"Bitcoin is the first encrypted money that has the potential to do something like change the world.”

– Peter Thiel, Co-Founder of Paypal, Palantir Technologies & more

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Welcome to The Blockchain Blog on Steemit! ⚡

What Is Blockchain Technology?

Rather than being centralized on servers, blockchain is an open-source globally distributed database running on millions of computers, where not only information can be securely and privately transferred peer-to-peer through the internet but also any other asset with value such as money, IDs, titles, deeds and even votes. Trust is established through massive collaboration creating a consensus that is protected by encrypted code rather than by powerful centralized authorities like governments and banks.

Blockchain: A Disruptive Technology

Blockchain technology is still in its early stages but it is currently igniting the biggest financial revolution the world has seen in centuries. As Google disrupted the internet search engines, Napster disrupted the music industry, Amazon disrupted the shopping industry, and so to blockchain-based currencies like Bitcoin are disrupting the entire financial industry and may change the role of banks in the near future.

Just like emails are quicker, cheaper and more efficient than traditional mail; sending money through an encrypted blockchain is quicker, cheaper, safer and more efficient. Distributed blockchain is simply better than centralized server-based technologies, which are slower, more expensive, less efficient, and vulnerable to fraud.

The Blockchain Debate

Most people remain skeptical about digital cryptocurrencies, and the technological utopia they seem to present. The biggest concern with Bitcoin is its use for money laundering on the black market and for trading on dark net platforms (such as the infamous Silk Road) for trading illicit goods and services, anything from drugs and weapons to human trafficking, cyber-attacks and “hit-man” assassinations.

Nonetheless, blockchain technologies go way beyond Bitcoin. Cryptocurrencies are just one example of blockchain applications, and Bitcoin is just one of the 800 different cryptocurrencies currently available. Because it was the first around the block, Bitcoin seems to be gaining a lot of popularity, which explains why there is such a huge industry around it.

On one hand, investors and economists such as Warren Buffett and Paul Krugman remain skeptical about cryptocurrencies believing they are way over-valued, calling Bitcoin a “mirage” and claiming there is nothing wrong with the current fiat currencies such as the US dollar. On the other hand, many government officials, tech company representatives, venture capitalists, academic researchers and bankers are coming to a conclusion that blockchain has enormous potential for innovation and sooner or later blockchain will play a critical role in future financial, governmental and technological industries.

Quotes from Successful Blockchain Advocates

1. “Bitcoin is a remarkable cryptographic achievement and the ability to create something that is not duplicable in the digital world has enormous value” - Eric Schmidt, CEO of Google

2. “The fact that within the Bitcoin universe an algorithm replaces the functions of the government is actually pretty cool. I am a big fan of Bitcoin.” - Al Gore, 45th Vice President of the United States

3. “You can’t stop things like Bitcoin. It will be everywhere and the world will have to readjust. World governments will have to readjust.” - John McAfee, Founder of McAfee

4. “We have elected to put our money and faith in a mathematical framework that is free of politics and human error.” - Tyler Winklevoss, Co-founder of Facebook

5. “The first generation of the digital revolution brought us the internet of information. The second generation, powered by blockchain technology, is bringing us the internet of value: a new platform to reshape the world of business and transform the old order of human affairs for the better. ” – Don Tapscott, Author & Consultant

6. “Every informed person needs to know about Bitcoin because it might be one of the world’s most important developments.” - Leon Luow, Nobel Peace Prize Nominee

7. “I’m reasonably confident that the blockchain will change a great deal of financial practice and exchange. 40 years from now, blockchain and all that followed from it will figure more prominently in that story than will Bitcoin.” - Larry Summers, Former US Treasury Secretary

1. “Bitcoin gives us, for the first time, a way for one internet user to transfer a unique piece of digital property to another internet user, such that the transfer is guaranteed to be safe and secure, everyone knows that the transfer has taken place, and nobody can challenge the legitimacy of the transfer. The consequences of this breakthrough are hard to overstate.” - Marc Andreesen, VC & Creator of Mosaic web browser

2. “Bitcoin is just one example of something that uses a blockchain. Cryptocurrencies are just one example of decentralized technologies. Now that the internet is big enough and diverse enough, we will see different flavors of decentralized technologies and blockchains. Decentralized networks will be the next huge wave in technology. The blockchain allows our smart devices to speak to each other better and faster.” - Melanie Swan, Author of Blockchain: Blueprint for a New Economy

3. “Bitcoin is the beginning of something great: a currency without a government, something necessary and imperative, but I am not familiar with the specific product to assert whether it is the best potential setup. We need a long time to establish confidence.” - Nassim Taleb, Author and Trader.

4. “Blockchain is more than just ICT innovation, it facilitates new types of economic organization and governance.” - Primavera De Filippi, Author of Economics of Blockchain

5. “Virgin Galactic is a bold entrepreneurial technology. It’s driving a revolution and Bitcoin is doing just the same when it comes to inventing a new currency.” - Sir Richard Branson, Founder of Virgin Records, Virgin Galactic, and more.

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References:

1. Blockchain Technologies
2. Digi Leaders
3. USPSOIG
4. Blockchain Technologies