What is blockchain technology?
Many experts say that Blockchain is the technology that emphasizes trust in transactions. It’s the technology that has been developed to use as a public transaction ledger of a cryptocurrency Bitcoin that was developed in 2008 by Satoshi Nakamoto, which is a person or group of people. The easiest way to present blockchain is with the growing list of records called blocks, that are linked using cryptography.
The picture below presents it in a simple way, but there’s a lot more to the technology then just this simple use case presentation.
Source : https://medium.com/the-mission/a-simple-explanation-on-how-blockchain-works-e52f75da6e9a
Why is it so useful?
As shown in the picture above it allows the transaction to be safe, transparent and all participants to be sure that they will receive arranged value.
The blocks are designed so that they cannot be manipulated which is ensured that every new block contains all the information from the previous block. In the case of manipulation, the change would be visible to everyone and every block (it’s impossible to manipulate it). Also, the whole network of participants confirms that the transaction has been made. It allows transparency, trust, fast and safe transactions.
What is Bitcoin?
Bitcoin is basically a computer file which is stored in a ‘digital wallet’ app on a smartphone or computer. People can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people. Every single transaction is recorded in a public list called the blockchain.
source : https://blockgeeks.com/guides/what-is-bitcoin/
Future of blockchain technology?
As every new technology goes through phases of innovators, early adopters, early majority, late majority, and laggards, the same goes for Bitcoin and Blockchain technology. It is in a stage of the early majority, which means that it has some time to be fully accepted and evolved. That’s why it still holds many opportunities for everyone. Make sure you join the train at the right time!
Source : https://www.slideteam.net/adaption-curve-showing-early-adopters-laggards-and-early-adopters.html
Blockchain holds many opportunities and it’s bringing change and optimization to almost every area of our life. It’s transparent, easy to use, trust-building and quick. It is going to affect domains such as production, financial transactions, car sharing, manufacturing, ownership of real estate etc…it has the potential to make banks as well as many of the lawyers and other services obsolete at least to some degree.
Blockchain technology already proves to be very useful in many domains and with evolution and mass adoption it will be more and more useful and used in more and more domains. Continue to educate yourself on the subject of Blockchain and Cryptocurrencies as they will hold a significant position in the future of everyone’s life.