Blockchain technology is a new age technology providing a new way in which systems can be built on the internet. The inventor of blockchain is still specifically unknown, however, a group of people or an individual by the name of Satoshi Nakamoto is said to be the inventor. The idea of the blockchain technology is built on a ledger-based system that takes record of transactions, or codes of a transaction, making it impossible for you to remove or alter it. Blockchain technology is based on providing a decentralized system that works by itself without central control. It is more like everyone that uses it, helps to build it, so no individual can control it.
Blockchain became popular when it was created in 2008, because it was first used to develop a form of digital exchange, which is called, Bitcoin. Although Blockchain has mainly used to create exchange forms and digital currencies, it can also be used to create other kinds of platforms. Bitcoin hit huge success because of the advantages of its backbone, which is blockchain.
Advantages of Blockchain The blockchain technology is safer: Blockchain has
been proven to be safer than other forms of building software because it
provides a secure means where only the user owns his data or information. The
technology those not allow for a capitalist form of ownership, where an
individual control the software. If a platform is built on Blockchain, then it
controlled by the owners or a single person.
It can’t be corrupted or obliterated: Blockchain technology develops data that is not stored in place; hence it cannot be hacked, destroyed. It doesn’t require specific server storage systems because it is simultaneously stored in computers across the internet.
It encourages transparency: Blockchain technology helps to store data in such a way that it doesn’t it can be tracked and traced without any loopholes. This is one reason why its use has gained so much financial success. Other than allowing only single access to transactions that are being made; with blockchain technology, there is multiple access to transactions in such a way that nothing can be hidden and all transaction and routes can be traced.
It reduces the cost of management: Blockchain technology has introduced a new way of doing things for the whole world, as it continues to evolve, it would make more people embrace transparency and accountability.
The use of blockchain technology comes with no need for systems that have to secure or double check transactions to ensure that they have not been tampered with. This way, it reduces the cost of carrying out transactions in such a huge way. Digital currencies like Bitcoin, litecoin have been seen to challenge the use of fiat currency bills, since one of its disadvantages is the cost of running a banking system. Where all these costs are paid for by the client from
fees and charges, using an alternative that bears no cost and still remains safe is the best alternative for the future.
Since 2008, with the introduction of Bitcoin, the blockchain industry has become a billion dollar industry, where digital currencies are been floated and software is been built on this technology. Regardless of the few challenges, it has faced, such as hacking, it still remains fundamentally advantageous and a necessary part of the future internet.