Blockchain is a unique invention: the brainchild of a person or group of people known as Satoshi Nakamoto. But it has since evolved into something more significant, and the central question everyone is asking is: What is Blockchain?
By allowing digital data to be distributed but not copied, blockchain technology has created the backbone of a new kind of internet. Originally designed for digital currency, the community technology Bitcoin (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 US dollars. And blockchains can create other types of numerical values. Like the Internet (or your car), you don’t need to know how the blocker is using it. However, a basic knowledge of this new technology shows why it is considered revolutionary.
Blockchain Durability and robustness
Blockchain technology is like the Internet because it has built-in robustness. By storing identical blocks of information on your network, a blockchain cannot:
1. It has no single point of failure.
2. To be controlled by any single entity.
Bitcoin was invented in 2008. Since then, the Bitcoin blockchain has been running without significant disruptions. (Until now, all the problems associated with Bitcoin have been caused by hacking or mismanagement, in other words, these problems stem from evil intentions and human error, not from imperfections in the underlying concepts).
The Internet itself is almost 30 years old. This is a record that bodes well for blockchain technology as it is still developing.
Who will use the blockchain?
As a web infrastructure, you don’t need to know blockchain to be useful in your life.
Currently, finance offers the most impactful use cases for the technology. For example, international payments. The World Bank estimates that more than $430 billion in remittances were sent in 2015. And for now there is a high demand for development engineers.
Blockchain potentially cuts out middlemen for this type of transaction. Personal computing became more accessible to the general public with the advent of the graphical user interface (GUI), which shaped the “desktop”. Also, the most common GUIs designed for Blockchain are called like this. Wallet apps that people use to buy things with Bitcoin and store it in other cryptocurrencies.
Online transactions are closely related to identity verification processes. It’s easy to imagine application portability changing in the coming years to include other types of identity management.