Renaissance of Technology and Money
Since the inception of blockchain, the world has revolutionized at a fast pace; it is an invisible yet sophisticated technology. Ten years later, blockchain technology is still dabbling the world with its over-hauling approach. This mysterious technology deals with cryptocurrencies and transactions without involving any kind of intermediaries and banks. Since then, distributed ledger technology has been advanced beyond the conventional distributed ledger. But the charisma of blockchain isn’t just confined to bitcoin, cryptocurrency, and exchange of values. It offers solutions to issues ranging from fraud management to supply chain monitoring to identity verification.
The prime emphasis is to showcase the chronological evolutions of Blockchain Technology, this article is highlighting the nitty-gritty of each generation amidst the utility of smart contracts, execution speed, and scalability.
The Future of Blockchain Technology- Blockchain As A Service (BaaS)
Let’s think of a blockchain as a BaaS, in the upcoming years; it is predicted that by 2025, obsolete technology would transition to the blockchain industry 4.0 era. With the advent of blockchain-enabled cryptocurrency applications, blockchain business applications are likely to gain greater prominence soon as they can boost efficiency and reduce costs.
Tech-companies Take on Blockchain As A Service (BaaS)
The innate transparency in blockchain applications will gain speed and exposure, it is predicted that big tech names would soon be offering blockchain as a service (BaaS).The tech companies are transiting towards blockchain because of its a simple and less costly method. Rather than just assisting masses with the conventional and obsolete technologies, tech names would extend their services to initiate a technology stack that would wrap up the blockchain platforms and tools. Blockchain deployment is less complex and expensive, above all, it guarantees transparency and immutability.
Drastically, companies are taking a plunge to embark on the journey as blockchain revolutionists. There are still a few pioneers in retail and other sectors interested in exploring blockchain business applications related to supply-chain management and other processes. It has vividly been traced that most are reluctant to opt for further. People believe that blockchain might give them a pain in their backs, mainly due to the myths related to blockchain
Blockchain 1.0- The Cryptocurrency Era!
It is not surprising that the blockchain is still being conflated with Bitcoin, the first and most dominant cryptocurrency. A vast majority of blockchain applications have been used to facilitate cryptocurrency transactions. However, companies began exploring the use of blockchain for other business applications around 2014.It is fair enough to conclude that blockchain-enabled cryptocurrency has been in the limelight of the Blockchain 1.0 era.To relate how cryptocurrencies got merged into the mainstream of the blockchain revolution, let’s dive into the emergence of cryptocurrencies.Back in 2009, bitcoin was released as an open-source software application.
Its commercial debut occurred when two pizzas were bought for 10,000 bitcoins with no central authority to verify the transactions. People were quite doubtful and hesitated to use the first cryptocurrency Bitcoin. Later, Bitcoin experienced a meteoric increase in prices and consumer recognition. The value of bitcoin is highly volatile, it marked the value of less than $10 when it initially took a start, but now the bitcoins have shaken the world with their presence as one bitcoin now equals to more than $60,000. A surge in Initial Coin Offerings (ICOs) increased the market capitalization of cryptocurrencies.
Blockchain 2.0- The Evolution of Ethereum and Smart Contracts!
Blockchain technology has advanced tremendously; Blockchain 2.0 witnessed the evolution of ethereum and the development of smart contracts over a distributed ledger. With the advent of Blockchain 2.0, creating more DApps and DAOs were initiated, developers made significant contributions to it. This generation of blockchain sparked a journey for Ethereum blockchain, with the functionality of smart contracts.Blockchain 2.0 is a clever technology beyond cryptocurrencies. There are a diverse set of use cases. It has been significantly pacing up to the decentralized digital ledger, smeared with the smart contracts technology.
The evolution of ethereal ethereum technology has seriously impacted this generation, and it is destined to make blockchain technology widely accepted as an industry standard. Smart contract programs ensure a secure escrow service in real-time for enterprises in a cost-efficient manner.This generation helped organizations run their finances, the smart contracts ease the process of internal and external operations of the enterprise. It is evident that progress has been made, but all of this would not have been possible if Blockchain 1.0 hadn’t been introduced.Now we are starting off with the third evolutionary stage of blockchain technology, Blockchain 3.0;
Blockchain 3.0- Declaration of Decentralized Applications!
As smart contracts are growing every day, obsolete technology cannot support a large volume of micro-transactions. Blockchain 3.0 is currently shifting towards decentralized internet, integrating communication networks, data storage, Smart Contracts, and Open standards platforms.
Although discussed earlier, Blockchain 2.0 supported by Ethereum improved the distributed ledger system and upgraded the transaction rate to 15 transactions per second (TPS) over bitcoin 7 transactions per second (TPS), still, it is not sufficient enough to support today’s economy.DApps are preferred for a variety of reasons; firstly they entail open source platforms for coding support, along with Internal Cryptocurrency Support, this end mainly rolls out an authentic token that quantifies all credits and transfers in transactions within the system. Lastly, the Decentralized Consensus mechanisms on which the whole blockchain relies.
Blockchain 4.0- Integration with Industry Revolution 4.0
Blockchain 4.0 is integrated with industry revolution 4.0; you have already been acquainted with the industry 4.0 introduction; basically, it aims to fuse the physical world with the virtual world into smart cyber-physical systems. In blockchain 4.0, the industrial and business models are being designed based on these end-to-end services that are secured and entirely interconnected.Industry 4.0 initiatives underpin the use cases of blockchain across other industry sectors, including Smart Cities, Health Innovation and Social Innovation Research Institutes, supply chain including manufacturing, food, pharmaceutical, health, and creative industries.The fourth industrial revolution engulfed with blockchain is developed on trusted and decentralized networks that expunge the middlemen’s activity;
blockchain 4.0 is driving an entire new manifesto of manufacturing enterprise models and automating the business’s workflow.Evidently, blockchain technology bears more potential and would be gaining steam by combining cyber and physical systems with Industry 4.0 integration. The technology platforms in the integration process are expected to sweep out the mutability and mutation of data; this revolutionary technology era includes platforms such as the Internet of Things (IoT), Robotics, Smart Sensors, and Augmented Reality.
A Quick Wrap Up!
The timely implementation of industry 4.0 with blockchain technology is replacing blockchain 3.0 to operate in the real-life industry. Blockchain 4.0 is transforming the ecosystem with twerk of business impact in lieu of the cryptocurrency to shape up the organizational model, and the ecosystem needs as well.Blockchain cuts down the costs of the system, plus it ensures the trusted transactions with a watermark of smart contracts. Blockchain technology is now becoming a fundamental and manufacturing pillar of industry 4.0.