Blockchain Tech is only in its infancy; it is likely to change the manner in which we operate in multiple facets of life going forward. Cryptocurrencies are only the start and Bitcoin and Ethereum are at the head of the pack at present. Check out what http://rockstone-research.com have to say,
Although the creation of the internet has solved countless problems over the years, not to mention that fact that many of us would now be unable to live without it, there’s still the concern about security. People can see what you doing online, track trends over what you’re looking at, see your photos, and most importantly, may be able to see any financial transactions that you’re making over the internet. No matter what has tried to solve this problem, there were always leaks due to the involvement of third parties. When paying online with a credit card, which many people do on a daily basis, you are giving away a lot of personal data, plus there’s transaction fees to consider, which often are not worth it for smaller payments.
In 2008, the first cryptocurrency was created, a digital currency called Bitcoin. These differ from traditional currencies as they are not controlled by countries or governments, and do not go through a third party. This is a huge breakthrough, and a solution to a lot of problems. Transactions usually go through two or more parties, but now trust can be manufactured just through code.
The transactions are recorded in ledgers, known as blockchains. These ledgers use complicated technology in order for them to work effectively, however the idea is simple. A blockchain enables someone to directly, and securely, make transactions or a smart contract between two people or companies, without having to go through a third party. These third parties could include a bank, credit card company, or platform such as PayPal, all of which take a transaction fee. It has the potential to unleash countless new applications. Essentially, using a blockchain has many benefits, such as increased speed, a lower cost than other methods, a very secure system, few errors, plus the elimination of central points of attack. Therefore, it’s no surprise that many companies are showing an interest in this technology. It is for these reasons, that this new technology is set to change the world as we know it.
Blockchains have started to be used for other things other then just transactions, and the full extent of uses for this technology has yet to be discovered. One such use is unbreakable contracts (smart contracts). The blockchain will essentially replace the need for a third part in legal disputes, with tokens used to represent assets held. Hard code can be used to transfer the ownership of these assets, therefore creating unbreakable contracts.
Another new use for the technology is making electronic voting more secure, an improvement in terms of time, cost and accuracy. Additionally, the network is protected as no hacker has enough computing power to rewrite millions of votes. Plus, it allows all the votes to be publically shared without identifying who cast the vote.
Blockchains are set to change the world simply because they have countless uses, many of which are yet to be discovered.
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