Steemit Crypto Academy Contest / S6W1 - The Blockchain Revolution
CRYPTOCURRENCY REVOLUTION IN DIGITAL ECONOMY
As we all know that cryptocurrency is a form of digital money and it was launched in 2009 in the form of Bitcoin. Since then, cryptocurrency has revolutionized the world of digital economy. Cryptocurrency has disrupted the world of finance, ever since it came into being. Because in crypto we can transact with each other without a bank or a third party, that's why banks are so hostile to crypto.
Blockchain technology is the prime example of how cryptocurrency has revolutionized the world. Because we all know how easily we can do cross-border transactions with the help of blockchain technology. Otherwise, one faces a lot of difficulties while doing cross-border transactions with the help of banks. So here we can imagine how cryptocurrency has revolutionized the digital world.
Apart from this, blockchain has also helped in many tasks such as creating smart contracts with the help of blockchain technology. Crypto gives us many advantages of transparency, safe, fast, low transaction fees and it also gives us many job opportunities. We can judge the revolution of cryptocurrency in the digital economy by its very beneficial features like decentralization, job opportunities and blockchain technology.
WHICH TECHNOLOGY IS USED IN CRYPTOCURRENCY
As I have told you before that cryptocurrency has made many of our tasks easier. Because the technology that is used in crypto saves us from many scams because it has a lot of transparency.
If all the work in the institutes of the world is done with the help of blockchain technology, many illegal activities can end and thus cryptocurrency can revolutionize the world and according to my thoughts crypto is the future.
Now I will tell you what technology is used in cryptocurrency and the name of this technology is blockchain technology. Blockchain technology is a technology that secures your information in such a way that no human can change it and hack your data.
Blockchain technology can be used to store any type of information and that data can be related to your home, land, business etc. As we all know that all businesses run on information and blockchain technology is an excellent tool for this as it works quickly and efficiently.
MAIN PURPOSE OF BLOCKCHAIN TECHNOLOGY
Blockchain technology has many purposes, some of which I will mention below.
- REMOVAL OF THIRD PARTY
One of the main purpose of blockchain technology is that it removes the third party from the inside so that people can securely transact with each other. Because we don't need any bank while doing transactions with its help.
- SAVE US FROM ILLEGAL WORK
Nowadays there is a lot of corruption in every organization, if the same thing is done with the help of blockchain technology, we all can avoid it to a great extent. So one of the main purpose of blockchain is to protect us from scams etc.
- NON-EDITABLE AND SECURE
As I told you above, data stored on blockchain can never be hacked and edited, blockchain technology is very non-editable and secure. Another purpose of blockchain is to provide us with security.
- FAST AND TRANSPARENT
With the help of blockchain technology, we can transact with each other very quickly and this is also one of its main goals. Apart from this, blockchain technology has a lot of transparency. So these are some of the main purposes of blockchain.
CAN BLOCKCHAIN WORK WITHOUT INTERNET
There are two types of blockchains, one is called public blockchain, which works with the help of the Internet, and the other blockchain is a private blockchain, which works without the Internet. So from this we can easily infer that if blockchain will be public then we will need internet for it running and if blockchain will be private then we will not need internet for it.
HOW BLOCKCHAIN GENERATE CRYPTOCURRENCY
It is a well known fact that the Blockchain are actually based on some types of consensus protocols. These mechanisms are the illustration of the verification of transactions that are proceed out on the Blockchain. The new cryptocurrencies are created in a blockchain due to the involvement of these consensus protocols.
Let's take an example of the Bitcoin blockchain that is based on the Proof of Work (PoW) mechanism. When the transactions are proceed out in the Bitcoin blockchain, the complex mathematical problems are to be solved by the heavy hardware holders that are actually called the block validators. After solving these problems the transactions are verified on the blockchain.
As the reward of this work, the block validators are awared with the newly minted cryptocurrencies through the use of various cryptographic elements that are already present in the whole picture of the Blockchain technology. Thus, in this way, the new tokens are generated in a blockchain.
It is not must that all the cryptocurrencies are based on the Blockchain of their own. However, there are many of the popular cryptocurrencies that are not based on Blockchain but they are based on the Smart Contracts. A very popular example of such cryptocurrency is the Ethereum token. While on the other hands, thousands of cryptocurrencies are based on Blockchain like Bitcoin, Solana, Steem, TRX, etc.
CHALLENGES THAT WE CAN FACE WHILE THE IMPLEMENTATION OF BLOCKCHAIN
There are many difficulties we face while implementing blockchain, some implementation problems I will mention below so let's get started.
- HIGH COST
The first problem we face when implementing blockchain technology is that it is very expensive. Because for blockchain technology, we have to hire some blockchain developers to implement the blockchain, and that requires a considerable amount of money.
- SCALABILITY
An issue with blockchain implementations is scalability. There are some blockchains like Solana that record a lot of transactions per second, but there are some blockchains like bitcoin blockchain that can't handle that many transactions per second, so this is also a major issue for blockchain implementations.
- GOVERNMENT ISSUES
Because some countries have banned bitcoin completely and considering this we may face government problems at the time of blockchain implementation. Because some governments don't consider Bitcoin well because of schemes and illegal activities.
- CRIMINAL ACTIVITIES
As we know if we transact with each other through blockchain then our identity will be protected. By taking advantage of this, some bad people carry out criminal activities through it, which is a huge obstacle in the implementation of blockchain.
- ENERGY CONSUMPTION
Some blockchains use a lot of energy for their working. For example, the Bitcoin blockchain uses the POW consensus method to validate transactions, so it is a very energy-intensive process. This is why energy consumption is also an issue in the implementation of blockchain technology.
https://steemit.com/hive-172186/@malikusman1/achievement-1-by-introduction-malikusman1
WRITER:
Steem Sri Lanka Discord Channel
✵✵✵✵✵✵✵✵✵✵✵✵✵✵✵✵✵✵✵✵✵✵✵✵✵✵✵✵✵
Thank you for the support.
You have explained the given task in a very beautiful way as always, dear brother.
Apny blockchain technology or cryptocurrency k bary me bohat hi achy tareky sy biyan kia ha. Me apki tamam tar salahiyatoo ki hosla afzai krta hun. Mjy umeed ha k ap ainda bhi isi trha kam kry gy.
Me apky is jumla sy itifak krta hun or me is me kuch mazeed addition krna chahu ga. Blockchain technology k istimal sy aik mulak sy dosry mulak me assasy muntakil krna nahayat asan ho gya ha or hm blockchain technology ka bohat hi roshan mustakbil dekh sakty hain.
Me apki is contest me kamyabi ka khuaha hun. Apni keemti post share krny ka shukria. 🤞
Me apki is bat se bilkul itfaq karta hun, apny ek achi bat ka izafa kia ha or mje ye dekh kar mere ilam me or b izafa hua ha. Apky qimiti tabsary ka bht bht shukria.
Is me meri khushi shamil ha boss. JazakAllah
TEAM 4 CURATORS
Congratulations!We support quality posts anywhere and any tags.
Curated by : @fombae
Thank you very much for the support dear Team 4 and @fombae. Its means a lot for me.
The blockchain revolution has sure birthed a new economy. It has improved the standard of information and has provided a way to store and access data quickly.
You have done a wonderful job in this contest sir.
Yes @solexybaba, blockchain has simplified many of our tasks. We can quickly secure and access our data through this. Thanks friend for this important comment.
Best Regards,
@malikusman1
I must commend that am impressed with most of the points you have shared with us friend. Blockchain has the potential to reshape society by fundamentally altering the way that we do business, as it allows people and organizations to create a shared database where transactions of any kind can be recorded in an efficient, secure and verifiable way.
This by far one of the most important aspect of blockchain, where no one person or entity can control it, which provides increased security for the system.
Thanks for sharing friend, and goodluck in this contest. #steem-on.
I will appreciate if you equally engage on Mine
Blockchain is the best option for businesses today because of its incredible transparency and security. Business scams can also be reduced with the help of blockchain. Thank you so much for taking the time to read my post.
Good morning
El tema del consumo de energía, es uno de los más grandes retos a superar para esta tecnología, de hecho, sus retractores, resaltan este aspecto para hacer ver el por qué no debe utilizarse. Sin embargo, pienso que esta y todas las demás dificultades, serán superadas con el tiempo, esta tecnología es una bebé a la que le falta mucho por crecer.
Saludos.