FinTech Magazine February 2020 | Page 38

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A ll new technologies start out in life as immature , limited versions of themselves that nevertheless brim with possibilities . Inventions and new applications tied to a new technology are often less focused , less predictable , and more likely to disappear into the mists of history - like using those newfangled round stones with a hole in the middle as hats instead of putting them on the bottoms of wheelbarrows ( one assumes ) and , more recently , Betamax . As technologies develop successful use cases and markets begin to develop , they reach maturity . Then , anywhere from a decade to a few centuries later , they ’ re about as prone to radical evolution as a sea sponge , or the pushbike .

Plenty of technologies don ’ t make it to maturity . As investors get impatient and customers are distracted by the next big thing , the race to demonstrate a technology becomes increasingly frantic .
Digital ledger technology - known as blockchain - first appeared as a verification list or record used to track cryptocurrency transactions . Invented in 2008 by a person ( or group of people ) going under the alias of Satoshi Nakamoto , blockchain technology was initially tied completely to the cryptocurrency Bitcoin
FEBRUARY 2020