The Blockchain technology : A simple explanation

The blockchain is a very new concept. Forget about developing countries like India, the developed countries like the USA is also not very familiar about it. But as the internet revolution, it is also a new revolution at its infant state called Blockchain. I am not going to discuss the technical terms here but try to explain it in very simple words.

As currently, we use banks to transact our money from one another. And in this transaction banks take a huge amount of fees. With the Blockchain, we can cut the middleman like banks and save enormous money while transacting through Blockchain. It directly connects the buyer with the seller. The blockchain is changing our world for sure.

 

As we all know the Bitcoin is the first Blockchain. But the Blockchain is much more than the bitcoin. The blockchain is a decentralized, transparent, and verifiable system where value such as ownership, titles, cryptos, medical records, can be exchanged. This value is encoded in digital records called blocks. Blocks are directly designed in such way that unique identity of next block is linked to the identity of the previous block, hence Blockchain.

 

 

The blockchain is shared in a peer to peer network where continuously updated ledger keeps tracks of who owns what. These ledgers are secured by mathematics. The entire system is distributed among a network of computers rather than resting with a single provider. This means that data can’t be tampered with without anyone knowing. Finally, there are many different blockchains used for different application.

 

So, as we know what Blockchain is in simple words we can sum up it with three main points.

  • Distributed system

  • Used to exchange value

  • Can’t be tampered

 

Blockchain provides smart contracts as it can be used without any lawyer and middleman. We can even build decentralized companies which are named ‘Decentralized Autonomous Organization’ or DAO.

 

How Blockchain is changing the internet: Let’s talk about the Youtube. Youtube is getting less popular because of their certain steps like 1) Demonetization and 2) Advertising. Not every people like advertising. Therefore, many Blockchain platforms like Youtube have built and running successfully.

They are:

Viewly- the Video platform

VIULY.com and LINO- On Ethereum Blockchain.

Dtube- It is based on Steem, or Steem based dollars.

Governments on Blockchain:

Dubai is going to be the world’s first Blockchain state by going to apply it in almost everything.

UK government is going to use it for pension payments.

 

Banks:

Barclays Bank is working on Blockchain.

 

Medical:

There is a number of medical Blockchain is going on. Some of are…

Gem-

The health condition of patients after their release from hospitals.

Medrec:

Medrec applies blockchain smart contracts to create a decentralized content-management system for your healthcare data, across providers. It is an Israel based medical Blockchain.

 

 

To send money to mid-Africa from the developed nation a Blockchain has been developing called Bitpesa which will save billions by cutting off the middleman. BitPesa is a digital foreign exchange and payment platform for frontier markets. Wikipedia.

Its headquarter is in Nairobi, Kenya.

IBM is working with many clients which are developing Blockchain from retails to Banks.

 

The Blockchain admirers include Bill Gates and Richard Branson. Apple co-founder Steve Wozniak is bullish on the Blockchain platform Ethereum, saying the technology could be the new Apple.

 

Disclaimer: All opinions and views that are expressed here are on the purely individual basis and for informational purpose. None of the articles are to be construed as giving financial or investment advice of any type whatsoever. We do not guarantee the accuracy of the information as well. Please do your own research before doing any sort of investment.
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3 Comments

  1. Teo May 22, 2018
    • Hemendra May 22, 2018
  2. Everything on a plate May 23, 2018

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