Cryptocurrencies are erupting out on the international scale at a rapid pace, but the underlying technology beneath all these is blockchain. Blockchain essentially eliminates the need of a central controlling party from a framework. It can surely prove to be revolutionary for various if used properly.
BlockPublisher recently got in touch with Leon White, who is a part of the marketing team of a very well-renowned cryptocurrency named Dash. Besides describing the project in detail, Leon also expressed his thoughts regarding this revolutionary technology overall. For a better understanding of this tech, it is great to a perspective from someone like Leon who is actively involved in the crypto and blockchain world.
Talking about this technology, Leon stated:
I believe the primary innovation blockchain technology brings to the field is the decentralization of trust. It is a fundamental shift from a social model where large, trusted entities such as corporations and governments are needed as intermediaries towards a system where trust is implicit to every interaction. If implemented correctly, it can pick up from the key developments of the internet (TCP/IP and the various protocols that sit on top of it) and further democratize access to information, capital and services beyond what the internet has already done over the past decades.
Further pointing out an important detail, Leon stated:
However, like the internet, blockchain technology can be co-opted to serve the interests of corporations and profit over people. For this reason, I think it is extremely important to develop the technology in an free and open environment.
The major feature that Leon suggested as innovative regarding blockchain is the decentralization of trust. Using this technology, different frameworks across the world that are largely centralized can be revamped. The need for a third-party can be removed from any centrally controlled framework using blockchain.
Today, most of the workflows around us are largely centralized, whether it be the banks or social media. Usually, there is the presence of a third-party overseeing things and controlling the flow. As these services are provided by the central controlling party, a certain amount of fee is also associated with their usage. With blockchain, the users are in control themselves. All the happenings of the network are usually visible to all, owing to the distributed-ledger technology (DLT) embedded in the blockchain tech’s core. A transparent and trustless fabric of operations is thus established as a result.
Besides various industries, governmental operations can also be completely restructured using it. The aspect of decentralization, being trustless and being transparent with a certain level of anonymity associated with it certainly makes blockchain the technology of the future.