Hidden behind some mathematical mumbo-jumbo, which is beyond my understanding, lies the concept of a decentralized digital currency which requires only its users to keep going rather than a central bank and police force.
Using the pseudonym Satoshi Nakamoto an individual, or a group of people, released Bitcoin to the world together with a white paper explaining exactly what it does. While the foundation was already built in the 1980s and 90s the real breakthrough was made in November of 2008. A short history of blockchain technologyīefore sprinting into the future, however, we will need to take a step back and look at the, admittedly rather short, history of the blockchain technology to gain an understanding of what it actually is. What is the blockchain technology explained in layman’s terms? Who already uses it in the current landscape of watchmaking, and who just pretends to do so to hop on the bandwagon? Finally, what potential remains untapped for the watchmaking industry to integrate this technology into their production in the coming century. In an attempt to demystify this topic and lay bare some of the opportunities that lie in front of us, we will make this the topic of today’s blog. The fact of the matter is that while Bitcoin gets all the hype right now a hundred years down the road it will probably be considered as one of the least interesting products that came out of this technology. Attempts by certain companies and individuals to utilize it as a buzzword to appear hip and modern does not help either. Often, incorrectly, used interchangeably with the terms cryptocurrency and Bitcoin the confusion is mainly based on the lacking knowledge of an admittedly complex concept. No technology right now is more in vogue and in equal parts misunderstood than that of the blockchain.
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