Dawn of Blockchain Technology
November 24, 2016
Blockchain technology though currently powers the Bitcoin and other cryptocurrencies, soon the technology might find takers in mainstream commercial activities.
Blockgeeks in an in-depth article guide titled What Is Blockchain Technology? A Step-By-Step Guide for Beginners says:
The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.
Without getting into how the technology works, it would be interesting to know how and where the revolutionary technology can be utilized. Due to its inherent nature of being incorruptible due to human intervention and non-centralization, blockchain has numerous applications in the field of banking, remittances, shared economy, crowdfunding and many more, the list is just endless.
The technology will be especially helpful for people who transact over the Web and as the article points out:
Goldman Sachs believes that blockchain technology holds great potential especially to optimize clearing and settlements, and could represent global savings of up to $6bn per year.
Governments and commercial establishment, however, are apprehensive about it as blockchain might end their control over a multitude of things. Just because blockchain never stores data at one location. This also is the reason why Bitcoin is yet to gain full acceptance. But, can a driving force like blockchain technology that will empower the actual users can be stopped?
Vishal Ingole, November 24, 2016
Sponsored by ArnoldIT.com, publisher of the CyberOSINT monograph
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