top of page

Read

Future in Focus: The Becoming of Blockchain

Updated: Apr 2

Liam Anderson takes a look into digital currencies. Where they are from and where they could be going.


Gold bitcoin beige background

Photo by: Moose photos


From its beginnings as the foundation of Bitcoin and the cryptocurrencies that followed, to its widespread adoption across multiple industries, blockchain technology has since emerged as a disruptive yet innovative technological force with far-reaching implications. 


Understanding blockchains 


A blockchain network is primarily used in relation to cryptocurrency and can be best described as a decentralised, immutable ledger that records transactions made across a peer-to-peer network. Participants using the network can confirm transactions without requiring approval from a central clearing authority – e.g. a bank.  


When a transaction is completed, it is recorded in the blockchain as a ‘block’ of data. This data contains lots of information about the transaction, and the asset itself. These blocks form a chain containing a cryptograph of the previous block, allowing users to have an open view of the transaction history of the asset. 


As these blocks link up, the design makes it near impossible to alter past transactions without altering subsequent blocks in the chain, thus safeguarding the integrity of the data within the blockchain. 

Did you know? In 2023, the market size of the Blockchain Technology market has been estimated at approximately USD 8.89 billion.


The history and future of Blockchain 


Blockchain can be traced back to 2008 when the enigmatic Satoshi Nakamoto introduced Bitcoin, the first cryptocurrency. 


As the popularity of Bitcoin grew, developers began to explore the potential applications of blockchain beyond cryptocurrencies. Today, blockchain technology is used across a wide range of industries beyond finance. 


Supply chain management, healthcare, real estate, voting systems, and intellectual property rights are just a few examples of sectors benefiting from blockchain's transparency, security, and efficiency. 


Blockchain technology looks set to stay and will likely evolve and continue to grow.  

One area of significant interest is decentralised finance, which aims to disrupt traditional financial services such as lending, borrowing, and trading by leveraging blockchain technology. 


Blockchain's potential in addressing issues like identity theft, data breaches, and fraud is garnering attention from governments and businesses worldwide. By providing a secure and tamper-proof means of storing and verifying data, blockchain has the potential to revolutionise how we manage digital identities and protect sensitive information. 


Furthermore, as environmental concerns become more pressing, the focus is shifting towards sustainable blockchain solutions.  


Bitcoin activity alone is estimated to consume an average annual 176 Terawatt hours (TWh), more than the annual energy consumption of Poland in 2023.  


Efforts are underway to develop eco-friendly consensus mechanisms and reduce the energy consumption associated with blockchain mining, making it more environmentally sustainable in the long run.



Tru.org.uk search function


The possibility of a digital pound 


There have also been suggestions of developing a digital pound, built on blockchain technology that could be used alongside its established physical companion, the coin. 


Such a digital currency, issued and regulated by the Bank of England, could offer numerous benefits, including faster and cheaper cross-border transactions, increased financial inclusion, and enhanced transparency in monetary policy. 


While discussions surrounding the implementation of a digital pound are ongoing, several central banks worldwide are exploring the concept of central bank digital currencies (CBDCs) as a means of modernising financial systems and adapting to the digital age. 



truprint, newspaper,

Conclusion 


Blockchain technology has come a long way since its inception, transforming the digital landscape and reshaping industries across the globe. As we continue to explore its possibilities, the prospect of a digital pound serves as a compelling example of the transformative power of blockchain in shaping the future of finance and beyond. 

 

 

Similar articles:The Hidden Cost of Cotton


Researcher: Phoebe Agnew-Bass / Online Editor: Alison Poole

 

A not-for-profit paper, advocating for those topics that matter. Subscribe from £1.16 today.

Comments


  • Twitter
  • White Facebook Icon
  • White Instagram Icon
  • White LinkedIn Icon

About

We are an innovative paper with the aim of aiding ones individual right to self-determination and choice. Through research and education, we hope to enable everyone to be informed on the topics that matter.

The causes we raise awareness for are: sustainability, climate change, environmental, nature, health, nutrition, mental health, mindfulness, sentience, science and more.

Support our mission by becoming an advocate today.

Truprint  |  2024

Stay informed with Tru.

By subscribing, you're agreeing to our privacy policy.

Tru Logo White - PNG.png
Front left.png
Preview - Test Cover.png

Our mission is to help society stay informed and much more

All proceeds generated go towards not-for-profit projects and initiatives

Our volunteers care about supporting 

people and the planet

Editor | Rebecca Rothwell

Deputy Editor | Laura Pollard

The

Ethical 

Initiative

Name: The Truprint Group  Account: 37701460   

Sort code: 30-90-89

or PayPal

You can offer assistance in helping us achieve our goals, by becoming an advocate today.

The Truprint Group

  • Twitter
  • White Facebook Icon
  • White Instagram Icon
  • White LinkedIn Icon
info_edited.png

Powered by advocates

"In the long history of humankind (and animal kind, too) those who learned to collaborate and improvise most effectively have prevailed."

 

- Charles Darwin

Photo by Brandi Redd

bottom of page