What is Blockchain and how it is going to change the world? - MrAboutTech

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Saturday, October 6, 2018

What is Blockchain and how it is going to change the world?


What is Blockchain?
Blockchain is a growing list of records which are called blocks. It is a chain of these blocks. This chain is growing continuously. Each block contains cryptographic hash and all blocks are connected to each other with cryptography. There are infinite number of blocks. This is because as one block is completed, another is generated automatically.


Blockchain is managed by a peer-to-peer network that work as a whole for inter-node communication and for validating new blocks. When a data is recorded in a block, then it cannot be altered without altering all the subsequent blocks.


Who invented this technology?
Satoshi Nakamoto is the one or as some people say that it is a group of people who are known by this pseudonym. They are the one behind this technology. They invented the first blockchain. They are the one who invented and deployed the first decentralized digital currency which i can bet you have came across and heard about it at least once and that is Bitcoin. It is that internet coin whose price went up till 19,000 Dollars for one coin.

Its use in today’s world?
Blockchain is that technology that first started out with Bitcoin. Bitcoin is a decentralized cryptocurrency. Bitcoin Blockchain is the worlds biggest Blockchain. Other than Bitcoin, Ethereum is also based on Blockchain. These cryptocurrencys use blockchain technology to record transactions.


Other than online currency, Blockchain can be seen growing fast in financial industry. More and more banks are interested in this.

Even social media platforms like Facebook is interested in this. Facebook is planning to launch its own cryptocurrency for payments on the platform. Facebook also recently conformed to open a Blockchain group.

How is it going to change the world?
The financial-services industry is up for serious disruption or we can say transformation, depending on how it approaches this issue. You pick any industry, and this technology holds huge potential to disrupt it, creating a more prosperous world where people get to participate in the value that they create.

The music industry, for example, is a disaster, at least from the point of view of the musicians. They used to have most of the value taken by the big labels. Then, along came the technology companies, which took a whole bunch of value, and the songwriters and musicians are left with crumbs at the end. What if the new music industry was a distributed app on the Blockchain, where I, as a songwriter, could post my song onto the Blockchain with a smart contract specifying how it is to be used? What could go wrong? I’m not a futurist. This technology is revolutionary and holds vast potential to change society.

Another thing is that this technology is going to be the platform for a lot of smart agents that are going to displace a lot of humans from jobs. Maybe this whole new platform is the ultimate job-killer. The biggest problems, though, have to do with governance. Any controversy that you read about today is going to revolve around these governance issues. This new community is in its infancy. Unlike the Internet, which has a sophisticated governance ecosystem, the whole world of Blockchain and digital currencies is the Wild West.

Conclusion
Blockchain is digitized, decentralized technology with which transactions can be validated by recording it on distributed system registers which are securely connected to each other.

Bitcoin is a decentralized cryptocurrency which is based on this technology. This technology is also know as Distributed Ledger Technology(DLT).

There can be many different applications of blockchain other than in cryptocurrency. People are working on new applications for blockchain and we are going to see them in the near future. This is a revolutionary technology and holds a lot of potential.

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