The greatest invention of 21st Century is not Bitcoin. It’s the technology that’s responsible behind its execution, i.e. Blockchain. The technology is the reason that implementing the cryptocurrencies Bitcoin on a large scale was possible.
If you ask me today that why Bitcoin is so valuable and people are so eager to invest in it, I would say:
People are eager to invest in Bitcoin not because the cryptocurrenies is popular. Blockchain is the actual reason that always fascinates people towards investing in it.
However, the complete focus of people was always on the cryptocurrenies itself because it was making them rich overnight. Nobody paid attention towards the technology that was actually driving it.
Until, the importance of blockchains was highlighted due to recent price breakdown of Bitcoin and inception of new cryptocurrencies like Etherium, Ripple, and Litecoin.
That’s when scientists started conducting research and experts started voicing their opinions in blogs. Several research papers were launched as well.
Seeing so much popularity of Blockchains, I also decided to offer a little contribution of my knowledge.
After a brief research on the web and taking help from some research papers, I was able to compile this blog that explains:
- How is Blockchain improving the world?
- What is Blockchain?
- Peer-to-peer networking
- Consensus Protocols
- Why is Blockchain necessary?
- 1. Supply chains will become more organized
- 2. Better energy management
- 3. More transparent government operations
- 4. Better Healthcare system
- 5. Music Industry will be more transparent
- 6. There will be less online frauds
- 7. Less paperwork will be involved while purchasing property
- 8. Startup journey will be easy
- 9. Improvements in the video industry
- 10. Education industry will be better
- Best places to trade in Blockchain
How is Blockchain improving the world?
But first, you need to know a couple of things like:
What is Blockchain?
Blockchain is a peer-to-peer distributed ledger of time-stamped transactions. It’s a decentralized database that validates cryptocurrencies transfers.
A blockchain system is made of the following components:
Unlike centralized system where all the computers are connected to a centralized system, each node of a blockchain is connected to another node. Once a transaction is processed on the blockchain, it will be updated, run, and shared on every system before being finalized.
In order to consider a transaction valid and adding new blocks to the blockchain, each node has to follow a certain set of rules called consensus protocols. These protocols are run by computers within the peer-to-peer network.
The agreement on shared data is called blockchain. It makes easier for computers to verify the growing amount of data held within the network.
Why is Blockchain necessary?
As technology is advancing every day and new gadgets keep coming in the market – it has become difficult to keep the record of each and every process.
Moreover, centralized systems are a threat. You never know when someone hacks into the main server and steals all records.
That’s why Blockchain was invented. It acts as a decentralized network in which every single computer is connected with the other. There is no central server.
The biggest benefit of this system is that there is no need to be worried about security. Even if any node gets compromised, you can simply remove it and replace it with another node. This way it will always keep working.
And perhaps that’s the reason the Blockchains Market has flourished at a large scale.
These stats are the proof:
Now, the bigger question is:
What will happen to our lives after Blockchain is implemented?
Well, if experts are to be believed, Blockchain will change our lives in revolutionary ways. Processing bank transactions and keeping records will be more easy and safe.
Here are some of the operations that Blockchain will have in our day-to-day operations:
1. Supply chains will become more organized
If news sources are to be believed, IBM has already started working with food suppliers like Walmart and Nestle to make supply chain better with Blockchain.
If the technology is implemented – it will be a lot easier to track supplied food items and replace if any item is contaminated. This will result in a better food delivery.
2. Better energy management
One problem from which the world is suffering is the lack of energy resources – which will be effectively resolved if blockchain comes into action.
With the help of the technology, consumers will be able to sell the excess energy they have to their neighbours. This way, energy will be better utilized and there will be less control of utility companies.
3. More transparent government operations
Recently UK government has started using Blockchain for processes like distribution of student loans and tracking the payment of benefits to underprivileged people. Their findings have been awesome.
According to the government, Blockchain will result in better distribution of resources and less corruption.
4. Better Healthcare system
Blockchain will completely eliminate the paperwork from Healthcare industry. Moreover, it will make the patient healthcare records to patients without any security threat.
This means they can visit any doctor and allow him to access your health records from his computer. The collected records will also help deadly viruses and diseases. A startup called Ontology has already started working towards creating a centralized healthcare system.
5. Music Industry will be more transparent
Piracy and copyright issues are very common in the music industry. But not anymore!
With the help of blockchain, it has become possible to remove piracy. Now, if users want to listen to some song, they’ll have to purchase it using some cryptocurrencies. This will make sure that deserving talents are paid for their hard work.
Icelandic singer Bjork is the first music artist to engage the use of cryptocurrencies in the music industry. Hopefully, other artists will also consider it soon.
6. There will be less online frauds
One of the biggest concerns that people have these days are online frauds. There have been many incidents in which people were dumped off money or some hackers stole money from their bank accounts.
Blockchain is going to put an end to all this. The system will be very secure. Just to hack one system, you’ll have to hack millions of networks which is practically impossible.
7. Less paperwork will be involved while purchasing property
If you have ever purchased or sold any property, you might’ve known that a lot of paperwork is involved during the transaction.
However, blockchain will make the process a lot easier. There will be absolutely no need of paperwork as all the records will be stored in a decentralized network. This will decrease the cost as well.
8. Startup journey will be easy
The biggest challenge among startup owners is to find the right investors while making sure that their idea is secure.
Blockchain is going to play a significant role in that.
Companies like Pitch Ventures are using the technology to create systems that allow entrepreneurs pitch investors live in a secure manner. Here entrepreneurs can create summaries of their product and services while investors can seek startups with a potential.
9. Improvements in the video industry
If experts are to be believed:Over 82% of data will be in video form by 2021.Although, we all know that the process of video encoding, storage, and content distribution results a lot of costs. That’s why Blockchain has offered a solution that will reduce video costs by $30 billion. The idea is to centralize the video infrastructure.
Startups like VideoCoin have already started working on the process. They’ll soon allow an entirely new and innovative ecosystem of video apps in the market.
10. Education industry will be better
We can also expect to see some significant changes in education after the evolution of Blockchain. Experts have proposed a new system called 3DInternet which combines cryptocurrencies, blockchain, and virtual reality. It will completely transform the way education is given in classrooms.
SocratesCoin is the first company to implement 3DInternet with help of Nauka University.
In short: Blockchain is bringing a new revolution in the world.
It has made things a lot easier and the systems a lot organized and well-managed. You no longer have to worry about your transactions getting failed or your records getting stolen. Even government aids can be sent to needy people on time.
But all these things are just a beginning. A lot more is yet to come. `
Hence, if you’re planning to invest in the technology, this is your high time because doing so is going to make you much rich and powerful in future.
Now, if you’re seeking:
Best places to trade in Blockchain
You’re at the right place. Here are some of them:
- Etherium, an open source platform for writing and distributing decentralized application.
- Coinbase, an open source financial system dealing in cryptocurrencies
- Bittrex, a US-based blockchain platform providing real-time and secure trading
- Stellar, a free open-source network that lets anyone build low-cost financial products
- Kraken, a platform for all traders around the globe to meet up.
- Dash, a secure blockchain-based global financial network that offers private transactions
- Poloneix Exchange, a cryptocurrencies exchange firm based in the United States. It offers a variety of digital services.
There are many other such platforms listed at this link.
So, check out all of them and let us know in comments which blockchain dealing platform is your favourite. We’re excited to hear from you. If you have any questions please contact us