Written by Ankit Yadav
Invented by an individual or group of people known by the pseudonym, Satoshi Nakamoto, blockchain technology was to become the backbone of the world's first cryptocurrency – Bitcoin. This new technology changed how the world thought about money. What used to be a closed system under the control of an apex body, such as the bank has now been put into the hands of the public.
Blockchain technology is "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable as well as permanent way". Simply put, a transaction carried out at one node (system) is registered and visible at all the nodes connected across the network.
The transparency in the system is one of the major things that is attracting the millennials to invest in assets such as these. They tend to believe that they are in control of this money, rather than the government. While this may be true to a certain extent, millennials are either ignorant or unaware of the downsides of such technological innovations.
On the positive side, Information stored/shared through such technology is open to the public, meaning no access or login is required to check on the shared information.
There have been mixed reactions by the government as well as the elite group(s) of society towards this new cryptocurrency.
While some believe that digital currencies such as Bitcoin and Ethereum have a bright future and can change the way we make use of money in the future, some still have to develop enough trust over such a volatile instrument that challenges the very nature of money as we know it. Slowly but steadily this technology is going to take over and change the world, hopefully for good.