Understanding Blockchain Revolution

We might be well versed with the news regarding bitcoins and cryptocurrencies that keep circulating on all major finance and even other renowned news portals. This showcases that these words have potential and the world is seeing that. But what is to note and understand her is the backbone of this system, Blockchain. More awareness about it protects people to any wrong in the future when this system takes the world on.

The author of Blockchain Revolution describes this method with illustrations in order to paint an image of what awaits us in the future in monetary and other technical settings. Blockchain is not only restricted to cryptocurrency transactions, but it still has the ability to transform many other operating systems that are too outdated to be as effective as they can be, such as smart contract management.

Introduction to Blockchain Technology

Satoshi Nakamoto after the 2008 depression, with a zeal to build a better financial system brought forward bitcoin and with that bitcoin technology. We have long relied on middlemen for any gains and we have also realized in that time, they are not really the most trustworthy. It can go bankrupt any time though its investments of your money leaving us at the crossroads. That’s where blockchain technology comes into play. It comes with a protocol that allows buyers and sellers to bypass traditional central authorities like banks. It does this by making every transaction a transparent process building an incorruptible decentralized database.

As soon as a transaction is made it is timestamped and added to the database, and only after a majority of parties involved and the system find it incorruptible, it’s recorded and performed. With this amount of security and protocols, it’s almost impossible for the hackers to perform their tricks, it would require a criminal to create new blocks faster than the combined speed of the entire network, with enough computing power left over to solve the massive math puzzle. Which is impossible as it sounds.

How Blockchain Technology Comes as an Advantage

Removing middlemen as discussed before not only makes transactions more trustworthy and reliable but also the costs attached to the transactions virtually vanish, not only making it cheaper than ever before but also extremely faster because not small transactions are to be made in between for services. Bitcoins also leave space for small transactions to happens, no matter what amount.

As we read in Blockchain Revolution, blockchain technology has a lot to give for other schemes such as transactions, land ownership tracking, or intellectual property, such as the ownership of songs or other copyrighted content. There is also a distinct network known as Ethereum that specialises in contractual agreements. The deal would compel the parties involved to enforce their binding obligations. So, if anyone is going to be paying a certain amount when a property is sold, the money will be sent to that person immediately in Bitcoins.

As stated by the author in Blockchain Revolution, although there are many positive sides to this technology but as any novel system it faces harsh scrutiny on very relevant issues and it also looks forward to the probable solutions. One of the important one is the lack of knowledge about this technology which gives stimulus to governments and institutions to create a high surveillance which is not even required. So through books like these we come face to face with what’s in store for the future.