Whenever discussions are made about Bitcoin or any other cryptocurrency the focus was on how it can pose trouble to the traditional currency or how will it establish itself as mainstream money.
They are readily available through the high-speed computing network and are the digital alternative of money. Because of their decentralized nature, they can really pose a threat to the traditional currency. The little signs that show bitcoin has already become popular are its inclusion in one of the popular TV show of US.
The technology which makes bitcoin has got less attention than the currency itself. Although to use the currency we don’t need to know the technology that is running it, even the concept is not so easy to understand. But to put in simple words we can say the technology better known as blockchain is a ledger that keeps track of every bitcoin transaction made and keeps the copy of the transaction, it constantly gets updated whenever new transactions happen. But beyond this blockchain technology has many other uses and one should not ignore those.
- Smart contracts
An example of smart contracts and how they are getting incorporated in with these currencies is digital rights management; because of these act smart contracts enforces copyright licensing for the digital media files.
Ethereum network is the innovator of the use of smart contracts, here the logic is similar to typical contract and has got incorporated into the blockchain. They bind with the transactions for self-enforcement and self-execution. The user of the network can set out the contracts in a programmable form though ether script. In the blockchain, each contract gets distributed in the network, as the network is distributed so the probability of future dispute is very less.
- Ahead of digital money
The obvious use of any cryptocurrency is financial. But Ethereum using blockchain technology has the capability of forming a decentralized autonomous organization. The DAO organizations can share different resources including computing power among themselves. The security of the DAO companies is distributed in the network.
These Cryptocurrencies are loaded with enormous potential which is needed to be harnessed. Bitcoin was launched as the first cryptocurrency and Ethereum is the first among all other currencies to explore different aspects of the blockchain. Using blockchain authentication of devices are done so that they can interact among themselves. The blockchain technology may change the future process of exchanging knowledge and values. Click Ethereum Code to know more