Blockchain, the base of Bitcoin and most virtual currencies, is currently being used to describe everything from a new supply chain database for Walmart to a system for inter-bank transactions.
According to sources, most of the 1,500+ digital currencies will fail and more than half of the ‘initial coin offerings’ have already failed however the cryptographically enhanced digital ledger nevertheless will revolutionise human and finance interactions generally.
Bitcoin’s system is considered by many to be the very first blockchain; the launch of the blockchain industry that some say will revolutionise money, government and beyond.
Blockchain is seen as being one of the most overhyped technologies as they are less efficient than some existing databases. In some cases, Blockchains may make sense where the speed is worth it, however this is rarely how the technology is marketed.
Blockhain investment schemes frequently make outrageous promises to overthrow entire industries like cloud computing for example, without acknowledging the technology’s clear limitations.