Everyone talks about blockchain, but it is pretty challenging to understand. We explain what this technology is, what it is capable of, how it is related to bitcoins, and why it is believed to change the world soon.
Why blockchain is so important
While blockchain is being tested more than it is being used, corporations and small startups are doing the same. In the next few years, technology will become ubiquitous. Renowned technology visionary, scientist, and author of books on the future of the digital economy, Don Tapscott, calls blockchain the "second generation of the Internet" and the technology that will have the most significant impact on the near future of humanity. The importance of blockchain and blockchain software development will grow shortly, and people will start talking about it more often.
What are the features of the blockchain?
Blockchain is a technology that organizes and unusually stores information. Here are five features of the technology:
Transparency. Access to the entire history of events - money transfers, agreements, and other records - is always open to all participants in the system.
Decentralization. The transaction history is stored on each participant's hard drive and not on some central server.
Anonymity. You do not need to reveal your identity to work on the blockchain.
Equality. There are no administrators or information custodians in the blockchain, and all participants have the same status and opportunities.
Safety. No one will forge or replace the information recorded in the blockchain. You can be sure that it is authentic.
What will blockchain bring to the common person?
Many experts have said that blockchain will create an actual sharing economy. In his opinion, Uber and Airbnb only pretend to work on the principles of sharing, but they resell private traders' services. Hire blockchain developers will allow sellers and buyers to work directly and not pay an intermediary commission since intelligent contracts, not corporations, guarantee compliance with agreements. For example, because of the blockchain, intermediary companies that transfer money abroad will disappear. Blockchain will also keep a person anonymous on the Internet and prevent companies like Yandex and Google from making money on their data.
What else can be done based on the blockchain?
Based on technology, you can create any system where information is transmitted, freedom of access is required, and reliability is guaranteed. In 2014, Russian-born Canadian programmer Vitalik Buterin created the Ethereum blockchain system. It uses smart contracts that fulfill agreements after the specified conditions are met. Therefore, you can negotiate and not be afraid that the partner will deceive you. Compliance with agreements in intelligent contracts is ensured by mathematics, so the warranty does not require the participation of a third party that will take a significant commission: a lawyer, a bank, a corporation, or the state occupied by an algorithm. The system's encryption and transparency will ensure the contract's protection. If blockchain is called the second generation of the Internet, then smart contracts are called the second generation of blockchain.
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