Understanding Blockchain Technology?
The truth is that if customer’s data are protected, you have gained their confidence. Or are you not concerned how big entrepreneurs deleted their Facebook accounts/pages in 2018 after the data leakage experience?
This is where the Blockchain technology will come in to mask everything.
Apart from optimum security, one of the greatest advantages of the Blockchain is the high degree of certification. When once a transaction is certified and saved within one of the chain blocks, it can no longer be modified or tampered with.
This is why a country like Burundi wants or has adopted the Blockchain technology in her presidential election to avoid rigging. How complex will that be?
The process is very simple. This is it. When the voters are counted and certified, nobody can edit or delete or even politicize it by saying the voters were not motivated.
Motivated for what?
Motivated to rig the election by double voting I guess.
Let’s clam it down here.
You know, the hype of the Blockchain is just too much. I personally left it out or say skipped understanding the term for over 400 days ago.
After series of trials to really grab it in 2017 without success, I concluded that I was screwed on this one.
But herein lies 2018.
How can I write a comprehensive article on Nakamoto Bitcoin Guide and Cryptocurrencies for Idiots -2018 versions, and not explain the Blockchain technology to the understanding of a beginner?
This was the question I asked myself.
You know, some industries were said to be building their projects on the Blockchain technology. But I just didn’t get it because all I understood was that the Blockchain is an incorruptible Ledger or a platform that records all Bitcoin transactions.
After all my travails, here am I explaining the concept of the Blockchain technology to you. Am I mad, or am I trying to freak you out with more confusion?
To answer the last line. No, not at all.
In fact, I had to drink a cup of evaporated cow milk with a soft bread before I could grab the concepts in a grand style.
The verdict here is that you won’t just understand the concept of Blockchain Technology. At the end of the article, you will get all that it to it.
But before we begin, one thing I want to avoid is taking sides whether the Blockchain Technology is good or not.
The good news is that at the end of the day, you would have been able to say, dude, I think I am interested in this Blockchain technology of a thing.
- 1 WHY IS BLOCKCHAIN SO POPULAR?
- 2 WHAT IS BLOCKCHAIN?
- 3 WHAT MAKES THE BLOCKCHAIN WHAT IT IS?
- 4 WHAT THE HECK IS A DISTRIBUTED LEDGER?
- 5 HOW THE BLOCKCHAIN WORKS – Infographic
- 6 THE CURRENT DIFFICULTY OF THE BITCOIN BLOCKCHAIN – Angle 60” View
- 7 A CENTRALIZED DATABASE VS A DECENTRALIZED BLOCKCHAIN
- 8 THE MAIN ESSENCE OF THE BLOCKCHAIN IN 10 LINES
- 9 THE 10 BLOCKBUSTER BENEFITS OF THE BLOCKCHAIN TECHNOLOGY
- 10 1. AUTOMATED DROP SHIPPING BUSINESS
- 11 2. TRANSACTION CERTIFICATIONS
- 12 3. PROTECTION OF PRIVACY OPTIONS
- 13 4. INCOME & INVESTMENTS INEQUALITY BALANCE
- 14 5. REDUCTION OF OPERATIONS
- 15 6. COMMUNICATION ADVANCEMENT
- 16 7. THE POWER OF TRANSPARENCY
- 17 8. THE POWER OF OWNERSHIP TRANSFER
- 18 9. A SAFE HAVEN FOR POLITICAL STRIDES
- 19 10. IDENTIFICATION PROOF
- 20 THE PROJECT 5 & EARLY ADOPTERS OF THE BLOCKCHAIN TECHNOLOGY
- 21 HOW THE BLOCKCHAIN CAN BE CHANGE EVERYTHING
- 22 THE EFFICACY OF THE DISTRIBUTED LEDGER
- 23 FINAL VERDICTS ON BLOCKCHAIN
- 24 VOTES ON THE BLOCKCHAIN TECHNOLOGY
- 25 HOW TO ADAPT TO THE BLOCKCHAIN ERA
- 26 HOW DO I GET STARTED?
- 27 CONCLUSION
WHY IS BLOCKCHAIN SO POPULAR?
The reason why Blockchain is popular is that of Bitcoin.
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WHAT IS BLOCKCHAIN?
I believe just as I was, a lot of people are confused with the definition of Blockchain which makes it confusing to grab.
As a matter of fact, it is even considered as being hard. So, before I go further, I will have to define the term in many ways, hopefully, I am trusting God that you will grab any of the explanations.
The Blockchain is a broadcasting transaction networks run by a complex algorithm, to ascertain if a transaction is valid or not. And if the transactions are valid, it will be added to the ledger linking it to a previous transaction.
The Blockchain is a public electronic ledger — quite similar to a relational database — that could be freely shared among diverse users which creates an unmodifiable record of their transactions, every one time-stamped and connected to the prior one – Jeremy M Williams.
The Blockchain is a non-polluted distributed, public ledger that contains the history of every Crypto Transaction. Meaning, anyone can download a copy of the Blockchain, and it can be inspected to trace the path of digital coins from one wallet to another.
The Blockchain is the first technology that allows two parties to send and monitor any original transferred value.
It means that any platform or vacuum digital coin value can pass through is called the Blockchain.
The Blockchain is a chain of linked transactions.
Blockchain in a nutshell: A worldwide computer that is formed by lots of computers talking to each other – hackernoon.com
Blockchain according to Hugh Kimura of TradingHeroes
‘Simply put, a blockchain is a database’.
In his example, let’s say that a hacker gets into your bank’s computer tomorrow and transfers all of your money to his account, then deletes any trace of the transaction. With today’s technology, you would probably be screwed.
But with a blockchain currency like Bitcoin, if one server was hacked and a fake transaction was inserted into the database, then it wouldn’t match the transaction record on the hundreds other copies of the database. This transaction would be seen as a fake and rejected.
Your money would be safe.
This is one of the many reasons why blockchain technology is so exciting.
I am sure you have heard many promises of the Blockchain such as changing the financial, health and other sectors, right?
Already, with Billions of dollars injected into projects such as Bitcoin, Ripple, Ontology and the rest.
Through the Blockchain technology, anyone can simply take part in some of the Blockchain startups; something that wouldn’t have been reachable but not for the Blockchain technology.
In essence, the grace to partake in buying of some cryptocurrencies projects from anywhere is made possible by the Blockchain Technology.
To break it down,
A Blockchain is a platform that records all the activities that take place in a Ledger – digital coin world.
Now, if you are in a formal meeting, see the Blockchain as a secretary taking the minutes. If during in a census, the Blockchain is the mechanism whereby the total number of citizens counted are recorded. And at this point, it cannot be edited or deleted. Meaning that what is written is non-editable.
My Understanding of the Blockchain.
1. I understood that the Blockchain is a database (platform) built through the connection of thousands of computers, whereby all Bitcoin/Crypto transactions are recorded which is accessible for everyone to see what’s going on, and even download the data.
2. I also understand that the Blockchain cannot be edited or deleted because you would have to edit all computers around the world connected to it.
This openness (open source) defines its decentralization wherefore the interconnection of the blocks makes it super secure.
Each block consists of a pointer that connects it directly to the previous block. That is a timestamp that certifies the time at which the event actually took place and the transaction data.
This process ensures that each element of the Blockchain is unique.
The request to upgrade the database is made difficult because every player will have said yes, go ahead before correction can be made.
Let’s get a view of this Infographic below.
WHAT MAKES THE BLOCKCHAIN WHAT IT IS?
Observation: I shall be using Bitcoin as the main crypto of focus.
The Blockchain is created via what is known as the Block.
A Block refers to a set of Bitcoin transactions from a certain time period.
These transaction Blocks are “stacked” on top of each other in such a way that one Block depends on the previous. In this manner, a chain of Blocks are created, and thus we come to the term “Blockchain”.
First Illustration: (from Bitcoin for dummies)
Let’s assume we are to welcome 10 guests to sit on a long bench. After the first guest arrived, we directed him to sit at the extreme of the bench. And each guest seated were recorded in a Ledger or an exercise book.
As time went by, other guests showed up, following the same trend, the long bench was filled, and of course, not forgetting to record all of the guests seated in the Ledger or an exercise book.
Now, comparing it to a Blockchain,
Each of the guest seated was seen as a Block. And when the whole long bench was filled, it became a Chain of Guests. These Chain of Guests are interconnected all over the world.
The chain of guests is what is known as the Blockchain.
That is not all.
Now, should there be a need for an upgrade (in a mild way adjustment), then all the Chain of Guests must give their approval, else, no adjustment can be made.
That is to say, without their approval, there is no way you can upgrade the system – Blockchain.
This defines why they are “decentralized”, and not centrally controlled by anybody or a few numbers of persons.
With the interconnection (Chain of Guests) of these computers, it is not easy to break through the security options presented.
A Primitive/Early Example of Blockchain would be BitTorrent – A Bit Technical
Let’s further illustrate the Blockchain Technology on the basis of BitTorrent.
As we know, BitTorrent lets multiple people share files wherefore a speedy download is encouraged. The problem with BitTorrent is that you need a seeder to host the file. With current Blockchain tech, a seeder wouldn’t be needed as it would be stored in the public ledger.
Currently, this is a bit unrealistic to store large files as the ledger would quickly become massive, but future technologies could make this a possibility – a Redditor.
Alright, that is it on B.T
Now, I am confident that you might have heard the word – Distributed Ledger. I will try to explain it in simple term before we go on.
WHAT THE HECK IS A DISTRIBUTED LEDGER?
First ans foremost, the function of the Distributed Ledger is simply to add more security to your privacy.
What is it all about?
Since on the Blockchain, there are interconnections of users to the network. Each transaction initiated means, it must be checked by the users in the network before a simultaneous approval is given.
This check by these interconnected networks of users defines a Distributed Ledger.
Another way is imagining being in a Facebook group whereby every member is an admin – no central authority, right?. Each message entered means, it must be checked all by the users (admins) in the network before the approval is given simultaneously.
With this setup, everything is transparent and nobody can manipulate it by editing, deleting or even trying to approve it alone.
The Facebook page – Network
Message – Transaction
Every member as an admin – central authority
Admins (group members) – interconnected users on the Blockchain.
Next Question you want to ask. How do they know the transaction initiator?
The Transaction Initiator
If you are the initiator, you will be known but your information is securely stored using cryptography, and can only be accessed using personal data tools such as digital keys and cryptographic signatures.
Afraid of your information being exposed? Nope.
There is what we call keys, (let’s say, your password), you own it. Even when you enter it on the Blockchain, they are NOT stored on the network.
You hold full responsibility in keeping this information safe and sound.
Hold on, I know what you want to ask now, but I am afraid to address it in just one article. You want to ask, what is Cryptography, right?
To cut the long story short, it simply means the art of writing or solving code – Google.
But it is sad because that is not all. However, it involves the study of techniques for secure communications.
Don’t worry, You shall learn more about how cryptography works as we advance – not in this article though.
People really do not understand the real concept of cryptocurrency. This is how the originator would have wanted you to understand it, the CRYPTOCURRENCY GUIDE FOR IDIOTS.
HOW THE BLOCKCHAIN WORKS – Infographic
THE CURRENT DIFFICULTY OF THE BITCOIN BLOCKCHAIN – Angle 60” View
First and foremost. The Blockchain technology is difficult.
It is a new concept just like the difficulty in adopting Bitcoin globally. Apart from that, it is not easy to perform certain actions such as upgrading the Blockchain. In fact, Scalability is tough, and the cost of maintenance?
Let’s analyze it.
• Setback On Bug Corrections
Remember that the chain of blocks must be arranged such that they are aligned – consistent. Now, should any corruptible agent be found on the Bitcoin Blockchain, the unfortunate thing is that the corruptible data if not corrected can lay the Blockchain useless.
But yet, how easy will it be for a corruptible data to be found when these are the chain of blocks from different circuits?
Nevertheless, if there is a need for correction, it means that there must be a relative approval from all the chain of blocks – this approval ground is known as consensus.
Let’s see a typical example.
If you are a writer, when once you post on a Blockchain platform like Steemit, it remains there. Not even the Chief Editor can edit or delete what you have posted.
It was entered on the Blockchain.
Now, would you consider that a disadvantage? If yes, so be it. But, if you like the independence or right to air out your views freely, then we have to take it as one of the advantages of the Blockchain Technology.
• Set Back On Maintenance
A mere mention of interconnections of computers in thousands signifies that the cost of maintenance will be out of space – difficult.
This is it.
While a traditional centralized database (has a control base) can easily transmit data for storage at once, a Blockchain needs to transmit the data thousands of times, more data for that purpose.
Nevertheless, we have already seen a lot of industries being built on the Blockchain Technology, meaning that they are pretty scaling through.
Not just that, with other cryptocurrencies coming in to build their own Blockchain out of the Bitcoins’, maintenance can be minimized.
This is in comparison to the Ether built upon the Ethereum Blockchain application platform.
• Set Back On Scalability
Scalability defines a situation whereby a load of transactions is way too much for a Blockchain platform to contend with.
Normally, an overhead of transmission, verification, and storage would have been done outside the decentralized Blockchain as seen with a traditional centralized database, but here, everything is done on the decentralized Blockchain which may make it overwhelmed over time.
Be it as it may. The only standup solution for the decentralized Blockchain now is to nod everything out. I mean, by reducing the number of nodes to free the Decentralized Blockchain.
I will end here, but the argument is, are the number of projects launched on the decentralized Blockchain ignorant of these limitations, or are there already laid down solutions?
Again, are we only using the Bitcoin and Ethereum Blockchain to quantify the unique nature of the Blockchain Technology?
If yes, then we are looking looking at the Blockchain Technology from one side, not in a wrong perspective though but it is just like saying that because a cell phone if exposed to a cooking gas filled cylinder is bad, so, nobody should use it to cook.
Talking about Scalability issues, this is what other Blockchain projects have solved. Just to mention a few, the EOS and VeChain projects are proffering solution to the concerned of Scalability.
Wait a minute,
I won’t be surprised if you ask me to explain some of the BIG terms you will be encountering more in the course of our discussion, so, see all the 300+ Crypto Terms and Slangs.
A CENTRALIZED DATABASE VS A DECENTRALIZED BLOCKCHAIN
The database is expensive
The database is less expensive
Transactions are slow
Transactions are faster
Outages and downtimes are greatly reduced with the privacy of sharing data.
Downtime is not encouraged in privacy sharing of data.
Scaling is only a problem based on the Blockchain used.
Scaling is not a concern
Maintenance is on the high side
Maintenance is cost-effective
Security is optimum
Security can be breached
central server models are safe
central server models can be haunted till breakdown
It encourages low power usage
It wastes power
It can manage physical operations perfectly.
It cannot effectively manage physical operations.
The government has no power or chance to manipulate operations
The government can manipulate operations
Corrections cannot be made unless via consensus
Corrections are made independently
Digital assets metering capabilities of keys are enabled
There is no such thing with Centralized Database
It is not advisable to use as an alternative to a SQL or NoSQL database.
THE MAIN ESSENCE OF THE BLOCKCHAIN IN 10 LINES
1. It was designed to provide total anonymity for players in terms of privacy options.
2. It was designed to provide optimum security for players
3. It was designed for transparency.
4. It was designed to create a layer of trust.
5. It was designed to track fraud – Medichain
6. It was designed to provide access to everyone from anywhere.
7. It was designed to provide a base for smart contracts and scripts when specific conditions are fulfilled.
8. It was designed to allow digital data to be distributed but not duplicated.
9. It was designed to exchange data without third parties or administrators.
10. It was designed to ban all government and political manipulations.
THE 10 BLOCKBUSTER BENEFITS OF THE BLOCKCHAIN TECHNOLOGY
People that love segregation hates the Blockchain Technology – just kidding. Am I taking sides? No! It won’t hurt you if you don’t care about either.
While the application of the Blockchain Technology has evolved to many sectors, it is no doubt that the most affected part is the finance, at least for now.
In fact, according to Coindesk’s study on the Blockchain’s influence, they drew a data to show that top three (3) areas that would be affected most are Finance (77%), securing identity (54%) and securing title deeds (38%).
Let’s see the benefits of the Blockchain Technology in their number.
1. AUTOMATED DROP SHIPPING BUSINESS
With the Blockchain technology, considering the business of Drop shipping mostly in a non-B2B AND B2C style can be daunting. But see the benefits Blockchain has to offer.
• Fully automated payment processes (very difficult to do traditionally due to things like CC charge-backs and/or having to interact with 3rd party APIs that can change/break over time).
• Guaranteed payments (something no other online payment method can touch).
• Instant per-item payments to suppliers (where often the industry standard is to pay suppliers every 60 – 90 days).
2. TRANSACTION CERTIFICATIONS
The Blockchain was built to spearhead and certify transactions between two parties. This built-on purpose makes it easy for users to confirm and receive value without having to worry about security, privacy options issues and many more factors.
Apart from certifying Bitcoin transactions, it can go on to authenticate transactions of shares and stocks.
ULTIMATE SECURITY OPTIONS
One of the reasons many startups have chosen to go with the Blockchain Technology is the security options it gives.
Because the Blockchain Technology is decentralized, meaning, data is distributed among many Blockchain producers. That is not all.
The thousands of computers interconnected to it makes it impossible to be breached. So, in essence, no one wants to be hacked or suffer customers trust unworthiness.
3. PROTECTION OF PRIVACY OPTIONS
The Blockchain technology is very far from the personal data provided as offered by e-wallets and our banking sectors.
Of course, nobody really wants his/her personal data to be exposed, or suffer from a data breach.
See this. Do you foresee a situation whereby terms of rights and transfer of ownership of data are protected? If yes, this is where the Blockchain has come in to mask everything.
With the Blockchain Technology, anyone can ascertain the reliability of information transmitted by objects and sensors while their data is kept safe.
The truth is that if customer’s data are protected, you have gained their confidence. Or are you not concerned how big entrepreneurs deleted their Facebook accounts/pages after the data leakage experience?
Just to note, Elon Musk actually did -Tesla.
4. INCOME & INVESTMENTS INEQUALITY BALANCE
Segregate anyone now and Blockchain will blow off your face. Yes, this is the balance principle of the Blockchain Technology
The Blockchain Tech has made it possible for people all over the world to be helped, or say, benefit by earning a considerable amount of income.
Yes, with the BC-technology, people from the world called 3rd countries are opportune to participate in Blockchain projects like Steemit, Big, Icos, crypto Investment options and lots more where they earn some income.
Talking about investment, if you don’t have where to start from, then start earning cryptocurrencies using this 2,022 ways now!
5. REDUCTION OF OPERATIONS
The Blockchain Technology will help industries in expense reduction as well as reducing the operational risks of errors.
With the Blockchain Technology, the reduction of reconciliations will be enhanced, and in advent simplified information transmission. Check out the startups using Blockchain Technology.
6. COMMUNICATION ADVANCEMENT
Through the Blockchain Technology, different industries are able to communicate easily with clients.
Let’s consider the manufacturing sectors for an illustration. The Blockchain Technology offers the parent company the opportunity to communicate with customers through articles.
From these easy and non-costing article communications, clients will know the companies structures (mode of operations) in terms of time of suppliers, delivery, payments and lots more.
7. THE POWER OF TRANSPARENCY
The open source of Blockchain enhances transparency. This is it. With the Blockchain, actors and intermediaries of projects can see the true nature of projects. I mean, they can trace the origin of raw materials.
Isn’t it a great thing that you can trace the transaction origin of Bitcoin since Nakamoto introduced it? I guess it is. So, with the Blockchain technology, you get to know what really is underneath a project.
8. THE POWER OF OWNERSHIP TRANSFER
Gone are the days when you had to put your signature on 10 documents before there can be a transfer of ownership maybe from an investment property or project.
These days, we transfer ownership by private keys. Meaning, with the Blockchain Technology, the transfer of ownership is done in a digital way.
By this way, there is an accurate communication to parties involved in the second part of the deal (supply chain) when the payments are made.
To confirm the payment, I don’t have to move a muscle, I can easily use the Blockchain history to track the payment.
9. A SAFE HAVEN FOR POLITICAL STRIDES
It is often said that countries are corrupt based on the activities. Let’s say in 8 years’ time (2025) if a country fails to adopt the Blockchain Technology in its political scene; mostly elections, then we are free to tag it a corrupt political country.
Do you need reasons? This is it.
One of the greatest advantages of the Blockchain is the high degree of certification as we explained above. When once a transaction is certified and saved within one of the chain blocks, it can no longer be modified or tampered with.
This is why a country like Burundi wants or has adopted it in her presidential election to avoid rigging. Not just her, Switzerland wants to also try it out and see how it will go.
The big question, how true will the process be?
The process will be very simple. Here is how it will go.
When the voters are counted and certified on the Blockchain, nobody can edit or delete or even politicize it by saying the voters were not motivated. Motivated to rig the election I guess by double voting.
10. IDENTIFICATION PROOF
Just like voting, once entered, cannot be edited. Again, with the Blockchain Tech, ones’ identity can be proven easily because once the real data from the origin is entered, it stays unaltered.
Without doubt, we can see that the Blockchain can help a lot to fight crime by identity. Yeah, it would be cool because you cannot say you are from Kenya when you are actually from Germany.
Note: We have each Blockchain Tech project addressing all the benefits listed above. More on Blockchain Tech Application.
After 15 hours in the Cryptocurrency Laboratory, this is the Best Version Of BITCOIN GUIDE for DUMMIES POST IN 2018.
THE PROJECT 5 & EARLY ADOPTERS OF THE BLOCKCHAIN TECHNOLOGY
While other industries are now considering turning to the Blockchain, it is no more news that hundreds if not thousands of major organizations, countries and industries combined are actually using it.
It may interest you to know that there are friendly and non-friendly Blockchain/Bitcoin countries – full list shortly cause I shall thrash that out. For now, let’s see few early and the about-to adopters of the Blockchain Technology.
The Internet of Services (IOST) is a popular cryptocurrency that is attempting to solve scalability problems just like EOS.
The IOST comes from the Ethereum network designed like other Tokens, but yet, it has a vision of serving as infrastructure for developers to create decentralized applications.
This service designed on the Blockchain will enhance new startups to cut out third parties and ultimately biff up security.
You can learn more about the IOST project or buy some of the Blockchain Project’s cryptocurrencies at a cheaper rate.
Walmart is ready to use the Blockchain for its Live Food Business (full time). As the world largest discount retailer, I was wondering how they hoped to do this.
This is what the company’s Vice President had to say after making the announcement on 23rd April 2018.
“The Blockchain was able to shorten the time it took to track produce from six days to two seconds”
3. KOREAN CASH-FREE SOCIETY
Dated May 2, 2018, according to TokenPost, the South Korean’s Central Bank announced the official launch of its cash-free society pilot in its 2017 Payment Report”
Also, according to the KoreanTimes, the country considered phasing out physical money since in 2016 and plans to become a total cashless society in 2020.
4. FRAUD CHECK BY NBD
The United Arab Emirate largest Bank – NBD wants to implement the Blockchain Technology to check fraud.
As reported by CoinTelegraph, the Bank believes that the Blockchain will be a major solution to check fraud in the UAE. More on the Growth hack of Blockchain Technology.
HOW THE BLOCKCHAIN CAN BE CHANGE EVERYTHING
According to Ivan On Tech, Blockchain will disrupt these industries
• Manufacturing Supply Chain
• Customer Loyalty
Now, the question is, are we seeing the results?
Yes, we are, through industries that are ready to scale new heights – mostly in the advertising, manufacturing and the financial world.
While some industries are simply afraid to change the mode of operations maybe due to the cost attached or simply because they don’t know what it has to offer, we cannot overemphasize the need for Customer Loyalty which can be gained by keeping their privacy option uptight.
As I stated above, nobody wants to get his or her data leaked or sold for noodles.
Some of these industries may not know that with the Blockchain, a Manufacturing supply Chain of an enterprise can be improved. A typical example is what Walmart confirmed – The Blockchain was able to shorten the time it took to track produce from six days to two seconds”.
So, the Blockchain, like the internet in the 90’s is young. And so, a mere understanding of how it works and what it has to offer will see us achieve more smooth industrial possibilities.
Okay, I think you will like this.
Let’s see how some of the above (mentioned) industries can be affected by the Blockchain dynasty.
For Healthcare, check on Ambrosus
For Customer loyalty: Shoping
For Advertising, check on AdChain
Wait for a second, I had to put up those resources because I think you now understand the concept of the Blockchain, but if not, they may not mean anything much to you, so, let me first introduce you to the concepts.
Since the Centralized database in general, are more prone to being corrupted, the Blockchain presents a good technology when used for anything that depends on a ledger. The Ledger here include financial tools such as lending, remittance, banking etc.
Considering the supply chain management, Ambrosus Project can track raw materials as well as almost everything throughout the supply chain process.
Also, considering the Customer loyalty Ability, the Blockchain makes it very easy to break a single transaction into multiple transactions in a cost-effective and stress less way.
The next question you may want to ask. What is so special about that?
Yes, there may be other ways to address all those, I bet you, not in a better way as the Blockchain Technology would.
A wise consideration would be, if we were okay with the dilapidated nature of some of these industries (the health-care mostly), why on earth was the Blockchain introduced then, to tackle a no-question problem?
Certainly, some of these industries in our country might be good, but look around, and you will see millions of dollars wasted (channeled) each year (sorry, the right word is spent instead of waste – because lives are being saved).
THE EFFICACY OF THE DISTRIBUTED LEDGER
Now is an important time to question the efficacy of the Distributed Ledger.
1. Businesses have no need for a Distributed Ledger?
Why would a business want some ledger distributed across their competitors or customers? Is a business going to run it only internally? If so, what’s the point?”
That’s not entirely true. Let’s see the real truth.
As addressed by a Redditor, the low hanging fruit (need) for a distributed ledger is the supply chain management wherefore the ledger would be immutable and distributed, which of course, would be a more trustworthy application than the standard centralized solutions we see today.
Take for instance, Medication fraud is dangerous and is a rampant problem.
This is essentially why Medichain is being piloted by Pfizer and Genentech, which is impressive because healthcare/pharma is notoriously cautious about implementing new technologies/taking significant risks.
2. For Retail
How does the Distributed Ledger work for discounts on products and goods, and what value does this add to the business?
With a Distributed Ledger, as recorded, the transaction is shared with every other retailer who is part of the network. So they know how much a customer spent and what they bought – a pretty way not to be cheated by fraudulent merchants.
You see, retailers are paying for this type of information using all other sources (which may or may not be accurate). But with the Distributed Ledger enhanced by the Blockchain Tech, every activity is recorded without forgery – remember you can’t erase a transaction by a customer as far as it was entered on the Blockchain . So, it’s open, no one gets cheated.
FINAL VERDICTS ON BLOCKCHAIN
Just as President Donald Trump said in his Book “How to be a Billionaire”. Not understanding how an investment works don’t make it a bad investment.
Same way with the Blockchain Technology, the last thing you want to do is rush in (being biased about it). Why? You will rush out. And when you rush out, you will only be left with the option of considering the Blockchain as rubbish.
As a matter of fact, it is important we consider the Blockchain as what it is and not just based on the Cons (scalability issues) as “may be witnessed” on the Bitcoin and the Ethereum Blockchains.
This is it, if we should have a one sided view of the Technology, then a pretty good question will be,
What about all the solutions they are proffering, and what about projects like EOS’s and Zilliga and more Blockchain projects coming in to scale transactions in seconds?
The truth is that there is no point to pant after getting instant results from the Blockchain.
New concepts take time. Even new habits take time to stick, not to talk of the difficulty we experienced before now making long distance calls probably in the Iron Age before we switched to GSM.
So, one big piece is, if you are having doubts about the Blockchain Technology, you really want to be open about it.
This is just the beginning of the technology. Don’t worry if you do not understand now, you will later (as I dedicate my time to “teach”u”crypto“).
Personally, I had a hard time seeing its essences, so, don’t feel pieced off because you don’t grab the whole concept it offers now. But I gat news for you…
You will understand the whole structure of the Technology when we see her application and hack growth…
You might have already known the Blockchain Millionaires. These are the men that had an opened mind about new technology, and as a result, they are now the Whales of Blockchain.
Don’t worry, you haven’t seen anything yet, you see the full list of the Blockchain Billionaires/Millionaires very soon.
➡ Top 60 Best Cryptocurrency Tools (Android & Ios) For Regular & Die Hard Traders. (your success begins here)
VOTES ON THE BLOCKCHAIN TECHNOLOGY
If you say that Blockchain is hard or irrelevant, it is like saying why the internet is hard” in 1996” – Cameron Gray (paraphrased).
“People abuse technology by not understanding what they want to achieve. Technology should not be evaluated by the opinion or experience of people who really can’t understand what they want.
You have various flavors of Blockchains to suit your needs. Overall Blockchain is here to stay for right people with right reason.
Also, Blockchain is not trying to solve the problem of database maintenance. It is to solve the problem of Trust” – Pravin Bayaskar.
“Your stance has been repeated throughout history. Why do we need cars when we have horses? Why do we need personal computers when we have mainframes? Why do operating systems need a GUI when we already have the terminal?
Even when cloud computing came out there was a lot of hubbub against it, now every large company leverages it. I see a lot of potential with Blockchain Technology” – a Redditor.
“Today, it comes at a great cost but a massive opportunity for those using it in the right way. The Blockchain is not yet developed and can’t be compared to mature alternatives. It’s like saying a minicomputer is more complete than a PC in 1988.
In the end, the collection of PCs and networks won out over minicomputers. I see Blockchain in a similar way. Not ideal but has a path to be so much more just needs time”. – John Furrier
“Blockchain will end corruption. No longer will information be hidden and the people abusing the system will be exposed” – Fernando de Alba
Before we decide whether to give in to Blockchain Tech or not, let’s see the adoption by countries, billionaires, and sectors. 35 CASE STUDY GROWTH OF BLOCKCHAIN TECHNOLOGY.
HOW TO ADAPT TO THE BLOCKCHAIN ERA
Already, I made this write-up comprehensive enough for you to grab everything, and also, to truly see all the benefits,
1. Understand how it works maximally – you can even re-read the post.
2. Share the knowledge with someone.
3. Tutor people about it.
HOW DO I GET STARTED?
There are many ways to get involved. One of it is buying some Blockchain Project cryptocurrencies you think will make a good investment.
Before you get on with it, I would say, if you don’t still understand what the Blockchain technology has to offer, go ahead and read it again. Additionally, make more research before putting your money in what (a project) you don’t understand.
But Heh, you have seen what Blockchain Technology has to offer, right? If so, go ahead and take action if you want.
Discrete Question: Want to stay on top of your game?
That is it on UNDERSTANDING BLOCKCHAIN TECHNOLOGY. However, we have to know that the Blockchain Technology is a young ass. It will take time to grow, and also for people to adapt and see what it offers.
While the community believes that the decentralized systems will out-compete and become more efficient than centralized systems, the truth is that, no matter how the Blockchain Technology is hyped, it wasn’t meant to solve all the technological problems, so, it is weird to align it to solving every technological problem.
I just forgot a technology (robot) that was built around human feelings. This project was designed to welcome visitor’s that were excited.
How would they know the excitement level of visitors? They figured it out because that is how it was designed from time.
Now, this technology worked with feelings, can we tag the Blockchain Technology to solve a technological feeling problem? I guess no. Why? Because it wasn’t designed to solve such – a technical emotional problem.
If we must embrace the Blockchain Technology, we’ve got to align it to what it was meant for.
Originally, the Blockchain was built on the notion to solve a problem. And some of those problems are security and Trust.
That being said, what is the way forward now?
We need to get started if we are “able” even with a little sum, else, let’s keep our fingers crossed about the Blockchain Tech.
Great, you have seen what the Blockchain Technology has to offer, the question now is, what great limitation do you see, and if none, how great do you think it will be?
(Let me know your thoughts below. Don’t worry, comments are spam free!).
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Source Codes: Cointelegraph.com Reddit.com, Medium.com, Pixabay – Images