Many of you will associate blockchain with cryptocurrencies. But the truth is that it has been catching the eyes of developers AND the business community for quite some time. Mainly due to the fact that at its very core, it offers the possibility of secure records that cannot be changed retroactively. But how does this happen? Let’s take a look.

It all started with Bitcoin

Blockchain was introduced to us in the wake of the cryptocurrency Bitcoin. Back then, it was a brand new technology that nobody really knew (except for developers). Since then, however, this technology has evolved and offers many applications. A random selection of operational and business aspects that allow for supply chain management, hospital management, transparency and more. However, this technology is still seen as something exotic by many people, so practical implementation does not happen much.

The four stages of blockchain

Blockchain has managed to evolve in some ways in its 10-year life. Its development can be divided into 4 stages:

Stage 1

Focusing primarily on transactions and cryptocurrency deployment. Since the technology was introduced with Bitcoin, it mainly focused on remittances and digital payment systems.

Stage 2

This expansion brought more privacy as well as smart contracts. Many more possibilities were also brought by Ethereum.

Stage 3

Launching the era of decentralized applications (Dapps) via blockchain, providing flexibility transparency and resilience.

Stage 4

The latest stage. Here we find two different technologies – artificial intelligence (AI) and blockchain. This combination can solve the most complex problems in the future. Blockchain technology will ensure security.

Limited possibilities

The different stages naturally affect the possibilities of blockchain. They also open up further market opportunities. We already have a decentralised alternative to the traditional network. However, it is true that there is still a long and winding road to travel to achieve full decentralisation. Today’s network is centralized, and decentralized applications are only as decentralized as their host.

Tip: This article could also be interesting for you: Open-source allows us to see things differently

PlatonCoin

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Source: dailyhodl.com