At the most fundamental level, blockchain can be defined as a shared database that runs on a network of distributed servers (known as peer-to-peer networks). It contains four basic components: a database, a sender, a receiver and a network of validators. A transaction is sent by the sender to a designated receiver, and then the transaction is validated by miners or nodes, whereby every transaction that enters the database is confirmed by the entire network.
Blockchain is not only rapidly , but it is quickly becoming one of the most demanded technologies in the world. Although only 0.8% of the global population has adopted blockchain, its demand, due to its wide-spread applications, is meteorically rising: it is expected that at least 80% of the world will be involved with blockchain in some regard within the next decade. The impact of Blockchain on the world can be seen in the results of Deloitte’s 2020 Blockchain Survey (below):
It is critical to note that the huge rise in demand for blockchain is not because it is a groundbreaking technology, but its sheer number of applications in the world.
As Hewlett Packard’s chief technologist, Tom Golway, mentions
“Blockchain by itself isn't transformational, however it is foundational. As a foundational innovation, Blockchain's value can only be fully realized when the business process is transformed to take advantage of its capabilities, leading to ROI for existing business models and the ability to create value through new ones.”
In essence, a large chunk of blockchain technology is yet to be uncovered, and as a result, blockchain enterprises are rushing to find the freshest talent that can help them integrate/create the most lucrative blockchain application. One current way that blockchain enthusiasts measure the development of the technology and track its application reach is through Ethereum.
Stock price aside, Ethereum’s true value lies within the blockchain community. Due to their commitment to developing a blockchain that encourages the creation of decentralized applications (DApps, DeFi ecosystems) and “” through its virtual machine (EVM), Ethereum has progressively become a vital catalyst for blockchain’s development. As Microsoft’s principal blockchain architect, Marley Gray mentioned when opting for Ethereum (project Azure):
“[w]hile a platform like Bitcoin has many great uses specifically as a Cryptocurrency, Ethereum provides the flexibility and extensibility many of our customers were looking for.”
“What value does cryptocurrency add? No one’s been able to answer that question to me.”