Blockchain technology will certainly be part of the future.
Blockchain has been gaining much attention in the last few years, and it has become the topic of many studies related to the possibilities of a more connected and independent world. It is now possible to build standalone systems without the need of a centralized unit for user authentication or even for payment verification. Without this type of centralization, a system can be maintained without depending on a third-party entity acting as an intermediary which will have access to information about the entities. By using the Blockchain as a distributed ledger to register these transactions it is possible to eliminate intermediaries.
Blockchain started to gain more attention when Bitcoin was introduced. This technology was created so transactions could completed without having a central system dealing with the transfer as it happens in banking institutions. By definition, a blockchain is a decentralized transparent ledger for transaction records – an infrastructure shared by all network nodes, updated by miners, monitored by everyone, and owned and controlled by no one. The blockchain technology tries to solve the data fragmentation problem and helps to preserve all the data collected in such way that the information stored in the blockchain cannot be altered or deleted but can be modified from a user’s perspective by adding new information on the blockchain. Provides an efficient exchange of information between entities without compromising data privacy and respecting the owner’s privacy. Although blockchain has historically a bad reputation due to “waters muddied somewhat with bitcoin and the dark web” more and more people are turning towards this technology because now they can see its true potential. Some key definitions relevant to understand the overall impact on society: Also, these are some of the strongest features that make this technology meaningful and so overwhelming. This new technology created applications that go way beyond the purpose for which it was design for, such as digital currencies and money transfer. Shortly, some applications are electronic voting, patient health records management, digitally recorded property assets, proof of ownership for digital content or free flow of business (reducing the required bureaucracy).
Blockchain technology will certainly be part of the future. A technology which was born having in mind the needs for efficiency demanded by the society , can only have one possible outcome, to change our world and our lives. It’s still a baby in its early steps but with the help of all the existing visionaries , big companies start to believe this may be the next step to their future, the tool that will differentiate them from their competitors and make them market leaders . This competition enables a steady and fast development of the technology making the defective technology flawless. Other recent technologies such as cloud storage started as being considered uncontrollable and people were afraid of using it, but that changed with education and guidance, and that will also happen with blockchain, it’s almost like a pattern for new technologies. Fear of change is always associated with new technologies, especially when the community gives too much emphasis on the technical details that completely demotivate the common user. When the technology becomes more friendly and the masses realize the real benefits it can bring, the blockchain will be adopted. Although blockchain can be used for malicious activities, it can also bring a lot of benefits to society and can completely change the way we view the world.