3 Important Reasons BlockChain Technology will Rule the Future

birdbyte (36)in #bitcoin • 7 years ago (edited)

If you have been on the internet anytime in the past...oh, let's say 5 years, you have probably heard the term "blockchain". But dont feel bad if you haven't. It isn't quite a houshold name yet such as "the cloud". If you don't know what the blockchain is, here is an excellent article explaining it.

https://blockgeeks.com/guides/what-is-blockchain-technology/

But basically, it "...is a continuously growing list of records, called blocks, which are linked and secured using cryptography." and is used to "facilitate secure online transactions". -Wikipedia. These transactions are saved on a ledger that is distributed across many computers/networks instead of one sever and can not be altered or tampered with, without the collusion of the network.

So why does this technology change the future? I am glad you asked.

EFFICIENCY
If you think about it, every great invention of the world solves one problem. And that problem is the inefficiency of its predecessor. The wheel. It allowed humans to transport more weight with less effort. The telephone. It allowed humans to converse faster from long distances, saving time. The printing press. Even the assembly line that was put together by Henry Ford which allowed cars to be built more efficiently, causing the cost of labor to go down which in turn made the automobile way more affordable to the middle class. The internet, the cell phone, wireless keys for your car. I could go on forever. All of these things made whatever task you were doing more efficient.

The blockchain is no different. When we think of the blockchain, most of us think about cryptocurrency. And if you think about it in that light, think about how much more efficient it is. You can send and receive money in a matter of minutes instead of days if you were to use your traditional bank. But think about the other uses for blockchain technology. It can hold records, such as land and title records. It can keep a credit score which will keep your personal information safe from hacks, cough....cough...Experian! https://HelloBloom.io is trying to achieve this very thing.

Teams of Cisco employees, users, experts, and representatives from customers like GE, DB Schenker, Citi, and Intel joined together to create new and innovative ideas for incorporating blockchain into the supply chain. and apparantly, they already have some prototypes ready to go.

"The power of blockchain's distributed ledger technology has applications across every kind of digital record and transaction"
-PCMag

"Blockchain technology has far outgrown the cryptocurrencies, such as Bitcoin, that spawned it."
-Bloomberg

SECURITY
PCMag explains, "A blockchain is made up of two primary components: a decentralized network facilitating and verifying transactions, and the immutable ledger that network maintains. Everyone in the network can see this shared transaction ledger, but there is no single point of failure from which records or digital assets can be hacked or corrupted. Because of that decentralized trust, there's also no one organization controlling that data, be it a big bank or a tech giant like Facebook or Google. No third-parties serving as the gatekeepers of the internet".

This is the very core of its security. Decentralization. Dan Boylan from the Washington Times says "the key to blockchain’s security is that any changes made to the database are immediately sent to all users to create a secure, established record. With copies of the data in all users’ hands, the overall database remains safe even if some users are hacked". The pentagon is even coming on board and believes cybersecurity can greatly benifit from blockchain technology. They believe, it can prevent "mega hacks, tampering, and cyber-hijackings of vehicles, aircraft, or satellites".

Now if that is not cool, I don't know what is!

INDUSTRY ADOPTION
Last but not least. The final driving force of the blockchains bright future is industry adoption. That is right. Innovation usually goes nowhere without it. Big business, such as banks and tech giants, will determine the fate of a technology. Good news is, Blockchain technology is being adopted and tested as we speak. According to PCMag, "Companies such as Microsoft and IBM are using their cloud infrastructure to build custom blockchains for customers and experiment with their own use cases, like building a worldwide food safety network of manufacturers and retailers. On the academic side, researchers are exploring blockchain applications for projects ranging from digital identity to medical and insurance records".

Cisco, the largest computer networking company in the world, has joined forces with Enterprise Ethereum Alliance (EEA), Bosch, Bank of New York Mellon, Foxconn, Gemalto and several of the most innovative blockchain startups. Cisco says,

"We are thrilled about the promise blockchain holds for all areas of IoT and proud to lead efforts in network infrastructure and protocol interoperability. It’s critical that the industry works together to realize its full growth potential."

These are some major players in the industry and they all play a HUGE roll in the world economy. This is something we can no longer ignore. Blockchain technology is still a very new technology in the grand scheme of things and it still has a long ways to go before it is perfected for the everyday use case. But the day is coming where the word "Blockchain" will be as common as the word "Cloud" is today.

Please remember to Upvote and follow if you found this content interesting and/or valuable. Share it and talk about it with your friends.