The blockchain technology looks promising. The only concern is, it has conflict of interest of the governments of countries. This is the only reason it has become a point of consideration whether blockchain development will survive.
The list of records called blocks, linked with the adjacent previous record is referred as blockchain. To link and secure each block, cryptography is used. Blocks are linked with previous blocks by a hash pointer. So, each block contains digital data, timestamp and a hash pointer. The blockchain is termed as public ledger. Data can be stored but can't be modified. This property of blockchain gives a straight advantage to the industries where data security is vital.
Blockchain technology first surfaced in way back 2009, in form of Cryptocurrency development. It was first used in developing digital currency Bitcoin. The growth of Bitcoin business online has tightened everyone's eyebrows including the governments. People worldwide started transactions using Bitcoin. Cryptocurrency transactions are peer-to-peer transactions and all data stored in the public ledger blockchain. These transactions take place without using any intermediary. The transactions are available for a view but who transferred to whom remains unknown.
Governments of countries are showing a concern over the transactions by arguing, it can be misused by unsocial people. Due to this, Cryptocurrency exchanges have tightened the screws and taken steps to match the government requirements. Still, it is for those only who are in Cryptocurrency trading but not for them who are indulged in one-to-one transactions. The concern of government is still alive.
By the way, this dispute is for the Cryptocurrencies and its sure government will find some way to meet their requirements. Blockchain technology is not limited to Cryptocurrency. Blockchain technology can be used where ever data security is very important. Some examples are military, medical, insurance and so on. Hire Blockchain Development has no threat of government if transactions are genuine.
People thinking to Hire Cryptocurrency Developers can have a breather that in all the way, blockchain development has a very bright future. It is because of the power of this technology. The data security it is promising is unmatched and unbreakable. So, let's cheer and keep developing without any doubt!
This piece of information is shared by Yee Kok Siong, an arbitrageur and an investor. Mr. Siong is a self-motivated entrepreneur who believes that no market is perfect and it is up-to an individual to understand that imperfect gap and business opportunity and make the most out of it.
To know more about him, please visit here: https://yeekoksiong.wordpress.com
