Modern technology allows us to communicate directly with each other. All communications, whether they are telephone calls, emailing or instant messaging, travel directly from the sender to receiver in a matter of seconds. Not all communications are this direct. We need to trust a third party when sending or receiving money. We are often met with unreliable sellers or service providers when we try to purchase something online.
How can we trust their legitimacy if they only give us their wordy assurances? These weaknesses are being challenged by blockchain, which is moving us forward into a simpler world.
Imagine a system that could store all records, verify facts, and ensure security against mishaps. There would be no fraud cases! All digital transactions, online signature systems and voting, as well as other vital records, require a simplified and secure system.
The blockchain approach uses math and cryptography to provide an open, decentralized database of all transactions involving value. Blockchain was originally used to keep track of Bitcoin’s global cryptocurrency. It can now be used to manage money, goods and property, as well as work and votes. It keeps track of all events and transitions, which can be verified by the entire community.
Blockchain enables open access to Internet transactions without the need of third-party trust organisations. This is the new global economy.
Blockchain stores information across a network computer systems. This makes it decentralized and easily accessible from anywhere in the globe. It keeps track all transactions and records. The information stored on the main network is distributed, so that no one, organization, or government has direct ownership. It is also difficult to hack or corrupt the network because of this decentralization.
Blockchain users use their systems for storing bundles of records submitted to them by others in the form of chronologically ordered and chained blocs. These blocks use cryptography to make sure that no records can ever be altered or changed by anyone else.
Blockchain was founded to facilitate the transfer of Bitcoins, a type of cryptocurrency. The trade in Bitcoins is not like regular banking transactions or PayPal where a third party approves the payment. Blockchain transactions can be verified by anyone using their personal computers around the globe.
All transactions will soon be recorded on a distributed network that can be accessed over the Internet. Blockchain will be a global source of trust that is decentralized and global, with the possibility of this change occurring in less than a decade. This could mean that a large number of trust services, including banking and notaries, may be threatened with their very existence. Public regulators may have difficulty enforcing the existing financial regulations. However, new services offered by blockchain could allow for bypassing traditional financial intermediaries in return for high security and low cost.
Blockchain will enable many services in the future, including tax collection, sending money between countries, enabling companies that can be run entirely by algorithms, helping to protect our online identities, checking for financial fraud, and tracking billions of devices across the Internet of things. This is just the beginning of blockchain. There are many more to come.
Blockchain will open new doors to not only convenient banking and record-keeping, but also lucrative careers in this ever-changing environment. The future will bring new opportunities for professionals who are familiar with blockchain.
Why not prepare for the feast now? Learn more about cryptography and related technologies by starting your Blockchain training here.
Check out our YouTube video “Why are we having such success with Deep Learning now compared to the past?”

Oswald