Blockchain: A Journey from the Origin to the Future
Bitcoin, one of the coolest technology that is ever built. Satoshi Nakamoto is a person whose real identity is still unknown to the world introduced bitcoin a decade back. But people are not seeing clearly what is actually behind Bitcoin. Blockchain, a famous technology that have potential to affect every industry with its application uses. Blockchain is actually behind the Bitcoin, making it secure, transparent and flexible to work with. It have no limits in applications, you can use it in finance to logistics to education.
Satoshi introduced a system of economics that runs on the blockchain in 2008. This was first time blockchain become public. No one had ever think of this peer-to-peer network to be this important. People think of them a same technology but actually they are not. Here we will learn about what actually blockchain is.
Satoshi when released bitcoin white paper he just started a revolution. This revolution is what brought Blockchain into public sight. But there is a fine line between bitcoin and blockchain. Blockchain is like another planet on which bitcoin is just a being developed on. This being comes under currencies species. There can be other species to like manufacturing, finance and other. Blockchain’s decentralization and habits of making transaction copy every public system make it more popular. These copy can’t be altered or deleted by any network user. That also bring transparency in the network.
That Thin Line:
As we were already talking that there is a thin line between blockchain and Bitcoin but it hard for people to see that. It actually come to know that they are really different. In 2014 people started to understand potential of bitcoin and how it can be used. Now that the people have known it true power they are investing into it. Now because it is open source technology it is easy for people to make changes into it. These changes will satisfy what the business require.
If we go by the fact, nearly 15% of Finance Company are using blockchain. Blockchain can affect manufacturing, supply chain, education eco-system with ease. Due to a peer to peer network, security and transparency it eliminate third person. Now because there is no involvement of third person, it actually reduces the cost of transaction.
Another Public Blockchain:
Ethereum, a public blockchain built by Vitalik Buterin is another version of the blockchain. This blockchain technology is bit step ahead of the previous one. Where Ethereum can store the data of transaction like contract details, sale detail, and other important blockchain records only currency. This data collection of the Ethereum make it ideal for smart contracts. This feature interesting feature grabbed the attention of the technology tycoons. Now these tycoons are altering blockchain compatible for different industries.
Ethereum and blockchain both are working to store transaction details and making better network. On the same hand they also reward their forger and miner with fee and rewards. These works when you solve or legitimate any truncation. It would be a surprising that where the blockchain will lead us. As it needs peers it become a bit slow. This bring requirement of polishing it with some more upgrades. Like reducing number of system to validate a transaction. This decade sure was a lot transforming for blockchain and bitcoin. And bitcoin was just one part of it. In future there is many more to come.