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Cryptocurrency And Blockchain
Cryptocurrency And Blockchain-There is no doubt that 2019 was the year of enterprise blockchain adoption. The buzzword of blockchain and cryptocurrency was humming as giants tech giants like Microsoft, IBM, AWS, Oracle and many, many more started testing the waters. Even in the cryptocurrency space, Banking giants and payment companies like JPMorgan, Wells Fargo, Square, Circle, and Skrill all saw growth in deciding to offer cryptocurrency services.
However, in the last three years where blockchain and cryptocurrency have managed to emerge into the mainstream light, there has yet to be a solution that is entirely solved by this emerging technology. As the saying goes – ‘Blockchain is a solution looking for a problem.’
The problem is, as this hunt to become operational and usable enters its fourth year in earnest the lustre of the technology and its financial offshoot, cryptocurrency, starts to wear off.
As an article from Adrienne Jeffries at the Verge titled ‘Blockchain is meaningless’ explained: “The idea of a blockchain, the cryptographically enhanced digital ledger that underpins Bitcoin and most cryptocurrencies, is now being used to describe everything from a system for inter-bank transactions to a new supply chain database for Walmart. The term has become so widespread that it’s quickly losing meaning.”
Part of the issue is that blockchain is still a very young technology – despite being over 10 years old. It managed to bubble under and meet the needs of a fraction of the global population before being thrust forward and demanded to handle the world’s problems. Operational problems still persist with blockchain; from scalability, speed and cost, interoperability and the decentralized / centralized battle among the private and public chains.
