, that usually has no central issuing or regulating authority but instead uses a decentralized system to record transactions and manage the issuance of new units, and that relies on cryptography to prevent counterfeiting and fraudulent transactions.”
That’s a lot of words. For me, blockchain is significant because 1) It is decentralized. There is no central authority, so no one power holds exclusive access to the information on the blockchain; 2) It is publicly accessible. The system is transparent in that anyone can see the transactions that occur on the network; 3) The data cannot be altered. It is extremely difficult or near impossible to hack the system and change information on the blockchain. While all these points don’t seem exciting, it can change the underlying infrastructure of information. We may see a shift from centralized networks to decentralized ones, and it may happen without us realizing it. One day, we may be using this technology without knowing it.
Now, blockchain and cryptocurrency go hand-in-hand. Cryptocurrencies are mediums of exchange that are stored on a blockchain. One good thing about cryptocurrencies is the relative easiness of sending them to people who are on the opposite side of the globe. Say you have an aunt living in South Africa who needs money. You can send cryptocurrencies to her on a blockchain network, and she will receive the coins or tokens without having to wait for a bank or other central authority to confirm the transaction. It makes transferring funds easier. This is just one example of how cryptocurrencies are useful.
I recently saw a picture of a cryptocurrency vending machine and thought, “Wow, this can really turn big. Maybe it is the next big thing.” CyClean has taken advantage of blockchain technology and cryptocurrencies to introduce us to an era of applying cryptocurrency to clean energy. Adoption is real, and it is near.
Thomas F. Dapp, research analyst at Deutsche Bank, said about blockchain, “Blockchain is a really disruptive development, and banks have a lot of fear concerning this technology because in the pure theory of blockchain, a lot of processes within a traditional bank would be obsolete.” When existing industries fear a newcomer, that’s when you know things are serious.
** For more information about CyClean, please visit our website at cyclean.io.
I believe we’re at that stage with blockchain technology and cryptocurrency. Let’s first start by defining blockchain and cryptocurrency. Merriam-Webster defines “blockchain” as “a digital database containing information that can be simultaneously used and shared within a large decentralized, publicly accessible network.” The same dictionary defines “cryptocurrency” as “any form of currency that only exists digitally, that usually has no central issuing or regulating authority but instead uses a decentralized system to record transactions and manage the issuance of new units, and that relies on cryptography to prevent counterfeiting and fraudulent transactions.”
That’s a lot of words. For me, blockchain is significant because 1) It is decentralized. There is no central authority, so no one power holds exclusive access to the information on the blockchain; 2) It is publicly accessible. The system is transparent in that anyone can see the transactions that occur on the network; 3) The data cannot be altered. It is extremely difficult or near impossible to hack the system and change information on the blockchain. While all these points don’t seem exciting, it can change the underlying infrastructure of information. We may see a shift from centralized networks to decentralized ones, and it may happen without us realizing it. One day, we may be using this technology without knowing it.
Now, blockchain and cryptocurrency go hand-in-hand. Cryptocurrencies are mediums of exchange that are stored on a blockchain. One good thing about cryptocurrencies is the relative easiness of sending them to people who are on the opposite side of the globe. Say you have an aunt living in South Africa who needs money. You can send cryptocurrencies to her on a blockchain network, and she will receive the coins or tokens without having to wait for a bank or other central authority to confirm the transaction. It makes transferring funds easier. This is just one example of how cryptocurrencies are useful.
I recently saw a picture of a cryptocurrency vending machine and thought, “Wow, this can really turn big. Maybe it is the next big thing.” CyClean has taken advantage of blockchain technology and cryptocurrencies to introduce us to an era of applying cryptocurrency to clean energy. Adoption is real, and it is near.
Thomas F. Dapp, research analyst at Deutsche Bank, said about blockchain, “Blockchain is a really disruptive development, and banks have a lot of fear concerning this technology because in the pure theory of blockchain, a lot of processes within a traditional bank would be obsolete.” When existing industries fear a newcomer, that’s when you know things are serious.
** For more information about CyClean, please visit our website at cyclean.io.
