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If you systematically approach the topic of blockchain, you often slide-off finding the right resources required for you. Rather than losing yourself amid the sheer amount of data available online and the breadth of the topic, take a look at the information here.
A blockchain is a new form of a decentralised database. Let's break down the layers and simplify the term blockchain. In simple words, ”It is a real-time ledger of anything that is recordable, such as financial transactions, contracts, physical assets, supply chain information, and more. Simultaneously, there is no fixed authority like a person or an organisation to take control of the entire chain. Rather, it is transparent and users in the chain can monitor details of each record.”
As mentioned above, you don’t need to understand the complexities of the underlying technology when your intention is to comprehend the concept and implications of blockchain.
“Bitindia is inspired to target the grassroots in India and educate people regarding blockchain technology.”
Once you figure out the level of understanding you need, you have to delve deeper as the applications of blockchain go far beyond than just fueling Bitcoin.
BI Intelligence, Business Insider's premium research service, has outlined how blockchain applications could revolutionise the way business is conducted across several industries - finance, government, insurance, and more. But, how?
The answer is simple: through Smart Contracts.
The term Smart Contracts has generated a lot of buzz, thanks to the release of the Ethereum Project in 2013. Ethereum is “a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.”
Next comes “cloud storage”.
Cloud storage is an application intended to give businesses an advantage. As shared by Venturebeat: “Simply using excess hard drive space, users could store the traditional cloud 300 times over,” much like how you can rent out your home or room on Airbnb. Cloud storage alone could open up a revenue stream for average users, while creating a meaningful reduction in the cost associated with data storage for companies and individuals.
Furthermore, a lot of things we own aren’t made by a single entity, but through the contributions of a chain of suppliers selling their components to an organisation that assembles and markets the final product. This system holds a problem area, defined as follows: In case of the failure of even a single component, the brand bears the brunt of the criticism and the consequences. But the advent of blockchain technology has proactively transformed the structure, providing enduring auditable records that clearly show stakeholders the state of the product at each step of the value-addition process.
In the words of Bitwage founder and COO Jonathan Chester, when using a public ledger of all transactions in chronological order, “You can actually see exactly where the money is throughout the process.”
You can actually see the revolution that blockchain has created, for instance, in securing and streamlining the voting process during elections via Electronic Voting. CSO describes how “it enables citizens to cast their votes via secure digital voting systems, ensuring voter privacy while mitigating the risk of voter fraud.”
A globally distributed database states, “Delegated Proof of Stake (DPOS) is the fastest, most efficient, most decentralized, and most flexible consensus model available. DPOS leverages the power of stakeholder approval voting to resolve consensus issues in a fair and democratic way.”
Last but not the least, I wrap up with education. The relevance of blockchain to universities might not be instantly obvious, but a handful of academics and institutions are experimenting with ways that blockchain can be used in higher education.
Bitindia CEO Sahil Kohli states,
“Blockchain is a brilliant innovation that will surely make an impact on humanity and it will be bigger than the internet itself.”
In short, digital money intends to solve glitches in current currencies and brings to the forefront other uncertainties that we have never dealt before – irreversible transactions, risks, volatility, and more.
On the flip side, low fees, information transparency, control and security, and freedom in payments are some aspects of blockchain that mitigate these uncertainties. The lack of awareness, understanding, and favourably considering and exploring blockchain technology led to dissension which in turn confined its acceptance.
While nothing is fully hackproof, it is still predicted that the future probably will be a distributed system such as blockchain instead of a centralised one.
DISCLAIMER: The views expressed in this article are those of the authors and BitIndia and do not necessarily reflect the views of YourStory Media Pvt Ltd. Readers are advised that the contents do not constitute guidelines, recommendations or professional advice, and are encouraged to seek independent assistance before making any investment decisions.