The blockchain technology will certainly be part of the future.
Blockchain has been gaining a lot of attention in the last few years, it has become the topic of many studies in terms of possibilities to a more connected and independent world. It is now possible to build autonomous systems without the need of a centralized unit for user authentication or even for payment verification. Without this type of centralization, it is possible to maintain a system without the dependability of a third-party entity that acts as an intermediary that 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 be carried out without having a central system that dealt with such transfer as happens in banking institutions. By definition, a blockchain is a decentralized transparent ledger for transaction records – an infrastructure that is 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 nor 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 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 their heads towards this technology because now they can see its true potential. Some key definitions relevant to understand the impact on overall society: Also, this 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 that was design for, such as digital currencies and money transfer. Shorty, some applications are electronic voting, patient health records management, digitally recorded property assets, proof of ownership for digital content or free flow of business (cutting down bureaucracy needed).
The blockchain technology will certainly be part of the future. A technology that was born from society’s needs with efficiency in mind, can only have one possible outcome, to change our world and our lives. It’s still a baby in its early steps and words but with the help of all the visionaries out there, big company’s start to think that this may be the next step onto their future, the tool that can differentiate from their competitors and make them leaders of the market. This competition enables steady and fast development of this technology making the defective technology flawless. Other recent technologies such as cloud storage was also a big deal 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. There’s always fear of change associated with new technologies, especially when it the community gives too much emphasis on the technical details that completely demotivate the common user. When it becomes more friendly and the masses realize the real benefits it can have, the blockchain will be adopted. Although the 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.