Has Blockchain Found Any Use Beyond Crypto Trading?

Blockchain and Crypto Trading

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Categories: Cryptocurrency

Has Blockchain Found Any Use Beyond Crypto Trading?

The bitcoin boom spawned new billionaires and videos of beach parties and Lamborghinis. The crypto crash brought devastation for small investors and bankruptcy for many companies. Blockchain technology underpins crypto and has been hailed as a world-changing innovation, but does it have any uses beyond creating aspeculative financial instrument? 

More secure voting?

A "blockchain-based mobile voting app", he tweeted, would mean "we will not have to wait for results, or question its legality". So far, the experiments have been on a very small scale. "From an American perspective, each district runs its own voting program," he said. “It would be too risky to centralize the voting system in one digital space – so all you have to do is corrupt the blockchain and you can corrupt democracy.”

At heart the blockchain is a ledger, a way of storing transactions that are – according to fans – secure, transparent and permanent. Diehl said it was "absurd" that blockchain was "going back to things that were solved a millennium ago to justify their existence". "Blockchain isn't solving anything here." The blockchain emerged from a 2008 white paper on bitcoin, which was conceived as an alternative to fiat currency. Bitcoin was the first cryptocurrency.

There are now over 10,000 others sitting on several different blockchains. Diehl explained that cryptocurrencies are speculative instruments that are not suitable for payments. "It doesn't happen. You want something that's stable, so the price of your coffee is the price of your coffee next week."

Blockchain, Crypto Trading, Bitcoin boom, Bankruptcy, Cryptocurrency, Blockchain Technology, Crypto

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