Remember the internet? Oh yeah, that new fangled thing that we use every day and could not be without and, basically, changed our life. Well, blockchain is doing the same thing albeit in a much more less visible way. Blockchain technology is rapidly taking over how data is managed and in the process creating numerous new applications. You just don’t know it. So, when you go to buy that “tiny home” in the jungle of Costa Rica and pay for it in bitcoins you may think it was all the internet…………but blockchain made it happen.
“Blockchain technology has the potential to disrupt and overcome all technological boundaries. Its inherent characteristics have made it much desired within several industries where data management is of utmost importance.
Fundamental aspects of the technology that underpins cryptocurrencies and assets are causing people to re-imagine and then enact new ways of creating and exchanging value online. Almost every industry is experiencing some form of disruption in terms of how data is managed.
Some of the qualities of the Blockchain that has endeared it to most technological processes include:
Information stored on the Blockchain cannot be changed. Therefore, the need for trust or extra verification of authenticity of data stored on the Blockchain is totally eliminated.
The Blockchain is not a centralized system. In essence, information stored on the Blockchain is preserved and protected by all the participating computers across the globe.
Therefore, in order to hack the system, a hacker must break through a majority of the participating computers simultaneously. This is a practically impossible task.
The Blockchain offers individuals the ability to be able to control their own resources (both tangible and intangible). Since there is no central point of control, every participant on the Blockchain retains power and control over their data.
The peer-to-peer nature of transactions enables parties to transact directly with each other on their own terms. This eliminates middlemen or intermediaries from interfering.
Capacity and speed
Having numerous computers contributing to the network offers more power and storage space on the Blockchain when compared to centralized servers. This enables improved efficiency of processes during transactions and data management.
So many industries are presently experiencing significant changes as Blockchain solutions are continually being introduced to enhance more efficient functions…”