The potential of technology has been proven time and again both on the positive and negative parlance, while many consultants, technical experts are breezing around and crashing into the concepts of digital wallets, almost what is inseparable is bitcoins and blockchain, the two B’s are p2p technology which has garnered enough mileage from all industries worldwide. During the financial crisis in late 2008 when the entire question on how to handle global financing was been mused on, there came the alternative digital cash payment system which made transactions possible without any third party trusted networks.
What came as an open source for the public to bank on without continuous monitoring by any nodal authority, however without compromising on the digital safety of the currency with the use of cryptography and advanced technology. Blockchain concept is simple to term as a public ledger which has data permanently not erasable and widely used to find the best carpet maker or to make payments to anyone without any intermediary. The revolutionary advanced ledger system has the potential to cover almost any length of transactions once complete to be immutable.
How does Blockchain work?
A huge global spreadsheet which runs on millions of computer network and the widely distributed database is how one can simply understand blockchain, any structured information can store in the ledger,
- anyone can change the underlying code and can make changes in the ledger, however, the previous record will remain and cannot be erased making it the safest to keep sensitive information like patient history in the healthcare industry
- the cryptic codes used are one of kind and unique which cannot be hacked and deleted from any network making it a platform across all strata of the society
- the permissionless system allows one to access, record, make payments, receive credits, which has to be moved into personal wallet making Bitcoin the biggest in the blockchain,
- the data is interlinked and in form of virtual blocks, one leads to the previous, and so on creating a series or blockchain which runs on many computers
- this underlying publically distributed technology is not just about Bitcoins but has further application of the same where smart contracts pay for the originality of the work done
With all the clamor and the unrest on the regulatory aspect of the technology, there are being widely used by musicians who can record their song and keep them in the blockchain, if anyone wants to use them they pay for the contract which is digitally encrypted and use it, that is how the reach of this technology is, once the governance part is taken care of, there is no looking back on the evolutionary technology.