You might have heard of Bitcoin. And wondered, why should I care? It’s just another technological revolution that would ultimately be replaced by something much better.
Providentially, that’s not the case at all. This crypto currency is just a trailer to a new internet world called Blockchain!
Don’t know what Blockchain is? Let’s have a quick review of what this ultra-legendary invention is all about:
What is Blockchain Technology?
Though the technology is complicated, it generally consist of two units: Block and Chain.
- Blocks are small nodes that store information. Each block is distinguished from the other with the different coding assigned for each one called “Hash”.
- For example if you purchase something from amazon, it will store your name, time, date and amount of transaction in dollars.
- Every block is connected via a series of network called Chain. These networks allow the block to be viewed by everyone.
- Transactions are a must for a block to be added which requires the dollar amount, digital signature of the seller and purchaser. Once your transaction is verified as accurate, it receives a green light and is available for everyone to view.
- Thus blockchain is a decentralized network of information where every information is dispersed among users.
Blockchain - The New Internet World!
Though seems like a simple technology, Blockchain is a revolutionary technology. It’s been a hot topic since 2009, when crypto-currency and bitcoin came into existence. Initially it faced much opposition, but gained much popularity after bitcoin grew famous.
Decentralization-EVERYONE SEES EVERYTHING with Blockchain:
The eventual benefits of Blockchain comes from the fact that it is decentralized that is NO THIRD PARTY involvement.
Let’s take an example of Amazon, for every buyer and purchaser to trade, they need to access amazon. All the information is stored with the website making it a central body. This gives Amazon the authority to access and edit the information.
But with Blockchain, there is no interference of third party. Every information and transaction is stored in bitcoin which is viewed to everyone. Since everyone has the access to the block, there is no centralized body.
Moreover even if someone try to change the block, he will have to change it through every computer which is near to impossible.
Thus with the advent of bitcoin, we are stepping into a new world that will have:
- Ultimate security- Each blockchain is assigned with a special coding. This unique coding makes it in accessible for any user to edit. Furthermore every blockchain user receives the copy of blockchain and even if someone is master enough to edit one system, it would be impossible for him to alter the coding globally.
- Transparency- Blockchain is completely secure due to the virtue of its unrivalled transparency. The chain of networks make it visible to be viewed by each and every user. Also each block needs to be validated first which means that all the information available is 100% legit.
- Peer to peer interaction- Blockchain works on P2P system that is it allows peer to peer interaction and does not rely on a third central party for facilitation. Bitcoin works on the same phenomenon where no bank or intermediary party is involved for transaction.
- Easy and fast access to information- Each block is given a Hash that makes it easy among million other blocks to be easily viewed and accessed by its users without compromising its security.
Say No To Scam With Blockchain!
It is not far from truth that current internet allow multiple scams to play with your identity and wallet not only on trading websites but freelance websites too. Many scammers get their work done without paying the freelancer.
Blockchain being ultra-transparent would make visible every click you make on the internet. For example even if you want to buy compare and contrast essay, the bitcoin will not send you the required file till you make the transaction.
The Future of FAANGs with Blockchain:
While most of the data is controlled by third parties called FAANGs (Facebook, Apple, Amazon, Netflix, and Google) under current web world, will they exist in future? This is a big question that worries millions of businesses.
While FAANGs work under complete centralization, blockchain is an opposing algorithm that utterly operates with decentralization.
We share all our personal data on these sites. Though seems like much of the trustable sites, they are vulnerable to hacking and controlled by third parties.
Thus blockchain though completely secure for us will raise a question on the rising businesses of FAANGs.
The forthcomings of AI and Blockchain:
Though blockchain alone is enough to flip our entire world upside down but when applied with Artificial intelligence, is a deadly combination! It will not only change our daily lives but the entire concept of digital marketing.
Imagine there are be no marketing agencies and you are directly paying blockchain for promoting your business or an AI giving you narrative essay writing services or a world without Google!
The bottom line!
Though the advents of blockchain are yet to discover, we have an insight of how it will change our entire world. Not only will it improve the security, but viable and authentic sharing of information. But is it a real blessing or just a curse in disguise?