blockchain tech“The old question ‘Is it in the database?’ will be replaced by ‘Is it on the Blockchain?’ ” William Mougayar

Blockchain has been a revolutionary addition to the world of technology. It is predicted to bring out the best in finance, healthcare, business, and other sectors like education. 

Blockchain Overview

You must have heard about the digital currency BITCOIN. It came in the public eye in 2009 when it gained a reputation due to its transparency of processes owing to Blockchain technology. 

The technology later resulted in the creation of some of the best bitcoin trading platforms for crypto trades, which are still a trusted source to earn passive income used by millions for its transparent and safe fund management. 

The success behind these bitcoin trading robots lies in the secure wallet system which generates trust among the traders. To add more value, there are options available. Users of bitcoin trading platforms can use software or hardware types. They can prefer any one because they are equally advanced in terms of keeping the funds safe. 

When users buy bitcoins, the first thing they need is a secure source to keep them for future trades. This is all because of blockchain’s decentralized technology that provides bitcoin owners with a sense of security.

Apart from cryptocurrency, Blockchain technology is celebrated as one of the most groundbreaking innovations and is at the core of the transition from centralized server-based internet infrastructure to a transparent decentralized cryptographic network. 

Blockchain, A Disruptive Technology

Blockchain has been called a revolutionary technology, promoting financial and economic advancement. Centred on three main principles, it is about reshaping the way we approach interactions.  

  • A New Way of Data Storing 

The decentralized network over an extensive shared database has become a reliable means to handle daily or frequent adjustments in datasets. By eliminating the need for middlemen, Blockchain has turned data tracking and storing into a new direction with quicker and simpler operations. 

  • Blockchain Fosters Credibility

The Blockchain helps us to communicate directly with our data and the system for real. To carry out a simple task online, the devices on either end can review it that generate trust in the software. 

For instance, if you place an order online, you will be able to track it while sitting on a couch. On the other hand, the brand can also track its shipment being sent to you. So the information is shared with both the parties. 

  • Replaces Intermediaries and Promotes Peer-to-Peer Interactions

There is no concept of intermediaries in the Blockchain network. We can communicate directly with others instead of disclosing our data to an agent, like a bank or a lawyer. It is a novel method for individuals to access, confirm and trade with each other confidently.

Blockchain Smart Contracts

Before Blockchain, communication between the parties was a tedious process because it was done through a mediator. But with smart contracts, the parties can directly connect and verify the deals. If not, they can cancel out from the process safely.

Let’s take an example of land and property registration through smart contracts. The land registration provides ownership rights, offers protection to landowners from exploitation, and keeps it easier to sell, or give away land or property. Typically, people declare a property themselves or have it done by a lawyer or conveyancer.

Now, suppose the government chooses to adopt Blockchain to monitor the information and transactions on land and property. How easy and secure it would become for the owners to deal and exchange. 

It may be done through a hybrid system in which two networks are merged. One public network, where any person can see property data limits, the other network will contain private data only open to government administrators through a secured party. This way, the registration, selling, or buying will become simpler and securer.

Conclusion

According to Alex Tapscott, CEO of a venture capital firm investing in Blockchain, Blockchain is the most “Unhackable” technology available today. In an open, democratic, and secure environment, a blockchain is a key approach for storing and monitoring everything of worth.  

I hope the article was helpful. Is there anything you want to include that I might have missed out? Leave your comments.