Blockchain touted as the most disruptive invention after the internet?
If you have been living under a rock for the past two years, then the chances are that you might have missed a phenomenon that’s been sweeping across the globe – Blockchain. The emergence of Blockchain technology has launched a digital revolution that is likely to make an even bigger impact than the internet. If you’re still not clear as to what this budding technology is all about, or how it promises to revolutionize our daily lives, we’ve broken down the essentials for you in this short blog post.
This disruptive technology has come about as a result of Satoshi Nakamoto – an anonymous individual that published a white paper in 2008 about “Bitcoin: A Peer-to-Peer Electronic Cash System”. It was only until 2012 that the world got introduced to the true potential of this revolutionary technology when the first-ever blockchain-based cryptocurrency, “BitCoin” was mined and circulated. Blockchain is a network of nodes that maintains a shared ledger of individually stored data blocks. The data is stored in a decentralized way, which means that the data is not stored in a central database, but rather it is partitioned and distributed across the peer-to-peer network. The information is secured by cryptography, which makes it almost impossible to tamper with. As a result, blockchain technology is perceived by many to be a very secure way of storing and controlling data.
How Does Blockchain Work?
In a blockchain, transactions are automatically verified by nodes as new blocks are created, and each block must refer to a previous block to be valid. There is no centralized authority, which is the reason for its increased security, and it’s also why it is considered a radical technological innovation. Blockchain is a shared, distributed ledger that records transactions between two parties in a verifiable and permanent way. Once data is recorded in a block, it is prevented from being tampered with because the block is broadcast to the network to be verified. Every node in the network can see the whole history of transactions, but it does not store the balance because that is relative to the individual.
Where I see this going!
With the advancement of this technology, it has created some huge places ripe for innovation. Yep, I’m talking about the internet as we know it today. New products like those from Unstoppable Domains are going to change what your website is capable of. I see the ability for someone to pay an invoice to your domain name. You can create all contracts and client privileged flies linked directly to your domain name. Making the moving and security of information tie directly to your business. This is the kind of technology that will allow a driver’s license to be on an iPhone and not a card in your pocket. This will change what a wallet looks like. You will have to have a smart wallet to hold all your NFTs and track your transactions in real-time. It’s really exciting to see all of this unfold in front of our eyes.