If I say blockchain, you may think about Bitcoin. Although the two are very connected, they are actually two different things.
Blockchain is very useful for many things besides crypto-currency transactions.
For example, it is useful to create secure online identities, to have cheaper cloud spaces, and above all to eliminate intermediaries in financial transactions. Nice savings.
Despite being a technology that has already existed for about ten years, there are still many doubts and false beliefs about the blockchain.
Now I’ll explain in detail what it is. Many people are still not clear about what it is.
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The blockchain was created in 2008 together with Bitcoin. It was a kind of transaction log. The safest transaction log ever. This is undoubtedly its main feature.
It is a new technology, but it is not a cryptocurrency. At the most, we can say that it is essential for the existence of cryptocurrencies.
So what is it?
“The blockchain is simply a particular type of database.”
Unlike traditional databases, this is done with a chained series of blocks. This is where the name comes from.
Transactions are recorded in these blocks and are validated through a consensus mechanism. This mechanism is also very important, soon you will understand why.
I am an almost millionaire Italian entrepreneur. When I understood what blockchain really is, I thought it could also make my company more secure.
But here are all the features that will make it essential in our future:
It is a decentralized system; it is managed by a set of computers.
This means that the verification and authorization of the data take place without a central authority.
Here is the difference between the banks. Whenever you move money from your checking account to make a payment or buy a financial product, it is controlled and managed by the bank.
Today we are facing a revolution in this regard, but there are characteristics that also concern other uses. The use mentioned above is almost exclusive to electronic coins.
These other strengths affect other sectors, which I will tell you about later.
– It is super safe. Hacker proof.
The data is encrypted. It means that from a readable format they are converted into an encoded format that can be read or processed only after it has been decrypted.
“This system ensures that data cannot be intercepted and cannot be hacked.”
In addition, it avoids any attempt at corruption because the data are not entered by man.
Another key feature is:
– The presence of a timestamp effectively makes the data non-mutable without a report being drawn that shows what the change was.
– This mechanism allows you to check the blockchain if there have been fraudulent changes and tampering.
To sum it up:
Every movement of money has the approval of a blockchain calculation and not from a bank.
Every computer data that passes through the blockchain is very secure because it is encrypted.
Everything that passes by the blockchain is tracked, even if it is changed.
They seem like obvious features but in reality, they are a revolution in the world of the internet. Considering that today many things happen electronically.
It is stronger than conventional technology in terms of security, cyber defense, reliability, and scalability.
Private companies have already realized this.
MONEY IS FLOWING TO STARTUPS DEALING WITH BLOCKCHAIN
What attracts the attention of investors always hides something interesting.
So here are the numbers for 2021. In the meantime, before writing them, I made myself a good cup of coffee. All true readers or writers love to make themselves a good coffee.
“According to data from analyst firm CB Insights, blockchain companies raised a record $4.38 billion.”
A figure almost nine times higher than in the same period in 2020.
There are two striking cases on blockchain companies:
– The $440 million was raised by Circle, a payment and digital currency company.
– The 380 million was raised on Ledger, a company that develops hardware wallets to allow people to store their digital currencies.
So entrepreneurs believe in this technology. There is also a Deloitte poll confirming this.
“Among 1,386 executives from different countries, 86% (in 2018 it was 84%) believe that blockchain will soon become a mass technology, available to everyone.”
In a report, Gartner writes that the added value for your business of the blockchain will increase from more than 176 billion in 2025 to over 3 trillion dollars by 2030.
There is a reason. Or rather more reasons.
That is, blockchain will be used to do many operations.
FROM VOTING IN ELECTIONS TO PRIVATE CONTRACTS; THAT’S HOW WE WILL USE IT
Maybe it seems strange to you. This technology is like salt in the kitchen, which must be used almost everywhere.
But it starts with cryptocurrencies and goes to totally different sectors.
In fact, another sector closely related to data security is authentication via blockchain.
It could be used, for example, to authenticate voters and ensure the transparency of voting and counting operations.
The blockchain will be useful both for the new voting mechanisms, from home in front of the PC, and to avoid and unmask electoral fraud.
But this was just one example.
It will eliminate intermediaries such as banking institutions for transactions.
Blockchain uses Distributed Ledger Technology or DLT; it ensures that data is never saved in a single place, but scattered among multiple nodes or users. Instead of in a single bank which must give the ok.
Another example of its use is in Estonia;
Here the blockchain has made administration efficient and facilitated trade.
It is also used for numerous electronic government services: digital medical data storage, prescription databases, justice, legal, banking, company registration, and land registry.
The last concrete use that I want you to know about is that of NATO with the UN and the World Bank.
This technology is already among us and we can no longer do without it.
If you want to read fun stuff to tell your friends, follow my Twitter profile. Click here: https://twitter.com/SirNickNite
Nico Nobili —Alias SirNickNite
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Alias Nick Nite is the founder of Sybershel and is an Italian entrepreneur who is almost a millionaire. He was born in Santa Margherita Ligure in the region of Genoa. He has always been passionate about Tech.
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