Steemit Crypto Academy Contest / S6W1 - The Blockchain Revolution
Virtual currencies have shown that blockchains can work on some level, but they have their own problems. Since every computer connected to the network has a record of every transaction, the data processing capacity of blockchains is limited. Many critics of the blockchain design say that it is not the best choice because of a variety of problems with keeping data at the community level.
Blockchain can store data more efficiently than traditional storage methods
Older methods of storing data have limitations, for instance, if a hacker takes control over the data of any financial institute, then everything dependent on that database would come to a standstill. And it can happen not only because of a hacker but also if the data disappears for any reason. But this is not the case with blockchain.
You might argue-
"It happens in cases of cryptocurrency theft, so blockchains are not secure either."
Most of the thefts of virtual currencies take place when users are not careful enough with their passwords or private keys. I agree that virtual currencies are vulnerable to such thefts if a hacker withdraws money from any wallet and no authority can return it to that wallet, even if you can see where it is landing.
As we all know, privacy is vulnerable to security, but blockchains are generally more secured against attack by hackers. Because blockchain technology allows a collection of different blocks to be transparently shared with the entire community, this is not possible with older systems.
Institutions Should Go For Blockchain Technology
Financial institutes, private companies, and governments are now exploring the possibilities of blockchain instead of old means of data storage. We know that institutes, private companies, and governments are now exploring the possibilities of blockchain instead of an old method of data storage. But unlike the traditional method of storing data, in blockchain technology, no single authority has complete control over the data stored.
Many critics believe blockchain is not a safe option because it keeps data at the community level where everyone has access to it, which might leak the secrecy. Recently, for the first time in India, a large private sector company received payment using blockchain. Incidentally, blockchain-based virtual currencies are banned in the country, but we all believe that the technology has the potential to bring about major changes in several industries.
*But check it out
Whereas most technologies tend to automate workers on the periphery doing menial tasks, blockchains automate away the centre. Instead of putting the taxi driver out of a job, blockchain puts Uber out of a job and lets the taxi drivers work with the customer directly. — Vitalik Buterin
But when we think of blockchain technology, we think of what blockchain is and what its future is. Or what if all blockchains only deal with cryptocurrency and are incapable of dealing with general data?
The answer is maybe yes, or maybe not. But earlier, they used the blockchain as a database to store every cryptocurrency transaction. Now you may ask, "Then why is it called blockchain?"
I guess the virtual currency’s new database wasn’t defined as "blockchain" in the original documents but, later, it got its name "blockchain" because, after dividing all the transactions coming to the network into blocks, all the blocks were linked through a very sophisticated algorithm, hence "blockchain."
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What Is Blockchain Technology Anyways?
Now let’s discuss how the blockchain differs from other transactional databases. A central organization maintains most databases used to store financial records. For example, the bank handles the custody of the funds in the accounts of all its customers. The accounts are kept in cryptocurrencies’ blockchain databases and updated by all computers connected to the network.
The participatory nature of bitcoin is useful for a virtual currency because the creator of this technology did not want the currency to be created based on a single central authority. Since they store records at the community level, they are not the property of any one computer or organization. If the computer holding it is hacked or tampered with, the other computers can continue to work.
Can we say that they linked all blockchain projects to bitcoin in the same way?
My answer is "no," because most blockchains have nothing to do with bitcoin. Now that the bitcoin blockchain has been in operation for over a decade, many people wish the blockchain technology would come into play and secure other accounts that have nothing to do with cryptocurrencies.
You can ask if blockchain is only used for keeping records of virtual currency transactions. My answer is "no" again. The majority of early attempts to replicate the blockchain were made by programming experts who wanted to create virtual currencies with slightly different features than bitcoin. Over time, they have added new features to new virtual currencies, that have revolutionized the concept of blockchain so that it can handle information on a broader basis.
Now, many private companies and governments have expressed their desire to use blockchains to store data that is independent of or not related to transactions but that they store in the public interest. On the one hand, banks are creating blockchains to track payments between different accounts, while governments are experimenting with using blockchain to store property records and their cases.
Pretty much everywhere-
So what has changed that makes companies excited about blockchain? The same, older methods of storing data have serious limitations. In this method, only one authority has complete control, which might prove fatal in the event of any negligence. If any hacker succeeded in their effort with that authority, then all the work dependent on that database would come to a standstill. This can also happen during a natural calamity. But this is not the case with blockchain. Those who have control over the data collected through this can update the data at any time.
But here is the most crucial question
Can anyone connect to the blockchain and update its records because we can all see them? With most major virtual currencies, anyone can join, view, and help maintain their records. This system made many old-style players uncomfortable watching the technology. As public and private entities are looking to partner with private blockchains, which only allow approved computers to see and connect to data. That should make a difference.
Internet is must
I guess I answered all your questions, but finally, blockchain cannot work without the internet; one can, however, develop a private network without using the internet. But how effective would that be? That depends on what they are developing it for.
You have provided a lot of input with your text. I admire your thoroughness, despite the dry subject matter... And I have no opinion at all. That's because it doesn't interest me at all. I'm sorry, but I'm really only here to write. What blockchain is and can be and maybe will be one day has nothing to do with me. Football has nothing to do with me and pop music and beach holidays and designer watches and self-buying fridges - all terribly far away from me: I don't have to have a say everywhere just to have a say ;-))
Du hast super viel Input geliefert mit Deinem Text. Ich bewundere Deine Gründlichkeit, trotz der trockenen Materie... Und ich habe überhaupt keine Meinung dazu. Das kommt, weil es mich überhaupt nicht interessiert. Es tut mir leid, aber ich bin wirklich nur zum Schreiben hier. Was Blockchain ist und kann und vielleicht einmal sein wird, hat mit mir nichts zu tun. Fußball hat mit mir nichts zu tun und Schlagermusik und Strandurlaub und Designeruhren und selbsteinkaufende Kühlschränke - alles furchtbar weit weg von mir: ich muß nicht überall mitreden, nur um mitzureden ;-))
Hi @weisser-rabe
So what does interest you?
Hi! A lot...;-)) Natural life, horses, dogs, good music, travelling... Outdoor activities. Reading. Writing. Philosophy - way of democracy. I try to do less as possible with money: I'm swapping and do something "against hand". It could be a fine goal to be self-sufficient, autarc and... offline.
How come? Any particular reason? (just curious)
No concrete reasons, more like the all-embracing perception. Striving for money doesn't seem like a good thing to me - especially since it can be superfluous. If you imagine the world as less material, less status-oriented, money suddenly becomes quite unimportant. And if the world doesn't like it, I can still handle it that way for myself. Feels good ;-))
Keine konkreten Gründe, mehr so die allumfassende Wahrnehmung. Streben nach Geld scheint mir keine gute Sache - zumal es überflüssig sein kann. Wenn man sich die Welt weniger materiell, weniger statusorientiert vorstellt, wird Geld auf einmal ganz unwichtig. Und wenn die Welt das nicht mag, kann ich das für mich dennoch so handhaben. Fühlt sich gut an ;-))
UUUmmmm okay, in fact you have said it all! You know when I started on this website, I knew how to trade in cryptocurrency but nothing much about Blockchain but since I'm out of a job right now so I have been reading a lot about it.
I have no technical knowledge, not yet, but trust me, I will learn about it and write about it too. I know you're fond of writing as I was when I joined this site so I can understand your point. Point noted 👍And thank you so much for giving your point of view.
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Curated by : @steemdoctor1
Thank you so much @steemdoctor1, I was so disappointed with my performance, so, I did not come back on this post.
Greetings brother.
The Blockchain technology is a brand new technology that was introduced anciently but it gain more growth after its application in the cryptocurrency. The blockchains work on the particular sets of rules and regulation that are actually known as the Consensus Protocols just like DPoS in Steem blockchain.
The process of the creation of the cryptocurrencies in a blockchain is actually based on the consensus mechanism that has been implemented in that blockchain. In DPoS, the witnesses have to verify and proceed out the transactions that are carried out on a blockchain. In this way, they are rewarded with newly minted tokens.
Actually, the blockchain technology can be implemented without the presence of the active internet source. This type of blockchain is private and it can only be used within a particular institution or organization. The data is updated whenever there is an active connection.
Thanks for sharing your precious post with us. Your efforts are appreciated dear.
Yes, I think I wanted to say the same but I am no so good on this topic. But as I said, I am willing to learn and I will do that. Thanks for heads up!
You're welcome. I wish to see you again and again here with great potential. Best of luck man.
Amazing comment @steemdoctor1
It's clear to me that you have quite a solid knowledge in this area
Thanks boss.
Hello brother,
Cryptocurrencies have taken the world by storm in the past 14 years, promising to deliver efficient monetary systems free from governments and other centralized parties that many find unfair or untrustworthy.
This has has been possible, with the the implementation of blockchain, as it is a decentralized system of storing data that was originally created for the digital currencies.
Blockchain is a type of distributed ledger that records transactions across multiple computers in such a way that the records cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network. This allows each participant or node in a blockchain network to have an updated version of events and eliminates any need for other intermediaries to authenticate or validate transactions.
Generally you have tried, and I wish you goodluck in this contest.
Hello, @preye2, I am an old-fashioned engineer cum marketing graduate who is dealing with crypto right from 2011 but know very little about its technicalities beause I never tried.
However, I am keen to learn it and trust me, I will leave nothing to chance and do better posts in coming days. Thanks a lot for your support but I have no chance of reaching anywhere in this contest. But that would not stop me from doing better in my next.
We support quality posts anywhere and any tags.
Curated by : @steemdoctor1
Thanks Team 4, @steemcurator07 and @steemdoctor1 for your kind support.
Nice article keep it up boss please visit my post with upvote thanks
Wow, you've really written well my friend, thank you so much for inviting me, i would really love to participate but i don't really know much about crypto.
I wish you be success my friend 😊
You have written well brother about the blockchain revolution. And you cited a notable point. It is true that blockchain are not that secure but this happens when a user is careless about his or her password.
So it is expected that we as investors should do our job by helping the blockchain secure our asset through keeping our password safe because if it gets to the wrong hands, then that is all foe that wallet.
Goodluck to you.
Thank you.