On October 31, 2018, the crypto-currency Bitcoin became ten years old. 10 years ago, a whitepaper with the cryptic title “Bitcoin: A Peer-to-Peer Electronic Cash System” was published under the pseudonym Satoshi Nakamoto. The rest is known. The value of a bitcoin has since grown from literally zero to around $ 20,000 in the forefront. Currently, it is quoted at around $ 6,300, which – depending on the perspective – is still an impressive earnings trend, or just a loss of about 70% of the high. The Bitcoin became known to a wider public only last year, when the Bitcoin broke the $ 10,000 barrier. New products, also based on Blockchain technology, have sprung up. Whoever used keywords such as cryptocurrency, blockchain or the like, could expect to be filled with millions of dollars by euphoric investors.
Meanwhile, the first hype is gone. The scene is growing up. ICOs (“Inital coin offerings”) are being scrutinized. The stock exchange supervisory authorities have dealt more intensively with the topic of blockchain and have initiated initial regulations. Despite the dwindling euphoria, there is still great agreement that blockchain technology will change people’s lives. However, how and in what form is by no means certain.
One industry in which blockchain will increasingly play a role is the financial or banking industry. But sectors beyond the financial sector are very likely to implement blockchain more and more in their business models. This technology should be used precisely where transparency and traceability are concerned.