Why Blockchain technology is gonna stay and evolve.....

in blockchain •  last year  (edited)

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https://www.amazon.com/Blockchain-Technology-Thing-Introduction-Change-ebook/dp/B01M3P2JN6

I started looking into Blockchain when I watched an interesting episode entitled “The Next Digital Revolution.” The episode was first aired on January 09, 2017.

I learned what blockchain technology is, its financial implications , the companies that are prepared to embrace this technology. how trust is built into the blockchain model and the challenges that are associated with blockchain technology.

A brief description of my understanding from the above mentioned talk show is given below:

The blockchain technology is simply a global distributed digital ledger which would transform today’s internet of information into internet of value. Nowadays people manage companies through big intermediaries. That’s going to change through this blockchain technology where anything of value , the money , the votes , or the music can be stored , managed and exchanged peer to peer without a powerful intermediary.

The blockchain technology would have a huge implications on the financial sector. It would redraw the structure of financial institutions and the back end of services. It would allow consumers to pay less for all kinds of financial activity, from international payments to trading of stocks and bonds. It could also give regulators new capabilities by allowing them to stop regulatory violations before they start and to watch more effectively for warning signs of financial crisis. It would enable financial institutions get rid of intermediaries, which would not only cut costs and save money but also would reduce risks like counterparty risks. For an example, If the Banks were to move into blockchain infrastructure , the time period of the standard 3 day settlement of a credit card transaction would be reduced to real time as there would be no intermediaries.

Apart from financial institutions other industries like creative industries, music , film, art, journalism, power and energy industries are prepared to embrace blockchain technology. For an example, today in the music industry the creator of content is not fairly compensated for the value that they have created. They are usually 10th in line to get paid after financial intermediary, lables, the performing rights organizations and other 3rd parties who get paid first. Blockchain technology would turn this paradigm fix where the artist would get paid first. It would turn music into a digital asset from a digital information. Every time a song is consumed, It will trigger the smart contract that is programmed within it to enforce payment. Every time it is played, streamed, sampled or used for another piece of track, it would automatically trigger the smart contract which would ensure that the creator of content get paid automatically.

Within the blockchain model, people would not need to trust anybody as it would be all automatic , directly to peer to peer without any intermediaries. The global distributed ledger would do all transactions by its trust protocol. It is part of the blockchain platform. For an example , if a block is a 10 minute period of time where some of the transactions are captured and if someone wants to hack a block , that person need to hack millions of computers around the world in the light of the most powerful computing resource as all blocks are connected as a chain. Theoretically, it means that it would be more secure than the system today.

Conclusion:

The biggest challenges that are associated with blockchain technology is that people are sceptical and afraid in adopting new technology and its rather unknown implications that might have. Most of them still don’t understand what blockchain technology is. Some saying that it’s moving very fast. However, these types of concerns are inevitable for any new technology. Just like people were first sceptical about 'Internet' and its usage 25 years ago. Its because , Internet was at its infancy that time just like Blockchain Technology is now. Top Universities are already offering courses on Blockchain Technology, one of which is Oxford University, UK. So, this technology is gonna stay and evolve in the future, just like 'Internet' did.

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I enjoyed reading your article, it is very similar to some of the ones I have written. I am going to have to check out "The Next Digital Revolution." It sounds very interesting, especially if it sparked a curiosity in you to learn more about Blockchain.

Because it got Genesis block, so it'll surely evolve ... ;)

There is no doubt that Blockchain is the future. So many interesting projects already running on it. Recently IBM used the blockchain for specific tracking and they got sucess. Previously the thing which was taking 2-3 days they achieved it within minutes using Blockchain. Blockchain is ocen like internet, you will find new things and ideas as you dive deeper. Thank you for sharing nice post with us.Keep doing good posting :)

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Agreed and we are still very early stage - it is here to stay!

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Thanks for reading and agreeing on the huge possibility of blockchain technology.

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But third party service providers need to play their part, specifically crypto exchanges, in ensuring security and usability: https://steemit.com/blockchain/@rebeccamqamelo/time-to-face-the-cold-hard-truth-about-crypto-exchanges

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I agree

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Crypto like revolution

i just enterd crypto and blockchain just few months and earn and get very piecful info in crypto i suggest you go and get info about crypto and follow mw and return follow you

Crypto will rule the world on day. Great post. Thanks.

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Great article.

In blockchain technology, there are many good crypto related projects that are developing now.

If I can give you guys my opinion, I discovered an exciting one: RAWG.

Just now the RAWG team won TWO blockchain contests in one day. Amazing! Have a look at this article explaining this great result:
https://medium.com/rawg/wizardry-product-transparency-5325fd85557a

Like they say: “This is RAWG’s promise to become one of the trustworthy projects in the sea of fraud and scam”.

If you want to have a look and get some information, the ICO will start in a short period and they are at the moment in pre-ICO phase.

The ICO site is this one: https://token.rawg.io/.
It's a video game discovery platform that converts your skills into goods and services.

You can earn tokens by playing your favorite games. The site is already working, with more than 50,000 games in the database and new games are getting added every day.

Have a look. I hope this information is helpful!

I have been watching and investing in the cryptocurrency market for only 8 months yet. However throughout my journey, I was not only trying to find good coins/projects to invest in, but was also paying attention to the development of their solutions/products. What I feel is that people believe in what they "see", either with the eyes or with the mind. Since it is a hard concept to grasp, for a non tech enthusiast, we are lacking the use cases that actually work, and materialize all the promises of the blockchain tech, in the present moment. #weNeedSolutionsHereAndNow

This post has received a 37.38 % upvote from @booster thanks to: @touhida84.

Great article, and fully agree !
I just discovered a new site with a nice sector-based overview of blockchain projects, quite well done I must say:
https://steemit.com/cryptocurrency/@stevenmaiso/new-site-for-crypto-enthusiasts

I like your enthusiasm for blockchain, and that's likely to be shared amongst the readers on Steemit, who by definition, are people who are fans of blockchain technology.
Blockchain is indeed a wonderful new innovation that will change the world, but disruption can be messy, and let's not forget that the industry is still only a massive global experiment.
We, as the blockchain community and early-stage adopters and evangelists, have the responsibility to nurture the technology to be the game-changer that it has the potential to be.

It will stay and evolve because it is the only future

Upvoted and Followed you.
Do the same.

As you stated blockchain offers a lot of opportunities in industries like finance or creative industries. Indeed it also revolutionizes day to day life by implementing more trust in transactions throughout the decentralized validation process behind each block. Just like we do at Blockbasis we pledge to protect user and transaction information when sending and receiving cryptocurrency via email, for which we based our services on the blockchain.

Indeed. The applications of blockchain are wide and diverse. It is also true that the tech is evolving. The future holds great things ahead.

It is here to stay and this revolution it's just amazing, love to stay here for that

Spotcoin’s Road to the ICO. Why What and How
https://medium.com/spotcoin/spotcoins-road-to-the-ico-4064f2893d5b

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I think blockchain could turn various industries into more efficient, but in crypto world, after the incident of crypto kitties causing ethereum slowdown. I honestly think that replacing Tangle(Iota core) would be better off due to unlimited scalability and gets faster when more people participates.

The internet of value is here but we are still at early age, just as you said it will evolve over time and those that key in now will benefit immensely in future.

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Thank you for being on the same boat. There are many pessimist people who dismiss things that they dont understand and always fear new technology. Every technology has its own pros and cons. We just need to consider the best things out of it.

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nice article....

@touhida84 blockchain technology is having a lot of power which can change the world. Every organisation and government ahould start adapting it