Bitcoin was not always considered in the best light as it is now. Bitcoin that is powered by blockchain technology, was often associated with nefarious activities and the dark web.
It is quite recently that people have started to notice Bitcoin and the technology that runs it. Recently the blockchain technology has been implemented in various areas other than cryptocurrencies such as healthcare and finance.
The various unique features that are provided by this technology is truly remarkable and nothing like what we have seen before. Blockchain-based networks and distributed ledgers have now become part of a digital life even before we have realised it.
The kind of digital revolution that we are living under has genuinely changed the way we look at money and various other facets of social life. It is remarkable how a piece of technology can change the world, integrating itself into our digital fabric.
The popularity of blockchain
Blockchain is not like the other fancy words that are often used to describe today’s internet and technology. At the same time, it is not an innovation that we can enjoy on a regular basis or a front. Blockchain technology can be implemented in our day to day lives in a more subtle form that will rekindle our trust on the Internet itself.
For a long time, people have been losing their trust in the content available on the Internet because of its flexibility and the inability to determine the truth from false.
At such a juncture, the blockchain technology that takes into account peer to peer verification system is truly the answer to all our queries. With all our activities soon being consumed online, whether it be schooling or shopping, that needs to be something that helps us record and keep our data private in the long run. The blockchain technology can be implemented in such a manner that our data remains in encrypted blocks yet available on the internet.
How does blockchain work?
A blockchain can be visualised as a long string of blocks that act as files in which information is stored. Once a block is full, the chain moves on to the next block and so on.
However, once the block has been fed data, it becomes intangible and cannot be erased or tampered with. There are two main components that Power the blockchain system; firstly, we have a decentralised system that facilitates every transaction.
It is basically like a public ledger that maintains the record of every transaction and cannot be meddled with.
Since it is a public network, everyone who shares it has access to it and keeps a record of the digital assets. This way, the system cannot be corrupted and no fraudulent activities can be performed on it.
This means that the blockchain system does not rely on a central monitoring body, but the trust is decentralised. There is no particular organisation controlling all the data, but the trust is shared among all those who are part of the network. Blockchain technology is hence highly transparent, which makes it very reliable.
How blockchain can be implemented
Various startup companies are already using blockchain technology and implementing it in multiple ways, like maintaining Global payments for tracking sales and demands.
There is no denying that blockchain has enormous potential that lies far beyond being used for powering the Bitcoin network.
While it is essential to take into account the various legal and technological drawbacks of blockchain technology before being adopted more widely, solutions to these problems can be mitigated through more serious labour. It is expected that in the coming years’ blockchain technology will find its way into our lives and change the world.
If you want to be part of the digital revolution the way we are living today, you must start your investment in Bitcoin or other cryptocurrencies. Start your journey today with cfdsociety.