The traditional ways of doing things, such as carrying out business transactions, are under attack. The technology behind that is blockchain is a technology that has created a lot of attention and excitement around the world. So what is this technology? It is a technology comparable to the internet; it is built to be robust. It stores identical information in the form of blocks that is across the network. Some of the greatest characteristics are that any single entity can not control it and it has no single point of failure. There are several ways in which this technology is transforming the world.
There are more applications of this technology that have the capability of digital transforming the world as we know it and they go beyond the obvious things such as electronic currencies and money transfers. One of the major use cases includes electronic currencies and money transfers. They range from electronic voting, smart contracts & digitally recorded property assets to patient health document management and proof of ownership for online content.
One of the major features of distributed database is that it is transparent and incorruptible. Founded on the status of consensus, a state where it checks itself in an interval of ten minutes, it is a self-auditing system of digital value; the network reconciles every transaction that happens in every ten-minute interval. Each transaction that is carried out in the system is known as a “block.” There are critical properties that are the outcome of these operations/transactions; the data that is exchanged within the system as a whole is public; the database cannot be corrupted; changing a single unit of information in a database would require enormous computing power capability to take over the entire network. In theory, it may be possible to corrupt the data. However, in practice, it is impossible to carry out such a task. For example, taking control of the system to steal Bitcoins would also destroy its value.
Transform the Internet and Global economy
The distributed database protocol has altered hundreds of industries that depends on the intermediaries; they include finance, academia, finance, insurance, healthcare, legal, and real-estate amongst others. It eliminates the time it takes to process a single transaction and another regulatory requirement as is the case with banks and governments. The protocol is opening up the global economy; more people is in a position to conduct their business more often and efficiently. Most importantly, the technology behind this database is eliminating costly intermediary fees such as remittance space that become huge impediments for individuals and businesses.
The protocol enables the digitization of assets. The primary objective that is driving public ledger is shifting from the internet of information where you can view, exchange and transfer information of value over the Internet; you can also transfer assets. This technology is transforming the global economy due to its elimination of the large intermediaries who is no longer play a significant role.
The protocol is placed to phase out the intermediaries that have been in use in previous years. In future, intermediaries such as the banks will not play their usual role when this technology finally takes over. The future of distributed database is where the trust is established through consensus and robust computer code rather than through central intermediaries. The nature adopted by the technology, decentralization, openness and cryptography, it allows you to conduct transactions that are based on trust and making operations on peer to peer basis, thereby marking the end for intermediaries. Eliminating intermediaries could also bring forth various benefits such as security. The cyber-attacks that are usually carried out on centralized intermediaries such as banks would be impossible to conduct successfully.
Power The Internet of Things
Blockchain can be closely related to the Internet of Things (IoT). The most significant development in this industry is concerned with the quantitative measurement of what in the past has been considered as qualitative phenomena. Apart from having the capability of tracking and authenticating device history, this technology that is powered by IoT can give a greater degree for devices enabling them to make different kinds of the transaction without having to depend on the third parties.
Finally, this technology could provide to the rise of applications that plays a critical role in the future societies, that we do not have an alternative. With time more use case of this protocol will be adopted, and it is bound to transform the world as we know it.