How Blockchain could change the world
Blockchain technology – A technology that is going to trend with disruptive force as assessed by the market in near future.
Now-a-days we may heard of the word ‘data theft from servers’ (here I m referring to bulk information) that has been theft by hackers and they are going to use it in an inappropriate manner etc. Certainly the safety ensured from a single source or centralized control may prone to privacy threats and the authorization of that particular data remains as a question mark.
In earlier days, the data is encrypted, stamped and sealed by the authorized owner in his own readable way before it is being sent to a ‘safe’, secured by a padded lock. And the copies of that encrypted data are circulated among their network to save in their ‘safes’ so that the theft of data from one particular safe doesn’t impact the authorized data. Even if a hacker manages to decode the data, he lacks the authorization for promoting or propagating. This was done when everything is on paper, but now IOT (Internet Of Things) the flexibility of accessing internet information from anywhere, everywhere and most importantly to anyone lost the terms ‘privacy’ and ‘authorization’.
This is the point everyone got stuck, the lack of privacy and authorization doesn’t make any sense and thereby leading to the new innovation called block chain technology that sounds perfect with ‘Internet of value’ included in it.
So by mingling the old technique (Paper) with the trending internet resulted in the form of new technology called Blockchain.
Blockchain technology is a biggest revelation to everyone and every industry looking forward for the secured data base with ‘Internet of value’. Blockchain technology is going to provide such intriguing possibilities to all.
Replicating the earlier paper work, blockchain technology changes the world as described in the following way.
- Bank Transactions: Blockchain technology ensures banks to store their lists of transactions (called records or files) in its secured wide spread decentralized Ledger network.
- Social Media Channels: Social Media channels like Facebook, Linkedin, Watsapp etc needs this technology to store the sensitive private messages of their users in a safe and secured data base.
- E-commerce sites: Here it going to avoid the ‘middleman’ for payment transactions and enables the sites to store the blocks containing recorded transactions in the bulk database of ledger distribution network.
Apart from storing data Block chain technology enables transferring of money through Peer-to-Peer networks avoiding the so called middleman ‘banks’ from the process of transfer.
Examples of E-commerce sites may be like amazon, e-bay, flipkart etc.
- For Products: Any product organic or normal requires the information verified by a standard agency that the seller is providing correct data. Undoubtedly blockchain technology verifies one to one data of each block of transactions before it is mined into the network.
Examples of products may be like a coffee powder to a tractor used by farmers
Henceforth using the technology of such widespread trusted, reliable source of internet attracts the entire enthusiastic fields to become a part of it.
The following are features of blockchain technology as identified:
- Storing – A big data base that is eligible to store enormous amount of content in it.
- Internet of value – A data base that possesses only valuable verified information in it.
- No Middleman – Transactions are free from middleman that is done thorough blockchain wallet.
- Free from Hacking
- Reliable, trustworthy
The above features are attractive for even a layman in considering blockchain that impacts the world in wide variery of ways.