Basic and current landscape of Blockchain Technology
The world is evolving at an exponential rate. We’ve never seen anything like it before in human history. There is an opportunity to link creatively disruptive breakthroughs to improve the planet. Blockchain technology is one such creative disruption. Blockchain is a decentralized, unchangeable, and unhackable distributed ledger.
The World Economic Forum published research in August 2016 naming blockchain technology a “mega-trend” that would alter society over the next decade, forecasting that by 2027, blockchains might hold as much as 10% of global GDP.
So, what exactly is blockchain, and why is it important?
Blockchain is a method of storing data in such a manner that it is difficult or impossible to alter, hack, or scam it. A blockchain is a digital record of transactions that is copied and distributed throughout the blockchain’s complete network of computer systems.
While this may appear to be highly high-tech, and implementation is still in its early phases, the underlying ideas are both simple and beautiful. They have far-reaching consequences as well. Without the need for a third party, we can have a high level of confidence if we have an immutable public ledger that no one can change later. Because contracts and escrow are managed through the blockchain, there is no need for a centralized entity with a server regulating transactions and banks acting as middlemen.
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The true value of blockchain is not in the technology
We could go on and on discussing the technical elements of blockchain all day. We may use all the terminology that serves to conceal rather than illustrate the benefits to the average person. We may use the term “decentralized” instead of “peer-to-peer,” “distributed ledger” instead of “shared public record,” and “verifiable, immutable, tamper-proof, and transparent” instead of “trustworthy and secure.” And we may debate the benefits and disadvantages of anonymity and encryption technologies all day without ever getting to the heart of blockchain’s true power.
Because data only becomes information when it has value, and value is allocated by people, the value of any blockchain resides in its users and uses. Without individuals who want to store data, the blockchain database stays inactive and useless; without people who want to exchange and utilize that data, it remains a series of unutilized computer links. A blockchain can only be valuable if its user population is engaged and active.
Blockchain: Advancing Beyond the Future of Data Security
Take, for example, blockchain. When originally investigated, this technology appeared to represent the future of transmitting data. In fact, though, blockchain is already affecting our daily lives, as people want greater transparency in the items they purchase.
Have you ever questioned if the Fair-Trade label on a chocolate bar or a jar of coffee you bought is genuine? Every piece of data - from the precise GPS coordinates of the cocoa tree to the production facility, logistics provider, and retailer - is digitized, captured in an encrypted manner, and then kept in a single trusted source via blockchain. Whether a customer wants to check the product’s ethical origin, sustainability, or authenticity, blockchain is the technology that verifies each stage in the supply chain and certifies the information’s validity.
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The future appears to be dynamic, experimental, and long-term
Any future technology’s success will be determined by its ability to be dynamic, experimental, and long-term. All three conditions are met by blockchain; to put it another way, the “Future is Now.”
Industries must adapt to environmental and technological changes in order to remain dynamic. Being dynamic means being a turning point that inspires, influences, or challenges the current system. This strategy is mirrored by blockchain, which takes data that is already available in various locations and not only secures it, but also makes it accessible to anybody in the supply chain, including consumers. The technology’s dynamic character is demonstrated by the everyday discovery of new applications and their ability to tackle real-world problems.
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