Introduction
Blockchain technology has become a controversial debate that has resulted to different ideas, opinions and suggestions about its definition. Those who have chosen to embrace it at this early stage of development have different understanding about it, but it is very interesting to know that this technology is quite deeper than what we think and will have various applications both in the present and future.
Blockchain according to Leoglossary: "joins groups of financial transactions together in what are called blocks. These blocks result in a growing list of transactions that are linked together via cryptography". This financial terminology has being one of the best way to define what blockchain is for people who are just getting to know it.
Another popular definition is that: Blockchain is the distribution of ledgers in form of records in various computer networks around the world. This term can also be agreed with.
But in the course of this post, we would examine further interesting perspective and promising transparency it holds the future.
What blockchain technology has to offer was a doubt to me, but after making some interesting research and watching educating videos that explains what the future holds, my mindset towards it has changed, which I feel is worth sharing to the hive/Leo community in general.
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What's This Blockchain All About ?
Before diving deep into the context, we should be able to understand what this Blockchain Truly means aside the definitions I gave in my introduction.
Blockchain technology simply means a block that stores values. This value urges transparency because every computer network around the world can display it's values. We should note that this values can not be copied or altered due to the safety protocols that guides every block.
You must be wondering how the safety protocol works ?, Well let me explain it to the least term.
After every block has being created and values stored inside, the node validates the transaction, which then produce a long set of letters mixed with numbers. The character/numbers are called hash and they are attached to every single block being created. The hash of a block determines the hash of the next block, which happens to be created like an ordered sequence.
This block are merged together with the help of the hash, which makes it very difficult to hack into any of this blocks.
The introduction of blockchain is still controversial because everyone have who they choose to give the credit to, but myself and million others choose to give the credit to Satoshi Nakamoto through his invention of Bitcoin, though David Chaum was the first person to propose Blockchain structure around 1982.
The Bitcoin project brought the Blockchain technology into lime light as digital cash transaction became possible using this technology. These forms of transactions where safe, fast and had low cost at the time of introduction.
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What Blockchain Truly Offers ?
Over the years, technology has evolved through different stage to another but some satisfactory desires of the majority haven't being meant. Computer which happens to be an electronic device evolved through different generations, which the current generation happens to be Virtual Reality(VR) and Artificial Intelligence (AI).
We've also seen the automobile industry, Pharmaceutical industry, textile industry, etc making several adjustment through evolution.
One thing that all this industries have in common is that they can be controlled by anyone who has power, money and influence. This act is also seen in our modern world today, as almost every industry/sector now have people who dictate for others due to the power they posses.
The issue of power and influence in our technology sector has limited transparency among the common community, so one of the things Blockchain technology truly offers is transparency.
A world that is filled with Blockchain technology which offers transparent opportunities would give equal power to every user because the protocols that guides it is not governed by any man.
The issue of freedom of speech has being limited to certain people long time ago, but with the help of this technology, every word counts and can't be reversed after pronunciation or documented on the Blockchain. The internet was suppose to be a medium of free speech, but the governmental influence has deprived it.
In countries like Russia where Wikipedia is illegal, Whatsapp are not allowed in Dubai, etc.
Another thing that Blockchain truly offers is resolving identity theft issues. Today, the internet is full of scams with fraudsters using people's identity for fraudulent act. With the help of Blockchain technology, every identity would be stored on this technology, which means my identity can be easily searched up by anyone for proper confirmation.
Security, which happens to be a sensitive matter that involves everyone, i.e it's everyones business. Blockchain technology offers strong security especially in the finance industry. Digital asset(cryptocurrency) which are stored in the Blockchain are fully secured and can't be hacked. Stolen cryptocurrency we hear of today are as a resulted of leaked private keys and other user base factors.
And lastly, middlemen activities won't be necessary. This will be explained in the next heading.
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Threat Factors
Due to the recent development of blockchain technology, several concerns have being raise to which job opportunities are being threatened. Before this speculations of job insecurity, some people had seen how wide this technology can be applied, though AI seems to be a similar threat as well.
Banking industry and governmental financial services are the major ones that feels this technology is a threat to what they do, which no doubt I agree. The level of unjust actions by this banking sector is a major issue every average man face. People getting limited access to their own person money is something general, while some don't even have access to financial services.
The digital money which was created by Satoshi Nakamoto, using the Blockchain technology gives true transparency which might likely affect the banking sector in the future.
Definitely, everyone wants a situation where they can have their money with them and also make a withdrawal of any amount without a third party restriction(middlemen).
Aside the banking sector who feel their power is threatened, common citizens also feel the same for themselves, but I can say that our jobs might not be affected after all.
The basic reason why this technology feels like a threat, is so that we can think more strategically to find a another way of surviving. This technology pushes us to the limit, so we can do something outside it. An example is the operating system. We've had series of operating systems before finding ourselves using the Microsoft windows. Another example is the phone device we use today. The common brand of phone are touch screen which seems to be the limit to every phone, but guess what, there are further phone device coming up in the future.
Inorder words, this technology threat would be overcome, as we would definitely find ways to get a job and survive.
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Time Frame For General Adoption
When there appears to be a new development or brand in a community, the thoughts of general adoption becomes very essential.
Blockchain technology is still in a developing phase where people are getting to know it uses. Though some manufacturing companies like BMW, and people have adopted this technology in their business areas.
This technology has proven to be compatible and applicable to business, but no one jumps into what's new without proper information especially when it's not in general use.
This mass adoption means that this technology must grow, and lots of people must have a digital device inorder to gain access and enjoy it's benefits.
The idea of affair management and smart contracts are major factors that could boost the growth and mass adoption of this new technology, so in my next post, I will talk extensively on affair management and smart contracts.
My Opinion And Conclusion
We all have different ways of identifying what blockchain is and how it works, but in this post, a transparent definition was broken down to my(author's) least term. A proper insight of how the Blockchain works is explained.
I also explained what blockchain technology truly offers, which are: transparency, solution to middlemen activities and identity theft, security, etc.
We sometimes are scared that job opportunities might be scares in the future due to this technology, but I explained why it might not happen. This technology is at the early stage of development, Do well to read through.
The write up in this post is clearly base on the knowledge I have gained about Blockchain related matters, if you feel that your own idea is different, kindly point that out in the comment section.
Thanks for reading my post, if you enjoy what I do, please do well to rehive and follow me for more.