The technological boom that came two decades ago has been aggressively changing how we interact with the world. New inventions are happening every other day. As new technologies replace older ones, humanity progresses towards a more secure future. Blockchain technology is such an invention that has revolutionized the business communication, finance, and security sector simultaneously.
Blockchain has become the talk of the town over the last five years. People are as excited about it as they were about the internet when it first made its presence felt. Some go as far as claiming that Blockchain is the future of the internet. Well, this argument is indeed substantial. The internet works towards the centralization of data, whereas Blockchain tries to decentralize it. It certainly demands a closer look from all of us.
What is Blockchain?
The blockchain system consists of a digital ledger that keeps records of all the transactions in the shape of virtual blocks. The blocks consist of the information related to their respective dealings. Whenever you make a transaction or create a contract, all the data get updated into all the ledgers. Thus it validates a genuine transaction and keeps hackers at bay.
Along with just executing monetary transactions and smart contracts, you can also use blockchain technology for your company's business communications and security purposes.
Can Blockchain Change The Internet?
Many blockchain experts and enthusiasts believe that blockchain technology is going to transform how we perceive the internet. They theorize that Blockchain has answers to all the problems that the modern-day internet faces. Let's see in detail how Blockchain can change the internet-
- Management of identity in today's digital era-
In this digital age, the internet is overflowing with new users every day. While it is excellent for the economy, the centralized aspect of the internet makes users' pieces of information susceptible to hackers and big-tech companies. Whereas by being user-centric, blockchain appeals for better management of identity and better security for the data.
- Transparent-
Compared to the internet, Blockchain is far more transparent and easy to track without compromising security. The Internet is simple and user-friendly for the general public, but this transparency comes with a risk of fraud. In contrast, Blockchain makes the system more transparent without opening a gateway for hackers.
- Decentralization-
The biggest shortcoming of the internet is that everything is centralized. Whenever any central server containing all the information crashes, every service related to that server shuts down. This phenomenon may result in data loss and higher maintenance charges. Blockchain, however, works on a decentralized system. Data loss is nearly impossible on any blockchain-based service.
- Transactions are secure-
Blockchain is undoubtedly the most secure way of executing transactions. By using distributed ledgers, you can create an impenetrable record of transactions. This way, hackers struggle to decrypt any account. Even if they do, other ledgers will detect discrepancies as soon as they change information. Thus transactions inside the blockchain system have multi-layered security that is impossible to penetrate.
- Investment-
Investing online is the new trend for the youth. The era of buying stocks with papers is gone. Now young people like to support themselves and do their research online too. Blockchain makes all these processes very transparent and easy to access. Platforms like crypto revolution also educate people on how to invest in cryptocurrencies.
- Smart Contracts-
The most helpful feature of the blockchain system is smart contracts. The use of Smart Contracts enables users to perform menial tasks online, such as user confirmations. It will reduce costs for businesses and make their service desirable for consumers.
Conclusion
Now you know how Blockchain makes the internet better. You have to keep in mind although Blockchain can revolutionize the internet, it cannot work devoid of it. Also, to widely apply blockchain technology to all internet sectors, we will have to maintain a regulatory system to make it more accessible and secure.
Source: Business Diary Philippines
0 Comments