The blockchain is a unique invention: a brainchild of a person or group of people known as Satoshi Nakamoto. But since then it has grown into something more important, and the central question everyone is asking is: what is Blockchain?
By allowing, but not copying, the dissemination of digital data, blockchain technology has created the backbone of a new type of internet. Originally designed for the digital currency, the Bitcoin community technology (Buy Bitcoin) is now finding other potential benefits of technology.
Bitcoin is not called “digital gold” for nothing. So far, the total value of the currency is nearly $9 billion. And blockchains can create other kinds of numerical values. Like the internet (or your car), you don’t need to know how the blocker uses it. However, the basic understanding of this new technology shows why it is considered revolutionary.
Blockchain Sustainability and Robustness
The Blockchain technology is like the internet to integrate its robustness. By storing identical blocks of information in your network, blockchain cannot:
1. Does not have a single point of failure.
2. Be controlled by a single entity.
Bitcoin was invented in 2008. Since then, the Bitcoin blockchain has worked without significant disruption. (Until now, all Bitcoin-related issues have been caused by hacking or mismanagement, in other words, these issues stem from malicious intent and human error, not flaws in basic concepts).
The internet itself is almost 30 years old. This is a record good for blockchain technology as it is still under development.
Who will use the blockchain?
As a web infrastructure, you don’t need to know the chain of blocks to be useful in your life.
Currently, finance offers the most influential cases of technology use. For example international payments. The World Bank estimates that more than $430 billion in remittances were sent in 2015. And for now, there is a high demand for development engineers.
Blockchain may reduce intermediaries for this type of transaction. Personal computing has become more accessible to the general public with the inventory of the graphical user interface (GUI), which has shaped the ‘desktop’. Also, the most common GUIs designed for Blockchain are called that. Wallet applications used by people to buy things with Bitcoin and store them with other crypto cultures.
Online transactions are closely related to identity verification processes. It is easy to imagine that portability applications will change in the coming years to include other forms of identity management.