New hope for the blockchain: is this time the breakthrough?
The recent rise in the price of the cryptocurrency draws attention to a technology that has enormous potential: It’s about secure supply chains, the digital euro and more. A guest post.
AWhen Bitcoin rose in price from 300 to more than 17,000 euros within a short period of time a few years ago, a great future was predicted for it and other cryptocurrencies, as well as the underlying blockchain technology: This would one day revolutionize payment transactions and possibly replace notaries or land registries. With so-called “Smart Contracts”, “Decentralized Autonomous Organizations” (DAO) should be created, which carry out financial transactions transparently and non-corruptible according to prescribed rules agreed by contractual partners. That was at the end of 2017.
Disenchantment followed quickly. The value of these plants decreased and numerous projects failed. Currently, however, not only is the Bitcoin price rising again, but the blockchain has also gained a firm place in research initiatives, implementation projects and many strategy papers.