Blockchain is a technology that is taking the world by storm and the word is on almost every entrepreneur’s lips. But how has this new idea taken off so quickly? The answer lies in the fundamentals. Blockchain is a distributed technology that makes your data secure and maintain an anonymous identity of the user.
This concept is very different from everything else that has existed so far. It has the power to level the playing field and make it a fair game for everyone. The inequality that previously existed in the world of technology can be reversed by inciting a change through Blockchain.
Imagine a platform that gives the people the power to control the data, manage their money and save physical records so that they are the ones making the decisions. There is no need for authority from a central organization to take any of these actions. The users can participate with their fraction of wealth in whatever way they like.
Data and records were never safe on the internet but with Blockchain it is possible to keep them away from prying eyes of the government, private agencies and others who mine data. There are endless possibilities with Blockchain that creates global system and allows two parties to exchange information or assets without worrying. The smart contracts created using the technology are unchangeable and completely secure.
Earlier every system had one central body that managed it and granted permission to the users. There was a governing organization that oversaw everything and the exchange was stored on a central system. This was the same for any government, Fortune 500 company and institute where a President, CEO, Board and other figures of authority were in power.
These systems were prone to errors and those in power often abused it. It was a system riddled with inequality and injustice, inciting feelings of resentment among the classes. History has proven time and again that such hierarchical structures never work well.
In these cases the oppressed were the ones who participated in the system or domain or country. They had to abide by the decisions of the ruling party or controlling figure and had little or no say in them. Before the advent of Blockchain, the powerless were helpless and they quietly agreed to everything the people in control enforced upon them because they didn’t know they had a choice.
With the use of this innovative technology all system can be decentralized so there is no unfair distribution of power. The rules and standards written for the system will be final and concrete therefore they cannot be edited by any one person.
There can be fractional participation in these systems for example one Bitcoin can be divisible up to 8 decimal places so a fraction of a cent can also be traded on the open market. The smart contact a system powered by Blockchain creates helps people barter their wares without having to worry about the credibility of the other party.
With enough support and awareness, Blockchain can revolutionize the world.Published: Feb 14,2019 11:20:00 AM IST