Many people wonder if the blockchain technology is the new amazing discovery of the age and how can it impact our lives.
The blockchain is an unquestionably a smart development and one that will leave its trail that will echo for future generations.
By enabling computerized data to be circulated yet not replicated, blockchain innovation made the foundation of another kind of web. Initially invented for the advanced form of online currencies like Bitcoin, the technology group is currently finding other potential uses in our world.
While we will talk about its many purposes we have to point out that it’s one of the fundamental ways on which bitcoin was built, and the current value of bitcoin is over 100 billion us dollars. It is deemed as the gold standard for online currencies.
With that being said nothing would be possible without the blockchain technology.
Blockchain technology is in many ways considered to be like the internet as it also is diverse and not centralized like the internet itself. Blocks inside the blockchain are stored with information that are being monitored across the whole network. With such a method it offers complete independence from any individual entity. Which means that no single entity can control or limit the information inside the blocks. This, in turn, means that there is no single point of failure, but in fact that there are many backups that are constantly aware of changes within the network.
The blockchain network is an entity that has its own state of consensus where it automatically checks itself every 10 minutes of operation. This gives potential investors the needed safety for investment as a potential self-auditing ecosystem can’t be hacked and destroyed by individuals with an agenda.
With such an ideology the blockchain actually has limitless use in our current world. Imagine that everything can be decentralized and monitored by everyone at the same time. The security around this aspect is also one more angle where the blockchain technology really shines. Imagine if you have a wallet and one day you lose your wallet too theft. There would be no way for you to get the contents of your wallet besides the possibility that you get it back from the same person that stole it. But on the blockchain, there is no possible way that anyone alone can steal your information, in fact, it is so secure that millions of people guarantee that your information is not being moved in any shady way. Its biggest potential comes from the crowd and how the crowd implements it in certain aspects of their lives.
The blockchain is without a doubt one of the greatest creation of the 21 centuries. It will shape the way we view transactions and many other aspects of our lives and we can’t wait to see all the potential applications of such a technology in our daily lives.