There’s this latest technology that’s hopelessly geeky. It’s too difficult to comprehend and use. What chance would it have of breaking into the consumer market?
This is precisely how the web was welcomed back in time- right before it exploded. Two decades later, we seem to have come across a similar crossroad, this time it being the Blockchain- the perplexing yet alluring breakthrough that underlines the digital bitcoin currency.
Blockchain technology has only been growing and thriving for a short time. It has emerged as a significant growth engine in the last decade. Initially, it was only used for cryptocurrency transactions, but it has since expanded its reach and is now used in various fields. Many people are referring to Blockchain platforms as the new Internet due to its rapid development.
When the Internet first came into being, its primary goal was to copy data and share information, just like Blockchain. However, it later broadened its use and found use in value sharing, and we learned about the digitized network for money exchange and trading.
However, the participation of a third party to verify the payment was necessary, which opened the door for many intermediaries such as banks and financial institutions to participate.
The Internet gradually became a part of everyday business operations. However, it also resulted in the emergence of specific bottlenecks, such as time for validation; intermediaries took a share of the transacted money as processing fees. The most significant flaw in the traditional internet framework was that all data was stored on a single server. As a result, the device is vulnerable to hacking and data theft. As a result, the potential for a new method and technologies to emerge to address the issues arose.
Some of the main characteristics of Blockchain that set it apart from the internet include:
- Easy tracking of information
- Security of data
- Peer-to-peer interaction
- No third party interference
While Blockchain is often compared to the Internet, it consistently outperforms it. Let’s look at how Blockchain is different and superior.
The inference of intermediaries is one of the significant issues that modern technology presents to us. The existing system is inefficient, time–consuming, and expensive due to the intervention of a third party. The developers hope to solve all of the problems with the aid of Blockchain. Blockchain’s main characteristics are decentralization and peer-to-peer interaction. Another essential part of this technology is its immutability. As a result, any data that has been inserted into the distributed ledger technology cannot be modified, updated, or removed. As a result, Blockchain is hack-proof technology.
Blockchain has a bright future ahead of it, as more and more big names invest in it. There is a high demand for blockchain professionals and blockchain platforms, with more people turning about to learn blockchain technology. It wouldn’t be too long before Blockchain becomes as revolutionary as the Internet, or maybe even outperform it.