What is The Position Of Blockchain Technology in Our Society Nowadays

What is The Position Of Blockchain Technology in Our Society Nowadays

What is Blockchain technology

First of all, let’s have a look at the technology behind the blockchain. The blockchain function as a distributed ledger and is completely open to anyone. Once data is recorded inside the blockchain it is very difficult to change it. That also the unique point behind blockchain technology. It is really hard to tamper with it. Here you can find a more detailed explanation of how a blockchain works.

Nowadays instead of a blockchain, we are using different ledger systems. Where we had back in the days big books with all the transactions written in, we now have computer programs that record all the transaction history, for example, your bank.

Why would we need to use Blockchain then?

Well, it’s both a ledger, but the process off storing data is different. To store data of transactions we first need to validate transactions. For validation, we normally would need a third party, like the bank. They will validate your transaction and add it to their digital ledger program.

The problem here is that the program of the bank could be hacked or the bank could deny certain transactions you make because it doesn’t fit into their policy. Therefore you lose the authority over your funds and there is a possibility the data (as well as the funds) they stored will be stolen.

Blockchain technology cuts out the third party and makes it impossible to hack into the ledger to change any data. The ledger is open so the transaction will be visible to the public, only the transactions are not linked to a person.

Read related post: Best Startups Utilizing Blockchain Technology

Possibilities With Blockchain

Although blockchain technology is an innovative ledger system. We could use it for different things too. Simply put, blockchain technology is a new way of storing and sending data and this could be from funds to real-estate properties and defining ownership of certain assets.

Let’s have a look at the real estate industry. All properties are well divided by the owners and the owner is clearly registered at a notary. With blockchain technology, we could write a contract which states ownership of a certain property. When you would sell your property someone needs to send funds to that specific contract address and the ownership will automatically be transferred to the contract address the funds came from.

This cuts out the notary registration and is even safer than using a third party. Blockchain has a lot of potentials to disrupt a lot of sectors and cutting out third parties. there are also similar projects going on which are using similar technologies like the blockchain with other advantages. One of these examples is IOTA. Instead of a blockchain, they use something called a “tangle”.

Isn’t blockchain and bitcoin something from the past?

At the end of 2017, you properly heard about Bitcoin, blockchain, and cryptocurrencies. We have seen a big spike of interest around that time and the prices went through the roof. That also stimulated the word of the street and a lot of people were talking about it till the crash at the start of 2018.

In 2018 a lot has been changed for Bitcoin and blockchain. In the retail sector, it feels like it is something from the past because you don’t hear so much about it anymore. If you have a look at the google trends results you can see that the interest of Blockchain has surged over 60%, which basically means that the retail sector isn’t interested, talking a lot about blockchain technology.

Although the word on the street isn’t so much about blockchain. That doesn’t mean blockchains technology and it’s adoption is standing still. Far from that. The past year blockchain has been making huge steps in the background.

How is blockchain technology making big steps?

Blockchain has been silent in the daily talks. When you are looking for news concerning blockchain you would have seen some massive operations.

Amazon is one of the biggest online market platforms out there. They have been partnering up with a blockchain-based start-up called QTUM. They are working on a platform where they want to make it easy for developers to create so-called smart contracts.

Also, it happens that Amazon’s competition Alibaba owns at the moment 90 individual blockchain-oriented patents. That makes it together with IBM the most blockchain patents in the world.

The co-founder of Wikipedia is working on a blockchain platform called “Everipedia”. It will be a decentralized counterpart of Wikipedia.

A lot of games getting developed using blockchain technology. For example, MLB is launching a crypto baseball game.

Why we don’t hear those stories on “the streets”?

Blockchain technology is still quite new and we can’t be sure where it will be in the future. But what we do know is that it is very interesting and the world leaders of the market are putting quite a lot of attention to it. The attention went from retail into big corporations.

That means that retail will follow again and you will hear about it in the streets when those projects will launch. Blockchain is a snowball that has been running for quite a while with quite some power. If you don’t see it that doesn’t mean the snowball isn’t getting bigger. It just means that when you see it will be massive!

Owner, Editor, and lead writer for Bit-sites. Cryptocurrency writer and trader since late 2015.

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