Despite the fact we are already into 2018 and have been exposed to cryptocurrency for as long as a decade, I find that most successful businessman are still not ready to talk about the blockchain and the advantages of this technology. At the very mention of the word blockchain, they mostly change the subject of the conversation quickly, and suddenly they embark on a plague of unfounded criticism at the expense of Bitcoin, which they still associate with money laundering and other illegal activities.
As those with a bit more expertise know, Bitcoin can be easily traceable and is completely unsuitable for carrying out illegal activities.
Unfortunately, among the skeptics, there are also many people I really appreciate. They have come to a high position thanks to their intelligence and hard work, however, their success is now expressed through a false belief of their own infallibility and blurred reason. Ignorance and lack of understanding of future technologies will transform their business models into dinosaurs.
Bitcoin is a digital currency, the meaning of its existence is the same as the meaning of Euro or Dollar. And while Euro and Dollar are nothing more than color on paper, Bitcoin is nothing more than a digital record that can be seen on the screen. Because Bitcoin can not be touched, human nature initially arouses a number of fears and concerns. The tactileness of paper currencies gives us a sense of security, which is merely an illusion. But why?
The first idea of a digital currency was created in 1983.There were quite a few actually, but until the actual creation of Bitcoin, none of them proved successful. There were more reasons for this, however, there was always a security issue at the forefront. The same aspect that immediately brings uncertainty into our thoughts. Satoshi Nakamoto was well aware of this when he created Bitcoin.
A digital currency, for its own usability, needs a database in which all transactions are stored. In the world of digital currencies, database breach is exactly the same as robbing a bank. It may seem that the banks are more secure than Bitcoin database is, but in reality this is not the case.
Now we can finally start talking about the blockchain. Blockchain is the technology on which Bitcoin database was created. For an accurate explanation of the technology more than one article would be needed. We are talking about one of the greatest technological achievements of human existence. What you need to know is that a database created with blockchain technology has never ever been compromised, that is to say, no hacker or a group of hackers was even close to a successful intrusion. In fact, they would need the capabilities of the 500 most powerful computers to achieve intrusion. Which is practically impossible.
Blockchain allows a database to be stored across every computer participating, rather than only on one computer. Therefore, it is DECENTRALIZED and it does not have a single point of failure. If one manages to break into a part of the database and change it, the database as a whole works by comparing the data of all parts of the database and taking the information that was at that time the most common reported, that is called CONSENSUS. That means, for a successful intrusion that would allow hackers to really change only one transaction, they would need to take over at least 51% of the database, which is impossible.
Blockchain technology is not limited on financial transactions only, as many would initially assume, due to a direct association with Bitcoin. It can be used to transfer any kind of data. Bitcoin was just the first blockchain USE CASE. That kind of data exchange enables us to obtain the highest quality and most reliable information that can not be counterfeited. This is a serious game changer because it drastically reduces operating costs, which is a fact that no serious businessman should ignore.
Bitcoin is not a revolution, the revolution is BLOCKCHAIN!