You probably have heard of Bitcoin over the last few years, and have heard of the turbulence and differing opinions of crypto currencies like bitcoin.
Well face it folks, in the future, and even more so now that we have had this whole corona crises and economic shutdown, we are going to be headed into a more digital currency situation.
I’ve been “in the know” about this whole “crypto-sphere” since late 2016, when I found out about bitcoin being used for (illegal?) transactions.
Anyway it blasted off in around 2017, and bitcoin got a lot of exposure and mixed emotions.
Now, fast forward to 2020, pretty much everything is and will go computerized, and it’s pretty good if we talk about blockchain technology.
And since you probably like databases, this will be very appealing. At least it is to me :).
So What is a Blockchain?
The promise of Blockchain technology is of course the ability to decentralize information.
A Blockchain works in a similar way to a traditional database.
Each transaction in the Blockchain is stored on a unique digital log, similar to how a manual file folder would be.
The purpose of the Blockchain is for users to be able to identify who owns what, and which transactions have been initiated.
Can Be Trusted
A Blockchain works as smart contracts on computers.
Computers are able to record every transaction that has ever been made, while at the same time use cryptography to ensure that all the users have the same set of details.
As a result, a Blockchain can be trusted by all users, as all users can access the data and understand its meaning.
This makes the Blockchain more than just a ledger. It is also a complete program that can be accessed by all users.
Other Uses For Blockchain Technology
In addition to allowing users to retrieve information about other users, a Blockchain can also allow users to store information about themselves.
Therefore, a Blockchain has the potential to:
-replace traditional banking systems or
-allow individuals to build their own systems for storage,
-and allow individuals to advertise their services.
The technology used to maintain a Blockchain can also be employed to allow users to sign contracts or even upload software and programs that will operate the Blockchain.
Before entering a Blockchain, the user’s computer will be scanned with a built-in “smart card.”
This smart card will be used to verify the user’s identity as well as to ensure that only authorized people have access to the information contained in the Blockchain.
In addition to this, each user will be issued a unique private key, which allows them to be associated with a particular Blockchain.
Any entries made to a Blockchain will be accessible only to that individual.
***Anyone can see the information stored in a Blockchain, but it is only editable by users that have had the authorization needed to edit that information.
Therefore, Blockchain technology is intended to protect users from the dangers of identity theft.
Helps Guard Your Identity
For example, if someone wants to install software on your computer, you can protect yourself by asking them to contact you or by having a written contract that states the terms and conditions of your use of the computer.
Even though the user’s identity is protected by Blockchain technology, the information contained within the Blockchain does not remain completely private.
Instead, the Blockchain acts as a distributed public database. This means that users can view and see all information that is stored in the Blockchain, but users will not be able to see all information that is not stored in the Blockchain.
Truly A Public Database
A Blockchain is truly a public database. Any person can use the Blockchain to search for any information they need, as long as the information is stored in the Blockchain.
Therefore, anyone can use the Blockchain to access all of the information on the Internet.
In this manner, users can access real-time content such as news, stocks, and even to buy items through Blockchain-enabled websites. Even though this type of news privacy seems not to be needed, since it can be controlled certain news entities.
Using a Blockchain offers many large benefits.
At this time my opinions are personal privacy and business trust are a big benefits.
In addition to ensuring the security of information stored, the Blockchain eliminates fraud and gives users a new way to access information and be trusted.
Therefore, Blockchain technology has the potential to be as much of a boon to the future of the Internet as email, the World Wide Web, and the Internet itself.
Please leave any comments you may have below.