Blockchain - Overview and Scope

By
2021-02-19
5 mins read

Public Blockchain is effectively a high-precision instrument for seeing problems differently and then instrumenting them in ways that would’ve been too expensive and difficult to do if we had only old ‘railways, we needed a new ‘rail-way to run these kinds of transactions, one that’s more nimble, more precocious, more always available. Once you have that kind of a ‘railway, you have an infrastructure that can allow you to just do things completely differently. That is Blockchain.

“Bitcoin is exciting because it shows how cheap it can be. Bitcoin is better than currency because in that you don’t have to be physically in the same place and, of course, for large transactions, currency can get pretty inconvenient”

  • Bill Gates, Co-founder of Microsoft

Blockchain enables peer-to-peer transfer of digital assets without any intermediates. It was a technology created to support the famous cryptocurrency, BitCoin.

Applications in:

-Finance

-Healthcare

-Government

-Manufacturing

-Distribution

The blockchain is poised to innovate and transform a wide range of applications like:

1)Goods Transfer, eg: Supply Chain

2)Digital Media Transfer, eg: Sale of Art

3)Decentralized Business Logic, eg: Move computing sources

4)Distributed Intelligence, eg: Education Credentialing

5)Crowd Funding, eg: Electronic Voting

Blockchain can enable an inclusive economy. It can enable a person in a remote corner of the world to partake in a democratic process. Opportunities for innovative applications are endless. There is a dire need for critical thinkers, designers and developers who can envision and create newer application models on blockchain to benefit the world.

So with this in mind, this vision should be the first stepping stone to get started with Blockchain and the world of Cryptocurrency and security algorithms.

Major contributions of cryptocurrency BitCoin:

. Continuously working Digital Currency System

. Model for autonomous decentralized application

During the 2008-09 economic crisis, a person named SATOSHI NAKAMOTO, introduced a new digital currency, a cryptocurrency called BITCOIN.

Without a central authority, how did BitCoin realize trust and security?

By implementing software programs for validation, verification, the consensus in a novel infrastructure called the Blockchain.

Since 2012-13, computation elements have been added to the blockchain infrastructure that has opened up a whole world of possibilities beyond simple currency transfer.

Summarizing,

Blockchain is about enabling peer to peer transaction in a DECENTRALIZED network. Establishing trust among unknown peers. Recording the transaction in an immutable distributed ledger (a book/collection of financial accounts)

And that is why Decentralized system adoption by blockchain avoids the intermediaries in CENTRAL-ized system which is hectic and time-consuming. By Cryptocurrency use you can skip and avoid intermediaries shown in the process flow below:

  1. Credit Card Agency
  2. Customer Bank
  3. Credit Cards Bank
  4. Exchange
  5. Merchant’s Bank
  6. Merchant (finally)

So what’s stopping you from exploring the world of Blockchain. It’s an industry spear-heading Web 3.0

Thank you for reading!

  • MANNMAY VINZE

Tags:

techblog

ComputerScience

blockchain

fintech

Bitcoin