Today, in 2019, it seems that groundbreaking technological innovations that would have shocked the world a century ago are now as commonplace as child sickness and poverty were back then. As a result of living in a time where information travels at the speed of light, it is easy for the average earthly denizen to miss things. One such historical achievement made headlines in 2018, but for all of the wrong reasons.
Most people who have heard about the blockchain, a revolutionary system of data distribution, have only heard about it in the context of the cryptocurrency Bitcoin (BTC). BTC drew the attention of the public eye when it started soaring in price around this time last year, eventually peaking at the price of $19,783. People started thinking of the currency as a stock, and treating it as such. Predictably, BTC lost much of its value when panicked owners started selling it en masse, and the public predictably began taunting owners of the currency. However, the true brilliance of BTC, being the blockchain behind the currency, stayed relatively unnoticed.
Today, the blockchain is flourishing, and has led to the creation of countless other cryptocurrencies, enabling a rise in prominence of cryptocurrency exchanges. Millions upon millions of dollars worth of microtransactions are being processed every day, among millions of users, yet the blockchain continues to go unnoticed by much of the public.
So what is the significance of the blockchain? Well, to understand the brilliance behind cryptocurrency, one need only look at the name. “Crypto” is borrowed from cryptography, which is an art revolving around writing and solving codes. The blockchain is itself a self-generating series of code, an intricately complex system of data distribution that resembles DNA in its complexity and originality. It is propped up by an interlocking series of computers, which all verify every single piece of information, i.e., “blocks,” the millions of which make up the whole system. Falsifying any information is impossible, as to create one fraudulent block, one would have to be able to fool the millions of computers verifying said block’s information, not to mention the millions of other blocks themselves.
Such technology goes beyond currency. By removing the need for verification processes, the blockchain removes the need for middlemen in any fiscal situation. Companies that provide services for payment could cease to exist. Why would I pay for a streaming service like Spotify when I could pay the artist directly for their music? Why would an artist give a record company a percentage of their record sales, when they could use the blockchain to have a peer to peer transaction with a recording studio? The possibilities are endless.
If humanity embraced this technology, which offers the possibility of any peer to peer transaction imaginable, then we could theoretically restructure the entire global economy. Some countries and companies are already embracing the blockchain, giving employees the option to be paid in BTC, or enabling customers to pay for goods and services with various popular cryptocurrencies. And when it comes to blockchain companies ASX has over 18 available for investment purposes. The world is continuously adapting to things, and it’s important to stay aware and on top of the constant revolutions going on.
The Following Video is recommended for Viewing. It is a simple explanation of what Blockchain is and how it works. The 6 minute clip is a great aid for those looking to master the Bitcoin and cryptocurrency exchange.
An Author at Tapscape that keeps you updated with the latest Technology news.