Every one of us would have heard about blockchain technology and cryptocurrency. Well, they are both interlinked. Cryptocurrency is currently the only proper application of Blockchain technology. But, the blockchain technology is not limited to that. There will be many more applications of the technology. If cryptocurrency were to be the most valuable application of blockchain, people would have been speaking about it only.
Vitalik Buterin, founder of Ethereum said so in one of his blog posts. In his article titled “The Value of Blockchain Technology” he said that “Cryptocurrency is no ‘killer app’ of the blockchain technology. The cryptocurrency does have picked up the hype but there is more to the technology. The closest thing we have ever seen is the Wikileaks and Silk Road. Silk Road was an online drugstore whose main source of income was Bitcoin and Litecoin. They made over $1 billion revenue in 2.5 years of operation. But, it was shut down by the Government in 2013. Wikileaks accepted cash-in-the-mail and Bitcoin proved vital for it. Hence, these companies made the most out of Blockchain Technology”.
Problems with Blockchain Technology
The main problem comes here. Blockchain Technology is and can be used to solve every other problem. The main target of Blockchain technology is the financial sector and it has done well in it. Several cryptocurrencies like Bitcoin, Litecoin, Ethereum have proved as an alternative to the traditional currencies. The cryptocurrencies are used easily to speed up the payments in cross-border. Along with that, Ripple, one of the cryptocurrencies is helping out with inter-bank payments too.
But the problem doesn’t stop with cryptocurrencies. Startups are trying to build themselves using the cutting edge technology. There are several startups which work precisely on ICOs. There are many such companies working around the blockchain technology. Many companies have paired up with banks to provide them with better ideas and solutions.
With everything going around the Blockchain Technology, cryptocurrencies are seen as the best possible application for it right now. It might not be the most superior application of the tech but for now, it is what is most powerful among any other. Blockchain Technology offers high-level protection and security for people who are using the tech. Cryptocurrencies are way more secure than any other as the payments are totally anonymous. Not even the government can track the payment back to its owners. Cryptocurrencies have got the Blockchain Technology so far and visible. Hence, it is by far termed as the ‘Killer App’ of the cutting edge technology.
As said, Blockchain Technology is being integrated into other areas as well. People are trying to use them in the database to make it more secure. In January 2018, many of the Asian credit card companies said that they are experimenting with Ripple Blockchain Technology. If successful, they will be able to improve the existing transaction speeds. The success of Blockchain Technology as of now is two-sided. Some may believe that they have succeeded quite a lot while many may not feel so. Hence, for now, it seems like Cryptocurrencies are the ‘Killer App’ of Blockchain Technology.