Blockchain tech: The Future
The rise of BitCoin has led to a lot of talk and hype surrounding cryptocurrencies, and blockchain tech as well. The term ‘blockchain’ has made its way to every conceivable platform, from Facebook posts to Senate hearings to talk shows. This is due to the fact that BitCoin has become the phenomenon of the decade, rising beyond the expectations of the masses to become one of the most popular currencies on earth. This article is not about BitCoin, and thus we shall steer clear of this topic and instead focus on blockchain tech as a whole and why it is the future.
In brief, a blockchain is a system whereby information, instead of being stored in a server or a set of servers somewhere, is instead decentralized and stored on a set of computers, otherwise known as nodes. In order to access or modify any information on the blockchain, then the user shall have to make a request and the nodes on the network shall proceed to verify the request before making the change.
This system poses a great number of benefits, the main one being that the information is decentralized, thereby making it harder for hackers to gain access to information. With the recent uproar on online security and the fact that certain large conglomerates are accessing personal information and selling it to the highest bidder (Facebook et al), online security is now more important than it was a few years ago.
The information contained within the blockchain is stored on a numerous number of computers under a ledger system, commonly referred to as the public ledger. The ledger cannot be edited by a single node, as the other nodes in the system would need to approve the transaction. Therefore, all the transactions are visible to all the nodes on the network, thereby making blockchain systems significantly more transparent.
A lot of industries are already looking into how they can apply blockchain tech into their everyday activities. Dubai, for example, has taken up a multi-million dollar project to transform the current public services system to a paperless, block-chain-powered system. It is argued that Dubai will be able to save over 300 million dollars a year through this move due to the fact that the system will be paperless. Additionally, they will be able to protect the citizens of Dubai.
The aspect of security is what will push blockchain technology to new heights. The Finnish Medical Care system is already running on blockchain technology, being one of the many statements of proof that blockchain tech can be utilized in our daily lives. Cryptocurrencies provide an avenue for anonymous payments, thereby making it an easy way to transact online without risking one’s personal information. The transparency benefits shall also extend to other sectors of our economy, including elections. The fact that it is very difficult to hack into a blockchain network makes it possible for elections to be carried out without the polls being tampered with.
In conclusion, blockchain technology is here to stay. All the questions as to whether it is going to properly implemented have been put to rest with the recent plans by Dubai and various medical and financial institutions worldwide. Eventually, transparency, reliability and security shall be the order of the day in our major institutions. And all this shall be powered by blockchain technologies.