Advancement Of Blockchain Technology By Katherine Lightwood
Advancement Of Blockchain Technology
By Katherine Lightwood
Like always, today I was hanging out with my colleague Praveen and Ritu and we were talking about our favorite nerdy stuff of technology and scientific advancements. Praveen showed us a few interviews with big tech tycoons and I was completely mesmerized by the how fast the world is heading towards perfection. And as I was thinking about the technology, I remembered a few days ago he suggested me to write about ''Block Chain Technology". So, here you go brother, this is my understanding of blockchain technology.
Block Chain is a new network and it's going to help us decentralize trade by allowing us to do a lot of our transactions, much more peer to peer directly and lower our use of intermediaries like companies or banks maybe. I think today everyone can have an understanding something about blockchain at some level.
Whenever we have a transaction and let's say I buy something from anyone, this information gets logged and it get's verified by a third person or third party. And like all these information verified and it all matches right, then the transaction goes through without any intermediary. Then it gets stored and when we make further transactions this information is ready and better. And you can append it and add new information that's more current. But you can't actually go and erase anything.
The way the technology is changing, nothing's gonna be like it's used to be. There's nothing like a farm or the buyer and seller. It basically has to rewrite lots of rules in economics as well.
We talk about bitcoin, there are some trust issues and there have been some hacks. So, there's obviously a need to work on trust and feeling that it's a safe technology.
One of the problems that bitcoin has faced that bitcoins are getting stolen or lost but a lot of that actually comes from people trying to recentralize coins in different ways making themselves actually a pretty easy target.
So, education will be a big part before we actually can use the technology in a wide sense. To actually transition into the mainstream and make it useful for average people to use we need to make sure we have a lot more for education, standards and probably work with a lot of enterprises to create a user experience around this being a technology that is safe and usable and understandable.
For me, I think the current state of blockchain is the research state and it's been developed to be applied in many many areas.
Well, I am not sure where it's gonna go, I mean no one really knows right. It's kind of an uncertainty. We have a lot of public block chains like we have bitcoins and Ethereum networks. But a lot of companies and consortiums are getting together to build private blockchains.
So, ones that are more closed off at first and they evolved into a public network when people feel comfortable using it. Some are also proof of concept out in the real world in real-world projects like energy, pharmaceuticals, retails and lots of different fields are starting experiments. Hopefully, we will see in the next few years how all of those interact and what we learn about the best use cases for blockchain and what it means for trade.
So, that was my thought of the day. To see more posts like this make sure to visit our main page. And do not forget to visit our institute's page to know more about graphic design, 3D, animation courses and other awesome stuff. Till then good day to you.
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