This is part two of a multiple part series beginning with: "What is Blockchain Technology?" where we explore blockchain and how it can best be leveraged for business today.
Blockchain technology has come a long way since it's first inception as a Bitcoin payments ledger. So much so, that most of the information online about the use cases for blockchain are polarized between grand visionary futures of an interconnected internet of value and warnings of financial doom resembling the financial bubbles of the past.
In this article we will be defining blockchain technology, why it's useful, where it came from, and how it works.
Where did blockchain come from?
Blockchain technology was first invented with the development of the cryptocurrency Bitcoin, which is a peer to peer digital currency and payment network that enables individuals to store, retrieve, and transact anywhere in the world across any border without needing a 3rd party to facilitate the settlement of transactions.
A question I get asked often is, "What are Dapps?", and I don't believe that will stop anytime soon.
Dapps, or decentralized applications, are a hallmark of the future blockchain developers are aiming to bring to the world. Dapps promise to bring about a true implementation of the Internet of Value, or as some call it, Web 3.0.
We imagine applications with no owner that can operate as independently as the internet itself. Afterall, the internet was originally envisioned to support value transfer, but as we have learned through decades of torrents and server hacks, valuable data can simply be copied and distributed at will.
Consensus 2018 has shown itself to be the largest blockchain and cryptocurrency focused conference in the world this week, yet most would agree it didn't live up to the hype.
There is a clear shift in tone growing within the industry's leaders who are getting over the hype of their own technology and looking toward responsible and innovative deployment of their products and services.
Since 2017's major rise in cryptocurrency capital, there has been a massive amount of conferences taking place around the world on blockchain and cryptocurrency technology.
Most of these conferences are just hot air, speculation, hype, and a marketing platform for blockchain startups to feel important in an industry without much actual use.
A literal example of putting themselves on a pedestal with nothing to show but some unfinished code, a whitepaper, and some interesting conversation.
It reminds me of how digital marketers huddle around conferences to talk about how awesome they are to everyone doing the same things as them.