Despite the fact that Bitcoin prices have been surging of late as a result of the Greek financial crisis, there remains a great deal of debate over whether or not the leading digital currency will end up as a major financial player. Some believe Bitcoin will be widely implemented and commonly used in a matter of years, and others think it will fade away, either in favor of newer digital currencies or due to a lack of practical utility. But no matter what happens to Bitcoin specifically, it’s beginning to look as if its underlying technology, and specifically the blockchain, will endure.
For those who are less familiar with the ins and outs of the currency, an explanation of Bitcoin functionality reveals that the blockchain is a “general log of transactions” on which “you can see all transactions that have ever taken place or ever will take place.” In other words, if Bitcoin is used in a financial transaction, that transaction is permanently recorded in a public space. And this concept, of an incorruptible universal record and tracking system, has already become an important tech application for a number of budding businesses.
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