Many Governments, Banks, and private organizations are looking into adopting the Blockchain technology into their products and services. In fact, Blockchain is the underlying technology behind Bitcoin and other cryptocurrencies. This technology is starting to receive recognition and adoption from many sectors in the world. While this may take several years, it is moving positively in favor of the Blockchain revolution!
Two of the most popular Blockchain technologies today are Ethereum and Hyperledger. You may have heard of Ethereum as the second most popular cryptocurrency, after Bitcoin. You may not know. It is actually more than just a virtual currency platform.
Ethereum is a platform that allows anyone to create smart contracts which help people trade or exchange anything of value, such as money, property, stocks, etc. The contract is publicly transparent and is recorded in the Blockchain, This means other people are in a way, witness to the agreement. The best thing about smart contracts is that, you are basically automating contracts without paying for the services of a middleman such as a bank, a stockbroker, or a lawyer.
Hyperledger is a little different from Ethereum. It is an open source, cross-industry collaborative project with contributors from many major companies such as Deutsche Bank, IBM, Airbus and SAP. According to their website, the collaboration aims to develop a “new generation of transactional applications that establish trust, accountability and transparency.” These applications have the potential to streamline business processes and reduce the cost and complexity of various systems in the real world.
The above two are just a few examples on how Blockchain technology is going to change the world in the future.
Do you want to know more about Blockchain? Do you think Blockchain is a Hype? Do join us in our upcoming workshop on ‘Blockchain: Is it a Hype?‘ on 24th May, Thursday, from 6:45pm to 9:30pm at Genesis Networks Pte Ltd.
We are only left with 4 seats! Register now to further your understanding on Blockchain!!
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