As the world continues to gear towards the future, technology plays the main role. Over the years, technology has continuously evolved in ways that may seem impossible centuries ago. So it would not be too farfetched to say that as we might live in a high-tech world, like the ones we only see in the movies.
With multitudes of new emerging technologies, it is only natural that we humans become interested in the digital aspects of these phenomena. So since we are the intellectual species we are always capable of learning whatever is new to us and therefore adapt to the changes these new technologies may bring.
Such as the , the idea was first introduced to the world in 1976 and was deemed as too complicated and unsafe back then. Now, it is a technology that has been embraced by a number of big companies such as: FedEx, IBM, Microsoft and MasterCard.
But what can be considered as the technology’s breakthrough would be BitCoin – which blockchain became the first digital currency and because of blockchain technology became the first digital currency to solve the ever-existent double-spending problem.
In the simplest sense, blockchain is explained as: the digital information or data being the “blocks” and as new data is added to the system it therefore forms a “chain”. These chain of information is accessible to anyone who is connected to the said blockchain network. Although anyone can view the information only the user with the cryptographic key can add a new block to the chain. Therefore, making the data impenetrable and cannot be altered or manipulated.
Here are some advantages of blockchain technology:
Boosted Data Security
The information stored in a block will be preserved no matter how many new blocks are added to a particular chain. So therefore, you can be assured that transactions made are recorded along with the date and time, no matter how much time has passed.
Also, since the information can be viewed to all connected computers you would have the guarantee that the data you can see is genuine and correct. But in order to gain access to the network, blockchain has tests for computers called consensus models which requires users to prove their identities first.
Since the information is not stored on a single server, you can be guaranteed safe from hackers who mean to steal, alter or manipulate data, because the data is stored in a multitude of computers – which is very beneficial to industries that holds crucial data such as: healthcare, governments and financial industries.
Unfiltered Transparency
The blockchain is a distributed ledger, so all users can have access to the information. Each computer that is connected to the network has a copy of the information that is updated every time a new block is added.
In supply chain management for example, the consumer is allowed access to track every aspect about the food they are purchasing. They can know exactly what the food contains, if they are genuine and produced in accordance with workers’ rights. Also, the shipment – where it came from and where it is in real-time.
Cost Reduction
With blockchain technology, there is no need for an intermediary party which is very beneficial for businesses in terms of reduction of cost. Also, you won’t have to evaluate many documents to complete a transaction since everyone will have access to all the information required.
And more so, since the data in the blockchain is tamper-free you can be guaranteed of the security of the data and therefore guarantee that you would not have to worry about fraud and falsification damages which can of course entail further expenditure.
As time continues to pass, technology can only get more and more advanced. So it is only apt that we try and understand these things so we can be equipped with the changes these advancements entail and also so that we can make sure that we can take part in benefiting from these changes.