Blockchain

Blockchain

Hey everyone,

                        In today's topic, we are going to explore about the technology which is changing the world and controlling everything that can be represented with a number like money, transactions,loan,calculations,finance etc. People having some idea about what is blockchain think of it as a technology which controls bitcoin but they have no idea that is so much more than that. Blockchain is a whole suite of distributed ledger tech that can be programmed to hold,track and control anything of value. 

What is special about blockchain than other existing technology?

1. The way it tracks and holds data- To explain this let us consider the example of two people Bruce and Clark. Clark owns a house in Smallville at a particular time(1970s) from his father and this information is stored in a ledger. Now due to financial problems, Clark has to sell his house to the bank in 1990s and Clark's friend Bruce has now brought the house from the bank in 2010. Now the ownership of the house or house history has been clearly marked in the ledger at every particular time with a timestamp. This is exactly the same with blockchain here information is stored in blocks and blocks are all connected together in a chronological fashion in a continuous line. If you change the information in a particular block that info is not changed in that block but in a new block saying x changed to y at this time. Thus it is a non destructive way to track and hold the data.

Blockchain was designed to be decentralized and distributed across several computers this helps us to eliminate data tampering.

2. The way it creates trust in data- To add a new block to the chain first a cryptographic puzzle must be solved then the computer which solves the puzzle shares the solution to all the computers on the network this is called as proof-of-work. The network verifies the proof-of-work and the block is added to the chain.

This complicated process of solving a puzzle and verifying with a network makes the data trustworthy.

3. The way we don't need intermediaries- Normally when two people want to perform a financial transaction or share information without risking their identity or data they use a bank,lawyer or middleman but blockchain acts as a middlemen the person performing transaction does not need a middleman because the financial information is stored in a block and it is connected with a chain which completely eliminates the middleman and the exposure and risk are reduced but most importantly the time and money spent on banks and lawyers are saved.

 This type of peer-to-peer communication can create trust and revolutionize the way we transact and control data as blockchain is a technology and not a single network it can be used in many ways. As a public blockchain accessible by all or private blockchain accessible only by authorized users like banks,office. Or a hybrid private-public blockchain where the private members can access all the data and selective data is given access to the public. A government can use the hybrid blockchain.

This tech brings all kinds of questions in governance, international law, security and economics as they can be equipped with each and every one of these fields.

Blockchain is already implemented and in my last topic I've explained about online privacy and blockchain is the best way to achieve this. I hope this explains blockchain if you have doubts feel free to ask.

Fact Flash:

      The blockchain technology has managed to perform about 270 billion dollars of transactions. Blockchain market is now about 1 billion dollars but by 2024 it is estimated to skyrocket at 60 billion dollars. The gaming industry is using this tech the most so far.

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