Technology is lovely and the speed at which technology is evolving is amazing and there is no stopping it and thus is the case with the internet. We are on the cusp of 5G internet and cable internet has evolved at such a fast pace where companies such as spectrum internet are able to offer gigabyte internet which was only possible with fiber optics. A new technology has recently come to be that has allowed cryptocurrency to be which is blockchain tech. For those that are unfamiliar with blockchain technology it is the use of peer to peer computer coupled with the internet to process complicated algorithms to sustain a network which has led to cryptocurrency mining which as per the recent publication of a white paper published by the World Economic Forum will give rise to blockchain internet where peer to peer tech will allow a network to be more secure than it has ever been.
In the same way, the current generation of the internet has given way to information sharing and flow, blockchain based internet will usher in a new era of value. Imagine if you will a global community of peer-to-peer network where billions of devices which support one another create a value of integrity without the need to 3rd party intermediaries to support it. The end results of blockchain internet is immense since no other architecture offers such a radical alternative as to how things work. The true benefit is distributed ownership as compared to a single entity or megacorporations. These high concepts decentralized databased also known as blockchain make this possible leading to the end of data mining and your data being sold to the highest bidder as is the case with Facebook and the Cambridge Analytica scandal.
Blockchain technology is ever evolving a number of startup blockchain organizations are already working on the new era of applications and platforms such as ride-sharing applications, social media platforms in an effort to replace the current leaders of the marketplace such as Uber, Facebook, and Amazon. The true value will be reaped by the end consumer since competition leads to lower cost and the end consumers benefiting as compared to corporations.
The birth of blockchain technology came as a response to the financial crisis which took place between the years of 2008-2010. The technology was created to operate the very first digital currency called Bitcoin which could not function without on and allowed the currency to be traded as well as stored outside on the normal financial infrastructure. Due to blockchain technology, the currency was free of any outside influence and third part control allowing visibility of the true value which is held. This lead to the currency being free of external influence which prevented it from being devalued due to financial or political reason hence leading to its success. Bitcoin has proven itself over the past decade to be reliable, resilient and secure and thus has proven the blockchain technology works.
The main benefit as mentioned earlier is the decentralization of information resulting in enhanced security since bits and piece and stored in different locations. The current set of internet protocols were created to allow communication however security has always been up to the end user to implement. At the moment all the data that is accessible is stored in a centralized database and once access is gained by unauthorized users then losses are inevitable. Thus is unauthorized access takes place on a blockchain network that portions of data are vulnerable to the attack and without the remaining data the value or loses are mitigated and thus overall securer than the current standards. Blockchain essential remove vulnerability and has proven itself by catering to cryptocurrency and will change the way data is handled and stored.
Even though the technology has already gone ahead proven itself to be secure it is not without its downfalls which are the peers that involved in sustaining the network. The simple version of this would be a domino-like catastrophic failure. Any implementation of new technology is not without its downfalls. Even though blockchain technology has been implemented in the new and bustling financial sectors doesn’t mean that it doesn’t have its downfalls however blockchain technology and the usage of it has increased 6 folds in 2017. As new technology emerges new vulnerabilities will be discovered and there will always be those characters who would choose to exploit these vulnerabilities and thus taking advantage of it.
The future is uncertain however, change is inevitable and some will welcome the changes to come while others will attempt to negate them the best that they can. The internet and how we incorporate it into our daily lives will change. China is a prime example of implementation and thinking out of the box due to the application dubbed WeChat. If you took the most popular applications from the last 5 years and combined them all together you would get WeChat which is a social media platform, communication application, and essentially your bank. Think about the possibilities of the next installment of WeChat implemented on a global scale instead of limiting it to just one country and the chaos it would create for all its competitors just as cryptocurrency has done for numerous currencies and the financial institutions for said currency.
There will always be those individuals who cry wolf and refuse to adopt new tech since they believe that their methods are best which may be true for theme but not the majority, while we have individuals who are on the opposite spectrum since they embrace change and advancements while remaining focused on what the future has to offer.
A Digital Marketer who loves to play with Data and Analytics. I do and love establishing businesses online through digital marketing.