What Is Blockchain? The ‘Transformative’ Technology Behind Bitcoin, Explained – NextAdvisor

What Is Blockchain? The ‘Transformative’ Technology Behind Bitcoin, Explained – NextAdvisor

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For all you’ve probably heard about Bitcoin, Dogecoin, and other cryptocurrencies lately, many financial experts say it’s the technology behind crypto you should really be paying attention to.

“The underlying technology that most cryptocurrencies rely on — which is blockchain — is a transformative technology,” says Lule Demmissie, president of Ally Invest. “And cryptocurrency just happens to be one of those transformations.”

Some believe blockchain technology has the potential to change nearly every facet of our lives, far beyond crypto’s impact on our financial portfolios. Dr. Richard Smith, executive director of the Foundation for the Study of Cycles, a nonprofit organization dedicated to studying recurring patterns throughout economies and cultures, calls it a “revolution.” 

Even crypto skeptics see the value in blockchain technology. The real jewel is blockchain, says Chris Chen, CFP of Insight Financial Strategists in Newton, Massachusetts. He believes blockchain is likely to have a lot more staying power than popular cryptocurrencies like Bitcoin, which he calls a flash in the pan. “Blockchain will continue to change the way that we do things.”  

That all sounds great, but what exactly