The Economist Says Blockchain Tech is the Next Big Thing

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The Economist Says Blockchain Tech is the Next Big Thing

Though it is not for the first time that Bitcoin is receiving coverage at the globally renowned publication, The Economist, this time the author at the magazine admits that the technology behind Bitcoin i.e. Blockchain is the next big thing. The piece at the website says that the invention of Bitcoin was bigger disruption than the collapse of the Lehman Brothers.

Bitcoin has been in existence for nearly seven years now as it was on October 31st 2008 when Satoshi Nakamoto, a pseudonymous cryptography buff whose real identity remains a mystery, unveiled a project he dubbed Bitcoin. Since then Bitcoin, a new electronic cash system that’s fully peer-to-peer, with no trusted third party, has seen a lot of activities.

Global press including of renowned publications like the Economist, the WSJ, etc. and TV channels like RT, CNBC have shown special programs on Bitcoin. In the latest write on Bitcoin, the Bitcoin says that almost seven years on, the bankers may feel they can relax a little as interest in Bitcoin has waned, it cites the diminishing value as an indication.

Interestingly, Bitcoin spiked at $1,100 in November 2013; however, not its value has dropped to $225. However, this has also been cited in the article that the number of online retailers and trendy coffee bars accepting Bitcoin has gone up as well. Nonetheless, the Economist says that more than Bitcoin, it is the technology i.e. Blockchain that has intrigued many people.

Blockchain Technology is Impressive

It’s not just USAA that is interested in understanding and study Blockchain technology but a lot of investigative and police agencies too are trying the same thing. Recently, Interpol created its own cyrptocurrency using Blockchain technology to understand Bitcoin first hand. The Economist writes that interest in the underlying mechanics of the currency has gone up.

The publication says, “The “Blockchain” technology that underpins Bitcoin, a sort of peer-to-peer system of running a currency, is presented as a piece of innovation on a par with the introduction of limited liability for corporations, or private property rights, or the internet itself. In essence, the Blockchain is a giant ledger that keeps track of who owns how much Bitcoin.”

The Economist says that the coins themselves are not physical objects, nor even digital files, but entries in the Blockchain ledger: owning Bitcoin is merely having a claim on a piece of information sitting on the Blockchain. Nevertheless, such a positive coverage of the digital currency can definitely be considered an indication that mainstream media cannot ignore it.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com