Today’s society is different to the one that existed not so many years ago. Our society is constantly changing. The most important characteristics of our era may be the transformation, transmission, and dominion of information. We live in an information society where the leading role has been given to new technologies, especially those devoted to information. Our society could not be imagined without new technologies and their role both in this society and in human life in general.
We are living in the era where technology is playing an important and major role to run this entire world and human life. Technology and its presence are in everything, nothing is left out of it. It has changed, developed and recreated everything in this entire world and awarded us an easy, convenient and better lifestyle.
We, our lives and even this entire world have been fully depending on technology, It has changed and improved every aspect of life. In these days, human life wouldn’t be possible without technology. Technology is very much required for functioning and running this world smoothly.
As we know the world of technology never ever gets stopped. New creations, innovations, experiments, and developments are taking place on daily basis and shifting this world to another standard of lives. Technology has a huge contribution to the development and transformation of every industry whether banking, education, transportation, health, manufacturing, defense, government and much more.
Let’s go through a new innovation of technology which is called “Blockchain Technology”
Modern technology allows people to communicate directly, Voice, video calls, emails, and text messages travel directly from one to another maintaining trust between individuals. But when it comes to money people have to trust the third party ( Banks, Government, private agency, and some private agents ) to be able to complete the transactions. There are a lot of formalities which needs to be done to complete the transaction and also it takes 3 to 4 days time to get the money in our hand, And even these third parties take some charges like 10% to 25% to settle these transactions.
Blockchain technology is challenging the status quo in a radical way by using math and cryptography. This technology provides an open decentralized database of every transaction involving the value of every asset like money, goods, property, work or even votes.
The blockchain is a decentralized and distributed digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the collusion of the network. Blockchain facilitates secure and streamlines transactions efficiently without requiring intermediaries to manage the process.
This technology creates the record of every transaction whose authenticity can be verified by the entire community. Every transaction will be visible and identified by the people and the entire community.
The future global economy will move towards one of distributed property and trust where anybody with the access to the internet can get involved in blockchain based transactions. This technology creates transparency of every transaction so the entire community can come to know and verify.
The uses of blockchain technology are endless and will make a huge and unbreakable impact on the world of transactions. With the help of this technology financially fraud will be significantly reduced because every transaction will be recorded on a public and distributed ledger.
This technology is a global decentralized source of trust where every transaction is completely safe, secure, and trustworthy. Blockchain technology is revolutionary in terms of record keeping and can track and document every change in a record or transaction. The unique quality of this technology is whenever any change is made, the entire community gets updated.
Blockchains, are a real-time ledger of records stored in a distributed, peer-to-peer fashion independent from any central authority. Since every record is encrypted and time-stamped and users can only access and edit the block they “own” through a private key ( user id and pass. ), it’s very secure. Every block is linked to the one before and the one after it.
There are countless applications running on blockchain technology, from banking to transportation to employment. But this technology got highlighted and famous because of one digital currency which is called “Bitcoin”
Bitcoin is a great and phenomenal innovation which works on the basis of blockchain technology.
Bitcoin is a digital asset and a payment system which is called a decentralized digital currency. It is an open source digital currency, which means that no person, company or country owns this currency just like no one owns the internet.
This digital currency works peer-to-peer, Users can transact directly without a mediator or third parties like Bank, Government, and private agencies. Every transaction of bitcoins is verified by networks and recorded in public distributed ledger.
There are no physical bitcoins, only balances kept on a public ledger in the cloud, that – along with all Bitcoin transactions and every transaction is verified by a massive amount of computing power.
There are a lot of new digital currencies are being created and will be available in future with the help of this blockchain technology. These digital currencies are safe, secure and trustworthy which can’t be stolen and hacked.
Bitcoin has been so popular in the world of digital currency, People are investing their money into this digital currency and making their safe and secure transactions through it.
Some famous and giants companies like Microsoft, Dell, Paypal, Expedia, Dish network, and WordPress are excepting and making their transactions through Bitcoin.
Advantages of Blockchain technology:
There are a lot of advantages which are empowering and making this technology “the future of transactions”
With the help of this technology, we can now replace these third-parties organizations with a distributed database which are locked down by clever cryptography. Blockchain transactions have their own proof of validity and authorization to enforce the constraints. Hence, with the blockchain acting as a consensus mechanism to ensure the nodes stay in sync, transactions can be verified and processed independently.
This blockchain technology empowers users because they are in control of all their information and transactions which are processing by them. This technology provides high-quality data which are complete, consistent, timely, accurate, and widely available.
Blockchain technology provides reliability and longevity because it is a decentralized network which does not have a central point of failure and the chances of malicious attacks are zero.
Users can trust on blockchain transactions because it will be executed exactly as the protocol commands.
This technology provides us transparency and immutability because every transaction and change in blockchain is transparent and immutable and can be seen by all community.
With the help of this technology, we can process faster transactions throughout the global market and can be made anytime and anywhere. By eliminating the third party intermediaries and overhead cost of assets transactions blockchain technology reduce transactions fees.
The conclusion of this technology says that it will make a huge impact in the corporate world.
Bitcoin may not be the ultimate and final application of blockchain. However, it is the first application of blockchain that paves a path for other possible uses of the blockchain technology to follow. This technology is applicable to areas beyond just finance.
The progression of blockchain technology would revamp and enhance globalism, security, and democracy.