BlockChain: There are no blockades to this upcoming technology.
The ingenious brainchild of a person or a group of people known as ‘Satoshi Nakamoto', blockchain technology was poised as the next type of internet since its inception in 2009. Seven years later not much has changed and the relevance of blockchain tech is increasingly high across several industries. Blockchain technology was originally devised for the creation of the first decentralized digital currency the world knows today as Bitcoin but it’s potential extends far beyond this.
What is blockchain?
Blockchain technology uses a peer to peer network consisting of systems known as nodes for broadcasting transactional requests. Once the transaction and the status of the user are verified, they are combined with other transactions to create new blocks of data. The new block will be added to the existing blockchain. The process is permanent and unalterable and stored in a ledger.
The success of blockchain tech can be attributed to its ability to be transparent and incorruptible. Altering or manipulating information stored across a network is practically impossible since the information is organically stored in the blockchain as a whole. The transactions use cryptography to keep the exchange secure.
Another redeeming quality of the technology would be the self-auditing ecosystem that's embedded at the core of its functional aspects. The blockchain can reconcile every transaction that happens in quick intervals. The information held by these blocks are under constant vigilance. Just like the Internet, blockchain technology complies with high levels of robustness and equally industrious. Bitcoin could be an ideal example, whose blockchain technology has run smoothly and operated without any hindrance for well over seven years now.
So whats in store for blockchain technology?
It undoubtedly is a technology of immeasurable potentials. The quintessence of blockchain technology is that it single-handedly brings everyone, be it an individual or a company, to the highest degree of accountability. The immediate prospects for this technology lie in the finance industry. It can potentially negate intermediaries associated with transactions. Clearing and settlements can also be optimized.
The domain of smart contracts and intellectual property can have great uses for blockchain. Smart contracts can be programmed to self-execute and digital assets can be transacted between parties directly and securely.
The sharing economy and peer to peer payment systems also holds great potential, where transactions with vendors wouldn't incur a cost and can be done directly.
In the space of governance, blockchain technology could be integrated to increase transparency and accountability in electoral processes.
Several stock and commodity brokers are testing blockchain technology for its relevance and utility in their domain. The dynamics of the technology could be utilized for KYC processes, settlement time and reducing operational overheads. NASDAQ and the Australian Stock Exchange have been on the forefront at experimenting blockchain technology in the space of trading.
These are one of the many potential uses for the technology of Blockchain and we can only see the prospects growing.
@Wirecamp, we love surfing the waves of digital revolution. Constantly keeping up with newest and the best of technology. We are kinda like blockchain ourselves, growing our love for the tech world with every block and reconciling with our ‘love-for-technology’ network every now and then.