Block Chain - The Birth and the Myths!
Blockchain has gained high momentum in the recent years of this decade! Most people who are involved in technology, finance and similar fields of work have once or more heard of the word block chain. However, there have been multiple myths surrounding blockchain and hence the need of a write up explaining blockchain, its nascence, the technology and the myths!
Blockchain- What is it?
Originally, a block chain- ideally written as blockchain, is a distributed database. This is a continuous database that maintains information in the form of blocks, which grow continually and exponentially.
Just as the name suggests, each block is connected to the previous one, like a chain, and these blocks are nothing but time stamps!
A blockchain is such designed that it ideally the information once stored it will resist any modification, and the chain will keep growing, with the data once recorded and inability to alter it retroactively.
This quality makes blockchain secure by design, hence making it perfect for the disposal of the recording events, titles, medical records, identity management, transaction processing and multiple other uses.
The first blockchain was conceptualised by Satoshi Nakamoto in 2008, and the next year it was then implemented in terms of technology of the digital currency Bitcoin. This started a new wave in the world of web- the digital world now had to its disposal the power to utilise blockchain for an Open Finance.
Bitcoin as a digital currency is widely spread across the globe today, hence creating a synonymy of Blockchain as Digital Currency, which though not incorrect, is not the appropriate and justified explanation of blockchain.
Block chain is basically a data structure which is commonly recognized as digital currency for the implementation of this technology by Bitcoin.
Blockchain is better than Bitcoin
The language barrier
It has been perceived by many that Blockchain is a potential technology, however Bitcoin is an unfeasible or worse even dangerous.
Blockchain connected to digital currency systems like Bitcoin have a built-in-system, hence rendering it harmless. Blockchain in its essence is a secure system by design.
The major opportunity for Blockchain is Financial Services industry
Indeed, the technology has been popularised by a digital finance coined as Bitcoin. Yet it is just the start of the multiple purposes of this technology!
Blockchain can disrupt the service providers of the like of Uber. Blockchain will be the heart of Internet of Things- leveraging the smart devices to contract, to transact and to share data from peer to peer with the blockchain design ingrained.
Blockchain is unfeasible
A futuristic scenario examined where millions of interconnected blockchain processing say a billion transactions each day! Does sound unfeasible?
These are the challenges of implementation which are wrongly categorized as reasons of unfeasibility. An extraordinary seamless, strong and secure network and design of blockchain is the requirement for the future!
Blockchain is an ecosystem in making for future!
Author:- Krunal Soni - CEO of MInddeft