Blockchain technology is changing how data is transferred all over the globe. The speed of currency transfers takes minutes not days, even across other country borders.
Ownership of property, cars and assets are recorded on an ledger, unable to be changed and made public for all to see.
What is Blockchain Technology?
A open decentralized blockchain or ledger that allows for the peer to peer transfer of data. This is all done in a trustless and immutable system.
Data can be moved from one person to the another(peer to peer) , over a trustless network(no third party verification), and can not be altered(immutable). Available for all to see is fabulous!(open).
Who Invented Blockchain?
No one knows for sure, but an identity by the name of Satoshi Nakamoto in 2007 wrote the first Bitcoin code. Then the next year 2008 published his white paper about a peer to peer electronic bitcoin transfer system.
Bitcoin is the digital currency built on the decentralized blockchain, and used for the transfer of value, some see as a store of wealth or digital gold.
Blockchain technology is ten years old now and classes at Oxford and Stanford.
Ledgers will cause Massive disruptions in how business will get done. Many business sectors from banking to healthcare, will be able to use blockchain to send payments or store huge amounts of information!
Voting done on blockchain could clean up some of the shenanigans we see with politics! No more waiting weeks for those lost ballots that just dropped from the sky! Just think about being able to see that your ballot got counted the way you intended!
Here is a great site that shows 20 blockchain application use cases now, in simple to understand videos.
Blockchain technology is still a few years down the road, but it’s coming. For mass adoption to really take place. Time will be needed to lay the right solid foundations.
Blockchain technology will just be all around us without much notice. For Example all the other disruptive technologies before for example “credit cards”. We care more about the card working, not the details how!
Like technologies that disrupt the status quo, smart contracts, ledgers, and decentralized systems will be common one day! Hard to say what the future will hold, but with the speed, efficiency and immutability it’s not going anywhere anytime soon!