Cryptocurrencies May Be Down, But Blockchain Technology Is Still Hot
Bitcoin, the most widely known cryptocurrency, has seen sharp declines over the past week, as investors question the safety and reliability of using cryptocurrencies. Despite deteriorating trust in online currencies, investors say the blockchain technology that powers the cryptocurrency world is worth believing in.
Blockchain Opens New Doors
Blockchain technology is essentially a ledger for all of the transactions executed with a Bitcoin. The ledger continues to grow as new, more complicated transactions are recorded in chronological order.
It is this technology that has made Bitcoin so noteworthy over the past year, and many believe that whether or not Bitcoin survives, blockchain will continue to prosper.
Spreading The Blockchain Love
BlockCypher, a California-based startup, is a great example of the growing interest in blockchain technology. The company recently received $3.1 million worth of funding from investors despite Bitcoin’s tumbling value.
The company has developed a service that allows developers to easily build applications for any cryptocurrency using blockchain technology. BlockCypher’s plans to expand the use of blockchain technology to fit the needs of other industries like managing healthcare records or maintaining legal documents.
The possibility that blockchain could expand outside of just electronic payment systems has given investors a new light with which to look at the cryptocurrency world.
Image credit: Public Domain
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.