Blockchain is a unique invention: the brainchild of a person or group of people known as Satoshi Nakamoto. But since then, it has evolved into something much more significant, and the main question everyone is asking is: What is Blockchain?
By allowing digital data to be shared but not copied, blockchain technology has created the foundation for a new kind of internet. Originally designed for digital currency, Bitcoin community technology (buy Bitcoin) is now finding other potential benefits of the technology.
Bitcoin is called “digital gold” and for good reason. So far, the total value of the currency is close to 9 billion USD. And blockchains can create other types of numerical values. Just like the Internet (or your car), you don’t have to know how the blocker is using it. However, basic knowledge of this new technology demonstrates why it is considered revolutionary.
Blockchain Durability and robustness
Blockchain technology is similar to the internet in that its robustness is integrated. By storing the same blocks of data on your network, a blockchain cannot:
1. There is no single point of failure.
2. Be governed by any institution.
Bitcoin was invented in 2008. Since then, the Bitcoin blockchain has operated without significant disruption. (All problems with Bitcoin so far have been caused by hacking or mismanagement, in other words, these problems are caused by bad intentions and human error, not flaws in the underlying concepts).
The Internet itself is almost 30 years old. This is a good record for blockchain technology as it is still evolving.
Who will use Blockchain?
As a web infrastructure, you don’t need to know blockchain to be useful in your life.
Currently, finance offers the most effective use cases for technology. For example, international payments. According to World Bank estimates, more than $430 billion in remittances were sent in 2015. For now, development engineers are in high demand.
Blockchain potentially cuts out intermediaries for such transactions. Personal computing has become more accessible to the general public with the inventory of graphical user interfaces (GUIs) that form the “desktop”. Also, the most common GUIs developed for Blockchain are named so. Wallet apps are used by people to buy things with Bitcoin and store them in other cryptocurrencies.
Online transactions are closely related to identity verification processes. It’s easy to imagine that transportation applications will embrace other types of identity management in the years to come.