Imagine that one day you wake up to see the blockchain technology suddenly disappear and leave no trace of the past. Bitcoin, Ethereum and all other cryptocurrencies are gone and nowhere to be found on the internet and offline. Trading apps display ‘no coins’ and update saying ‘they are investigating disappearance’ of cryptos. News anchors talk in-depth about how cryptos have disappeared and critics like to call it the collapse of the ‘magic internet money’ and say ‘I told you so’.
Will this day ever become a reality? Will blockchain technology, which hosts cryptos and NFTs, ever disappear one day? Let’s decipher the possibilities of this unpleasant scenario.
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Will Blockchain Technology Suddenly Disappear?
The good news is that it is virtually impossible to make blockchain technology disappear out of thin air. Blockchain technology differs from mainstream technology in that the information stored in it cannot be deleted, altered or manipulated.
The same data is stored on different computers in many different countries using non-identical software. Therefore, one person, or an individual entity, cannot claim ownership of the blockchain technology, nor admit to manipulation once data is stored.
Blockchain technology is completely autonomous and facilitates the process of recording transactions in an immutable ledger. It tracks assets in a business network that can never be changed or deleted and are kept forever.
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Therefore, even if one computer fails, several other computers record the transaction. The technology is also publicly available, as all transaction data is captured for public viewing.
In short, blockchain technology is a great system that can never be manipulated.
However, it has its issues such as scalability and adoption. Nevertheless, this is being worked on and in the long run the problems could be solved quickly and work efficiently.
In short, the superior nature and form of functioning of blockchain technology by being autonomous will allow it to stay and rule forever. There will never come a day when it suddenly disappears, at least to our lives.