Blockchain uses mathematical algorithms and is based on a particular branch of mathematics called cryptography. Numbers and Alphabets (characters) are manipulated in this technique to make sure data is only used for its intended use and remains scrambled otherwise. This makes it hard to alter or meddle with.
Blockchain is user controlled, similar to a cooperative network it allows users to regulate the system in a democratic manner.
Blockchain has given the way an alternative to banking systems and fiat currency. Although it may be debated that Cryptocurrencies are bad currencies, it will still be accepted everywhere that blockchain based cryptocurrencies offer an alternative and strong payment solution.
Although it is still in its primitive stage here is a list of things that have been achieve by the creation of blockchain.
- Blockchain reduces uncertainties and fraud. It removes the issue of counterfeit money because crypto currencies can not be replicated and their supply is fixed.
- Other than protection from data tampering, blockchain also allows protection from identity fraud and impersonation. This opens up enormous potential for a blockchain Facebook and Twitter.
- The transparency removes limitations that hold back accountability of central authorities. While there is no centralization in the network, the accounts and the rules remain transparent and open to all users. It is also auditable as the ledger remains public.
- Blockchain eliminate the ‘Double spending problem’ from transactions. Something people do by sending empty checks and defaulting payments.
- It has also allowed banking for the unbankables. Traditional banks require a series of eligibility documents and the approval of authorities before individual can start to use the bank’s services. Banks also limit what individuals can do with their money in some countries. Whereas blockchain does not discriminate or dictate.
This means that once blockchain becomes largely scalable it will break all geographical boundaries (which it already has started to in case you did not notice) and carve out a bigger road to the future of all things futuristic.
It can be easily concluded that the next step of in the internet world is a hybrid of blockchain and artificial intelligence.
Human-less companies, self driving cars, medicinal access for all are finally possible with the development of blockchain.
Blockchain networks have and will continue to disrupt entrepreneurship and governing systems. Although it is still too young to fix world poverty and save rain forests but in the very long run it is entirely possible.
While the Pot coin and the drug trade have begun reaping the advantages of the blockchain network, Black economy is far behind in its adoption of the block chain. Let’s see what the future holds for this digital shared economy simulation.
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