What started as an infrastructure underlying Bitcoin cryptocurrency, the Blockchain technology has emerged as a true game changer. The technology, while introducing new possibilities and applications every now and then, has gained its own share of hype and scams.

Because of this, various Entrepreneurs and developers are still confused regarding what would be the real impact of Blockchain technology on the economy? They are still doubtful about the blockchain’s effect on businesses and if they should invest in Blockchain development or not.

Now, assuming that you are one of those Entrepreneurs and are hoping to get a crystal clear idea of the whole scenario, let’s talk about Blockchain technology and its future in this article.

But before we dissect the technology and blockchain impact on global economy, let’s first go through a few statistics highlighting the current state of the technology and how the world is answering the most important yet cliché question- how to use Blockchain technology?

History of Blockchain: A Brief Overview of Three Generations

1. Blockchain 1.0

The first generation of Blockchain was meant to improve the traditional monetary system. Bitcoin and other cryptocurrencies were introduced in this phase, which were mostly written in C++ and used to employ PoW (Proof-of-Work) consensus model.

2. Blockchain 2.0

While Bitcoins remained a hype in the market, Ethereum and Smart Contracts came into the limelight in the second Blockchain generation. The developers started treating Ethereum not merely as a cryptocurrency, but also a platform to deliver a scalable experience and build Dapps.

3. Blockchain 3.0

The next generation of Blockchain 3.0, is supposed to be the generation showcasing the most efficient Blockchain-based solutions. In this generation, where the impact of blockchain on the economy and market was on the forefront, various challenges associated with blockchain solutions development like inability to process cross chain transactions have been resolved. The team of expert blockchain developer have gained the advantage of going with different consensus mechanisms besides PoW for their projects.

4. Blockchain 4.0

With businesses lining up to adopt blockchain and making it the center element of their tech solutions, presently Blockchain 4.0 brings approaches and solutions for industries that makes it functional for business demands.

Read more: https://appinventiv.com/blog/real-impact-of-blockchain-technology-on-economy/