Separating Blockchain Tech From CryptocurrenciesNov 27, 2018 at 23:15
The church and the state; the United Kingdom and the European Union; the next random hot guy and Taylor Swift – the separation of such pairs are very much anticipated to produce meaningful results.
However, some crypto enthusiasts are floating the idea that the separation of blockchain technology and cryptocurrencies would also yield positive outcome for the entire cryptoverse. Likewise, such thought is being challenged by other traders citing that the pair is as inseparable as Batman and Robin.
Generally, the blockchain technology is already causing disruptions in various organizations and businesses as it allows recording of vital details in a decentralized trustless system that will involve almost no human intervention and tampering at all.
Nevertheless, such innovation is still being challenged until now as some claims that what it offers as solutions are mere theories printed on white papers that are just meant to entice investors through initial coin offerings.
At present, many companies that ‘ventured’ on the blockchain technology are underutilizing it for storing company data as only those firms who are directly involved in the field of technology and electronics are testing it for more complicated applications.
With all that being said, the big question still remains – can the blockchain technology make it big without requiring an equal success from cryptocurrencies?
Basically, the blockchain serves as a network with multiple nodes that are equally important. Any data that enters this network will be operated in a single node but the information will be simultaneously updated on all available nodes. The blockchain is then capable of powering nodes to ring the alarm even if only one of them contains data that is not identical to the rest which easily boosts the level of security.
Now, this is where the importance of blockchain to cryptocurrencies come into play. A digital currency requires the technology to become operational–be it for receiving or accepting payments or other more complicated tasks.
To state it bluntly, a cryptocurrency can only function with its program only when it runs on the blockchain and it can never be useful without the aid of the disruptive technology. On the other hand, the blockchain can easily work without cryptocurrencies which is already being demonstrated by several government agencies worldwide that sets up the technology to improve various public services.
The verdict? Blockchain may continue to flourish even without cryptocurrencies but its popularity may not peak without the monetary value being offered by digital coins. On the other hand, cryptocurrencies may never survive without blockchain at all since the latter serves as the blood stream of Bitcoin and all those virtual coins that are yet to be developed.