Bitcoin May Be Flailing, But Blockchain Is On The Rise

Bitcoin has suffered from several high-profile scandals which have branded the cryptocurrency as a tool for criminals and given the public reason to question its safety. However, blockchain, the ledger-like technology that bitcoin runs on, has been touted as one of the most important technological advances of the past decade. Many believe that although bitcoin may eventually die out, blockchain will continue to gain support as more and more industries find use for the technology.

On Tuesday at Bloomberg Markets Most Influential Summit, blockchain

from Blythe Masters, the CEO of Digital Asset Holdings. Masters remarked that while bitcoin was of no interest to him, blockchain had the potential to transform the finance space. Blockchain has been suggested as a way to revamp financial markets and make transactions faster and more streamlined, something Masters says is an important trend to watch.

Masters isn't alone in thinking blockchain has potential, a recent

by Greenwich Associates showed that the majority of finance professionals agree. When asked whether blockchain can continue to thrive without bitcoin, 73 percent of the 55 participants said, "yes." That attitude suggests that although bitcoin is struggling to gain mainstream approval, blockchain is already being considered a viable option for finance firms looking to improve their operations.

While financial markets have been at the forefront of discussions about the use of blockchain, other industries also see the technology as a potential game-changer. Blockchain would be able to facilitate online auctions as well as create smart contracts, something that could be applicable in several sectors.