The recent hype around blockchain reveals many problematic aspects related to Internet search, storage of data, security, and trust. What is blockchain?
This is a system that allows recording transactions for an indefinite period. These records cannot be changed, deleted or distorted but you can update information sequentially. The information is stored in blocks. Such units (blocks) create a single chain.
That’s absolutely new approach to the data storage and transmission. The novelty can revolutionize the digital world and other industries: law, medicine, finance. Such tech provides business owners with an opportunity to cast new light on many things.
Not all entrepreneurs are familiar with blockchain. Today people still lack knowledge of this innovation. There is a necessity to expand the info about decentralized encrypted ledger. If we understand how it works there will be more trust to the fresh technology.
The changes it offers are overarching. Some people are not ready for that revolution.
In many cases, the implementation of this technology in different sectors of business leads to decentralization. That means the loss of monopoly for large corporations, financial organizations, institutions.
Blockchain allows business partners to cooperate without third parties. With this tech, we seem to come to the era of direct buying and selling process, without middlemen. The marketplace will become more transparent and trustful.
Blockchain: look broader
To fully understand this phenomenon we have to be more broad-minded about the decentralized chain for data storage. The blockchain is not only a ledger.
We can compare the emergence of Blockchain with the Internet. It would be a mistake to treat the World Wide Web as a global network or a platform.
Blockchain can help to build trust without any control, permissions, fees, etc. The new tech provides that trust on the basis of business relationships. Honesty is something like a standard policy when it comes to the encrypted system.
Safe transactions become a reality with a help of blockchain. Various policy makers that regulated the trust earlier, are forced to redefine their efforts.
The Internet also implies the cooperation without middlemen. However, blockchain provides more opportunities in this field. At the same time, many experts predict the emergence of new intermediaries. These new mediators will have to re-think their role in the process.
Today many tech specialists analyze this phenomenon. They argue whether blockchain is a breakthrough or just another bubble.
Maybe, in time the new technology will become familiar for everyone. Something usual and inevitable, like the Internet. Blockchain creates new languages, new ways of interaction: smart contracts, data stored in blocks, safe transactions, digital wallets, and so on.
Nowadays people are searching for information online. Soon they will use verification of records for different purposes in the blockchain network. Blockchain is very promising. It can be applied in a great number of industries: digital advertising, banking, medicine, insurance.
Blockchain can be compared with the World Wide Web but it is even better, more powerful. It provides more safety, trust, and transparency. It is more decentralized.
That is the future. However, there are still a lot of issues related to this tech. Our aim is to study this theme carefully, think how to improve blockchain and how to avoid pitfalls.