If we are familiar with bitcoin or even have come across this term, then we must already know that blockchain is the core underlying technology. This has helped transform our current world in different ways. However, it has also been targeted as a “disruptive” technology that is suspected to impact a lot of different sectors, such as banking.
It was originally developed to support the bitcoin industry, but it has surely gone beyond that realm and found its usage in various other ledger operations. This indeed has a lot of advantageous points, but there are some factors as well which may break the whole system. Blockchain is an open-source technology and thus any single corporation can influence its design and implementation. Blockchain can also support other applications that need ledger-like operations and work on various platforms.
The operations of the system are also conducted in an automated manner through software. Upon completion of a transaction, the miners can compete to add it to the ledger to receive the commission and benefit from it. This means that private companies are usually not required to handle such tasks and they can thus be done independently. The entire operational system also happens in real-time, so there is no lag in any way and the miners can validate the transaction as soon as it is done and receive their compensation. So it would not generally impact the miners when they go offline as others present online could validate that same transaction. Knowing the fact that blockchain has had an immense impact on our world from a technological point of view, regulators and entities from all over the world are keeping a close vigil on it. Some believe that it is too early to regulate the blockchain industry, whereas some believe that, as it has great potential to grow, the blockchain industry should be controlled at its nascent stage.
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