Why blockchain is the future? How it can transform the world?
Why blockchain is the future?
Blockchain technology, which combines cryptography and decentralized record keeping to create the first real concept of digital property. Among the technologists it’s become ‘The Next Big Thing’, and unlike many other previous trends, this one actually looks like it might live up to the hype. It’s not for current use.
The exciting thing about Bitcoin and similar to many cryptocurrency projects is not that they create money out of the digital ether (cryptocurrency). It’s how they do so. The real revolution of Blockchain is a technology that allows people to create unique, specific assets online.
This may not seem like anything in an era when everything from entertainment to shopping has moved online, but it’s a game-changing challenge. One of the many universal truths about the internet has always been that anything on a computer can be copied whether it’s music, movies or tax forms, an unprotected files on a computer can be duplicated endlessly at no cost what it might be.
Blockchain stops that. A digital asset backed by blockchain is unique. It can’t be copied or moved. Being a currency, this makes for an interesting project. For many other industries, it can change everything. 10 predictions which hold the future of blockchain technology are as follows :
- Widespread Distributed Data Models
- DLT-Based Government Systems
- Standardization And Collaboration
- A Growing Need For Credible Crypto Backing
- A Potential Ecosystem Of Specialized Chains
- Ultimate Transparency Across Industries
- Autonomous Negotiation And Trade
- Blockchain-Based Security Measures
- Cryptocurrency Is Just Going Through Normal Product Cycle
- Continued Maturity And Strength Of Blockchain
We’re now in the ‘initial stages’ to begin the scratch from the surface of what is possible to do!
How it can transform the world?
Nowadays we have heard of the word ‘data theft from servers’ that has been theft by hackers and they are going to use it in an inappropriate manner. The evidence for authorized source cannot be driven from a single source. Atlast, it remains a big question mark (?) on safety purpose.
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’ and secured by a padded lock and the copies of the 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 the hacker manages to decode or decrypt the data, he lacks in the authorization for promoting or propagating. This was done when everything is on a paper, but now IOT (Internet Of Things) is the flexibility of accessing internet information from anywhere, everywhere and most importantly to anyone who 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 blockchain technology which sounds perfect with ‘Internet of value’ included in it.
So by mingling the old technique 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 database with ‘Internet of value’. Blockchain technology is going to provide such intriguing possibilities to everyone.
Blockchain technology transforms the world as described in the following way.
- Bank Transactions: Blockchain technology can be useful for banks to store their lists of transactions in its secured wide spread decentralized Ledger network.
- Social Media Channels: Social Media channels like Whatsapp, Facebook, Linkedin, Twitter etc., also needs this technology to store the sensitive private messages of their users in a safe and secured database.
- E-commerce sites: Here it’s going to avoid the ‘intermediary’ for payment transactions and enables the sites to store the blocks containing recorded transactions in the bulk database of ledger distribution.
- For Products: Any product which is organic or normal requires the information verified by a standard agency that the seller is providing correct information. Undoubtedly blockchain technology verifies one to one data of each block of transactions before it’s mined into the network.
The following are features of blockchain technology which are identified as:
- Internet of value
- No Middleman
- Free from Hacking
- Reliable, trustworthy
These are some of the features which allow or attract even a common man to observe the blockchain technology which influence the world in many ways.