– Basically the blockchain is a distributed ledger, several blockchains exists which may be public like the one used by bitcoin, ethereum and such cyrptocurrencies while others are private used by banks, hospitals etc. It is a peer-to-peer technology that facilitates transactions without any intermediaries such as banks or government bodies.
The blockchain is the technology behind cryptocurrency. Just like social web, BIG data, cloud computing, robotics and Artificial Intelligence….the blockchain is quoted by most experts as the second era of the internet revolution that will have massive impact on the world for the next 20 years.
The blockchain at its basic structure is just a database that is public – not own by anybody, distributed across several powerful computers around the world, synchronized to keep it up to date and finally secured by the art of cryptography.
Blockchain could help promote a more prosperous world which will surpass the limitations of the internet. One of the interesting features of the blockchain is that it offers immutable records, it eliminates the middleman when transacting with digital assets.
In the last couple of years, over $1billion has been invested in blockchain and bitcoin(technology) with more than half of that in 2016 alone.
Moving away from the fin-tech space, blockchain finds application in several areas, for instance blockchain can help create digital identities. What does this mean?
It simply means it can create records that are decentralized and cannot be changed and as such allows for micro-level control. By using blockchain to create these identification systems, government or organisational tampering can be eliminated as well. Currently several organisations are proposing a tamper-proof common ledger for digital identity based on blockchain technology.
….some may not realize it now but very soon just like the evolution of the personal computer and the internet, the blockchain and cryptocurrency will change our world.
I have been in the Cryptocurrency ecosystem for about three years. My passion for this niche of financial tech space inspires me to share with you all I can in the world of Cryptocurrency, Blockchain and financial technology.