What is block Chain technology and what is its future implications
Many people have been asking what block chain really is, and how this technology affects the future. Well, this post is set to explain all that to you.
Let’s break it down into simple English, a block is a part of a blockchain which records all of the recent transactions, and once completed goes into the blockchain as permanent database.
Blockchain allows digital information to be distributed but not copied.
Originally devised for the digital currency, Bitcoin, and seen as the main technological innovation of the Bitcoin, since it stands as proof of all the transactions on the network. Blockchain seems to have bigger use in the future as the tech community is now finding other potential uses for this ingenious technology.
We just mentioned Bitcoin, and I would be surprised if someone doesn’t know what it means. Bitcoin has been called “digital gold,” and that shouldn’t be doubted one bit. To date, the total value of the Bitcoin is close to $9 billion US.
One awesome thing about Block chain is, its easy to use, you don’t really need to know how it works to use it. However, having a basic knowledge of this new technology never bites.
When describing what block chain is, the authors of Blockchain Revolution (2016) Don & Alex Tapscott, said.
“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
I believe that explains this technology well.
Data in blockchain is not held centrally, and this adds added protection to data, as it is unlikely to hacked. By storing data across its network, the risks that come with data being held centrally is eliminated.
So how does this affect the future of web. Many people have been referring to blockchain as the New Web 3.0 and they might just be right.
File storage is advanced on this network (with the low/no risk of hacking).
Blockchain can aso be the future of good governance. This tech can make results of election or any poll fully transparent and publicly accessible.
Blockchain can also be the solution to the problem of identity on the internet. The ability to verify your identity is the lynchpin of financial transactions that happen online.