Figure 1; Blockchain the real future http://www.cmyers.com/wp-content/uploads/2018/01/blog-blockchain-consider-risks-decision-making.jpg
Whether you like it or not – Blockchain technology is the future for us. The reliability and transparency make it more attractive. Since there is an emerging trend of digital networking, we will soon figure out blockchain very important and pertinent for us in the coming years.
How Blockchain works?
Blockchain is an application invented by a person known with his pseudonym Satoshi Nakamoto – a controversial figure. Blockchain is used to run Bitcoins, it runs between two parties without involving any third-party. It is a secured list of growing transactions or a secured digital ledger which saves the transactions in a block. These blocks are linked through cryptography, a mechanism which doesn’t allow any modifications and save transactions which are verifiable from any place and any time. Blockchain allows multiple users uploading and verifying the same information about the transactions at the same time to the cloud which makes it more authentic and non-modifiable. The technology not only reduces the clutter because the records are maintained on the single ledger which can be saved through digital cloud services, but it also reduces the intermediary costs as it requires no transaction costs as the technology is free. The simple data of each transaction of Bitcoins can be traced easily as it is publicly available, and anyone can track their transactions from any place. The transparency, reliability and mutability make the block chain technology more effective and efficient.
Why Blockchain is future?
Blockchain is future, because it gives a more reliable and efficient way of transactions. It does have an infrastructure cost, but in long term it is very profitable and different cryptocurrencies can run on it. The technology is de-centralized which makes it costless and easy to access. It is also reported in 2017 that FBI currently owns largest bitcoin wallet after its inventor Satoshi Nakamoto. Backed by U.S government funding, it is now a global stakeholder in cryptocurrency. The technology has its cons as it is slow, needs massive electricity resources for its operations and transactions are irreversible. But these problems are outweighed by the benefits it provides. Recently interests from Southeast Asian countries shows growing acceptance of blockchain around the world. The adoption of technology will be slow as it is riskier because it is not centralized or not any single entity is responsible for its operations. Therefore, firms and institutions are keen to adopt but going from small to big scale is the way they approach. The blockchain will be adopted sooner or later as it is still growing and its disadvantages are reducing by firms and institutions, who wants to make it more effective and efficient. The future of cryptocurrencies is very bright and blockchain is the useful and pertinent mechanism to follow.
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