Does Blockchain Technology Really Need Bitcoin?

Blockchain technology became popular only due to the success of Bitcoin, without it, it could not sustain in the global market.

Bitcoin was launched in 2009 by Satoshi Nakamoto, who hasn’t been clearly identified yet as an unidentified individual or a group. Its main use case has always been related to Blockchain.

With Blockchain technology, the architecture of Bitcoin could be possible, because it was based on a trustless, permissionless, open-source, decentralized platform, which didn't require any intermediaries to verify transactions on the Bitcoin platform, as required in the traditional financial system.

However, one cannot take Bitcoin away from Blockchain technology, if Bitcoin was not built on blockchain technology, no one would have adopted it. 

A little of Blockchain history

Initially, when Bitcoin started, you could mine it with your own personal computers, but later on, when more and more people started mining Bitcoin, it became difficult to mine with home computers, so dedicated machines were required.

After the success of Bitcoin, many people started exploring blockchain technology for other use cases apart from peer-to-peer financial systems.

Major software giants like IBM and Infosys started exploring blockchain for maintaining databases of land records to facilitate voting at elections and the use of blockchain tech exploded in many sectors. 

IBM has devised a logistics tracker for food based on blockchain while the tech is being developed for sectors like banking, healthcare, etc. 

Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved. 

Current tendencies in the Blockchain

Within the crypto-verse itself, the blockchain is now used to also support the creation of non-fungible tokens (NFTs), a new digital asset category that allows users to digitally mint artwork and trade those as signature property.

In the real-world uses, tampering of documents and records and vote manipulation are issues that a blockchain-based system can address given that there is no central authority or central database in the Blockchain that manipulators could hack into.

Whatever be the case, blockchain holds its success to Bitcoin. One cannot imagine the success of blockchain technology without it.

Jagdish Kumar
Klever Writer

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