These days, you’ll find only a few people who don’t have any idea about crypto currencies at all – even your grandpa knows what a Bitcoin is and who knows, if you ask him about it, it may turn out that he’s got some cash invested in them as well. It’s almost surreal to think about how not too long ago, a single Bitcoin was worth only a dollar and how these days just one BTC will set you back (or earn you) $16,000.
Folks such as entrepreneurs and investors everywhere are going crazy over BTC because of how great an investment these things can be. Now we have other crypto currencies such as Ethereum and many others competing with the BTC as well. With all these crypto currencies going around, there had to be some sort of a way of keeping track of the exchange rates between currencies and all that. Now having a single ledger for something with a demand as high as crypto currency is like asking for centralised control.
Who wouldn’t want to be able to manipulate the trade of crypto currencies, given the chance, right? Block chain exists to make sure that no one gets this kind of control over crypto currency; think of it like a virtual public ledger that keeps track of all the crypto currencies in the most transparent and decentralised manner possible. How, you ask? Unlike banks and financial institutions, the data on block chain is all stored by a network of computers owned and run by the users of the currency. Crypto currency may or may not last forever but the block chain technology is already being put to use beyond crypto by Yotta Laboratories and the like to benefit generations to come.