Blockchain is a unique invention: the brainchild of a person or group of people known as Satoshi Nakamoto. But since then it has evolved into something more significant and the main question everyone is asking is: What is Blockchain?
By allowing digital data to be distributed but not copied, blockchain technology has created the backbone of a new type of internet. Originally designed for the digital currency, the technology of the Bitcoin community (Buy Bitcoin) is now finding other potential benefits of the technology.
Bitcoin is called “digital gold” and for good reason. To date, the total value of the currency is close to 9 billion US dollars. And blockchains can create other kinds of numerical values. Like the internet (or your car), you don’t need to know how the blocker is using it. However, basic knowledge of this new technology shows why it is considered revolutionary.
Blockchain Sustainability and strength
Blockchain technology is like the internet to have integrated robustness. By storing identical blocks of information across your network, a blockchain cannot:
1. There is no single point of failure.
2. Be controlled by any single entity.
Bitcoin was invented in 2008. Since then, the Bitcoin blockchain has operated without significant disruption. (So far, all problems related to Bitcoin have been caused by hacking or mismanagement, in other words, these problems arise from bad intentions and human error, not from imperfections in the underlying concepts).
The Internet itself is almost 30 years old. This is a record that is good for blockchain technology because it is still developing.
Who will use the blockchain?
As a web infrastructure, you don’t need to know the block chain to be useful in your life.
Finance currently offers the most impactful use cases for technology. For example, international payments. The World Bank estimates that more than $430 billion in remittances were sent in 2015. And so far, development engineers are in high demand.
Blockchain potentially cuts out the middlemen for these types of transactions. Personal computers became more accessible to the general public with the advent of the graphical user interface (GUI) that shaped the “desktop”. Also, the most common GUIs designed for Blockchain are named so. Wallet apps used by people to buy things with bitcoins and store them with other cryptocurrencies.
Online transactions are closely related to identity verification processes. It’s easy to imagine portability apps changing in the coming years to include other types of identity management.