Decentralized apps saw greater transaction volumes in 2019 but low user retention, and difficult to use apps still stall mainstream adoption push.
The most basic definition of blockchain is a shared, digitized ledger that cannot be changed once a transaction has been recorded and verified. All parties to the transaction, as well as a significant number of 3rd parties maintain a copy of the ledger (i.e. the blockchain), which means it would be practically impossible to amend every copy of the ledger globally to fake a transaction.
Bitcoin’s success has triggered the establishment of nearly 1000 new cryptocurrencies, leading to the delusion that the only application of blockchain technology is for the creation of cryptocurrency.
However, the blockchain technology is capable of a lot more than just cryptocurrency creation and may support such things as transactions that require personal identification, peer review, elections and other types of democratic decision-making and audit trails.
- Bitcoin ‘Needs More’ PR from People Like Peter Schiff: Binance CEO
- Crypto and Blockchain Firms Pitch In to Help Coronavirus Victims
- Litecoin Creator Proposes Miners Voluntarily Donate 1% for Development
- Tax Agencies Step Up Efforts to Hone in on Crypto Tax Evasion
- Bitcoin Risk-Return a ‘Different Beast’ Compared to Amazon: Analyst