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Developing the future

Blockchain technology’s unlimited potential has attracted the attention of many large companies worldwide. Different sectors, with the banking sector in the lead, have now begun to spend billions of dollars per year with the hopes of implementing blockchain technology into their infrastructure.

The technology is now responsible for the development of tens of thousands of new job offerings in work ranging from health care applications to mobile gaming and payment solutions. Blockchain job openings are popping up left and right as large companies are quickly realizing that the technology will be irreplaceable for any type of business in the next 10 to 20 years.

There are also quite a few blockchain agencies who now offer professional advice to project managers and leaders regarding the possibilities of different blockchain platforms for their project. Engineers are working around the clock and due to the complexity and variety of different platforms, have to keep a close eye out for any details that might prove crucial to the project’s health.

One of blockchain technology’s biggest strengths is that can vastly simplify the entire trade process and provide companies with an automated trade lifecycle that has all parties involved share the same type of data access.

What is next for blockchain

With the countless possibilities offered by blockchain technology, many experts are now beginning to ask where the technology will make its’ next big impact. As it turns out, most of the new applications are developed for use in the capital markets.

The technology is fine-tuned to substantially reduce infrastructure costs and enable transparency, effective data management and faster process cycles. This will inevitably also get rid of the universally despised third-parties like brokers.

Nasdaq was one of the first financial services to create a blockchain-based product. It was named Nasdaq Linq and it uses blockchain technology to power capitalization tables. These tables are used by many private companies to manage the shares in their firms.

One other fascinating area where blockchain technology is currently making a name for itself is digital identity improvement. With the latest blockchain implementations, users of the technology can now freely choose who gets an access to their identity.

Once a registration on a blockchain ID database is complete, people will no longer need to perform a new registration for every single provider as they will all be interconnected via the technology. Many startups are now working on applications focused entirely on blockchain ID management.

Blockchain – where it all started

Contrary to popular belief, blockchain technology has its roots a bit further back than most people realize. The majority of people, even those well-versed in cryptocurrencies, believe that blockchain technology came into being at the same time as Bitcoin’s launch in 2009. That however, is not case as blockchain technology has its beginning way back at 1991, but was only launched for the first time with Bitcoin’s inception.

Back in 1991, Stuart Haber and W Scott Stornetta described a cryptographically secured chain for the first time in history. 7 years later, in 1998, Nick Szabo was already working on the so called “bit gold”, the first ever decentralized digital currency.

Two years later, in 2000 Stefan Konst published his theory of cryptographic secured chains and many ideas for its implementation. Some argue that this was the actual start of blockchain technology as it was 8 years later that Satoshi Nakamoto was able to establish the Bitcoin whitepaper. Only then, in 2009 was Nakamoto able to implement the first blockchain as the public ledger for transactions via Bitcoin.

5 years later, in 2014, blockchain technology was separated from cryptocurrencies for the first time and this gave the start to work on other financial and interorganisational instruments like bonds. These were later renamed to smart contracts and the rest is history.