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Why Blockchain Is The Future - Technology - NaijaGrows

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Why Blockchain Is The Future by Sherifastro(m): on Mon 02 at 03:42 pm
why blockchain is the future


The blockchain technology has the potential to grow and be the future technology as a life changing and fundamental technology we have faced during old times.

Some of the reasons why blockchain is considered to be the future technology is because:

* Blockchain eliminate the requirement of a trusted third-party to validate transactions or informations.
* Blockchain also eliminate "double spending" problem in crypto world which makes Bitcoin a big success and its alts.
* Blocks that are created in blockchain are timestamped and also immutable.
* Blockchain technology is very secure than fiat system. Etc.

With the way technology is improving daily, very soon we will see banks adopting blockchain technology and turn fiat into digital currency. A typical example is Dubai, a country eyeing to became the first world powered Blockchain government by year 2020.

Blockchain makes it almost impossible for any organizations or the governments to function faster processing and its reduced complexity, costs etc. These are some of the advantages that comes with Blockchain technology.

Blockchain will continue to exist longer than imagined, Bitcoin is still presently defining how we are going to use cryptocurrencies in our day to day activities in future.

Blockchain

Bitcoin is the first crypto of its kind and it uses Blockchain technology, most of the altcoins also uses blockchain technology. This blockchain is updated continuously. A distributed digital ledger which records every transactions permanently, blockchain is practically unalterable by the way it is designed.

The most vital thing is that it provides both parties with transaction in which assurance is provided by a third-party that is unbiased without the expense of intermediation.

All the historical transactions across many computers are replicated by blockchain ledger. Which in turn prevents an individual from altering or tempering the history, because all the records across all the computers needs to be in accordance with one another. Data can be added to the blockchain only but not altered. Additionally, since all transactions are performed on the blockchain network, which is in public, transactions of each items will be verified as unique. Since the transactions doesn't require a third-party approval such as banks. Then blockchain technology is considered decentralized.

Transactions of bit are being verified via a computer network which performs the computational that is required to help secure transaction. Verification of transactions takes place via the process of cryptographic mathematical code. Many computers are needed to bring a unique solution to a given problem. And therefore solve the problem of double spending. It also prevents an individual from copying coins so as to appear to pay another individual. This verification process is highly energy intensive, the miner of bitcoin who solves the problem successfully is being rewarded with btc for their intense efforts.

Potential of blockchain technology.

Assuming btc with the use of blockchain network was designed to retire oppressive intermediaries, then what other authorities will blockchain help renders irrelevant?.

The use of smart contracts has many potentials behind it. Agreements which can be executed and understood by machines are known as smart contracts. It renders the needs of a third party irrelevant. It can also perform hard work duties. A typical example of smart contract is a car fully designed and programmed to prevent a person from driving their car.

Therefore, blockchain could prove to be the future technology, as all data are stored for life. There wont be any needs to forget anything. At the end a solution would be needed to be deployed which will provide privacy to users sufficiently.

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