For a long time, it has been the mainstream train of thought that blockchain is all about crypto. Fortunately, this has started to change with more than just techies, and those in the fintech industry now understand that blockchain is a great deal more than just crypto. This article will show that the best blockchain tech is those that have been able to provide more than just a means of financial transaction.
What Is Blockchain and Why Is It The Basis of Crypto?
Blockchain technology is essentially a distributed ledger system that is shared, integrated, and secret. All information/transactions and data are stored in a series of blocks that are linked together and each preceding linked box is intricately linked to the next. It creates a record of all transactions and processes followed. Furthermore, because it is an open, decentralized system, there is no one setting the rules for engagement or placing any restrictions on the type of transaction or data that can be stored and accessed.
This system of data storage, but also transacting was initially established as the underpinnings of the first crypto, Bitcoin, and as this crypto grew from strength to strength, so too did the knowledge and understanding of what blockchain was and what it could do. It was very soon apparent that the level of interest surrounding crypto and blockchain was such that further innovation was only a matter of time.
What More Can Blockchain Provide?
The aforementioned innovation has led to a point in time where blockchain is arguably more important than crypto. The ability to store, save, share, and swap data, in the data and information age, has to be one of the top priorities, and blockchain allows or this in one of the safest ways thus far. It was Blockchain systems, such as Cosmos, that then linked these uses and business needs to a cryptocurrency for payment and was able to use an independent network of blockchains to offer an entire blockchain ecosystem that other cryptos now use and one that is regarded as one of the most interoperable and integrated systems of data saving and e-finance transactions. You can learn more about Cosmos at https://www.okx.com/learn/what-is-cosmos, but needless to say, where Cosmos have gone, many will follow, and the expectation is that blockchain is now going to be offered to users in a much more integrated and packaged fashion. The Cosmos Hub, which is widely linked to other cryptos, runs on the crypto Atom, and yet, remains independent and it is intricately based on consensus. It is a system that may just provide a glimpse into what future blockchain innovation will look like.
Cryptocurrencies cannot exist without blockchain technology, but it is a proven fact that blockchain can exist without crypto. The argument put forward by many, even those in Fintech, is that blockchain will outlast crypto and perhaps it was the blockchain that was the more important invention or innovation, rather than the slew of cryptocurrencies that now exist and are in a constant state of flux.