The Versatility Of The Blockchain Technology
To those conversant with the new realities of crypto currency, the Blockchain technology in today’s financial world is regarded as the most vital and most futuristic aspect of monetary transactions. In 2008, Bitcoin, cryptocurrency guru and heavy weight Satoshi Nakamoto described the “Blockchain” as the technology behind Bitcoin.
That is to say the existence of Bitcoin or any altcoin is practically impossible without the functionality of the Blockchain system, and the design of the block chain goes a long to determine how effective and strong the crypto currency will be. What then is the Blockchain Technology?
In simple terms, the Blockchain technology can be likened to a ledger in an account system (a book which a summary of accounts is laid up or preserved; the final book of record in business in which all debits and credits from the journal are placed under appropriate leads) in order words, the Block chain originally does all the things the ledger do except that if is digitalized and decentralized. It is a system in which records of transactions made in crypto currencies are maintained and monitored across computers that are linked to the network.
The core highlights of this write-up therefore is to lint on how the Blockchain has grown from being a normal Bitcoin to ledger to function as a growing tool for better and well planned sophisticated transactions.
The origin of Blockchain began in 2008 when Satoshi Nakamoto published a 9 pages white paper that described how the Bitcoin system can be used to send and receive payments between two parties that is absolutely anonymous to a third party knowledge, control or interference.
The Blockchain is mathematically and aesthetically designed to make sure it facilitates, authorize and log the transfer and exchange of cryptocurrencies within a crypto system.
Today, the blockchain is not only used by the Bitcoin to carryout it’s encrypted transaction, it is constantly been improved on by other crypto currencies companies like Ether, ripple, litcoin, political and social problems.
That is to say the Blockchain has spread its tentacles beyond Bitcoin and Altcoin to creating financial opportunities for the poor and less privileged by providing voucher to refuge which they can use to shop for anything they want.
World humanitarian bodies such as UNWFP, WHO, UNICEF can easily sponsor, transfer or do humanitarian duties through blockchain crypto currency vouchers.
Furthermore, the Block chain technology’s decentralized system attracts virtually no changes in transactions. This has increased the transfer of funds to less privilege regions in Africa, Asia and South America. A process that was too slow and discouraging due to the overtly high charges of transferring funds from the U.S and Europe to other countries.
Also, the Block chain technology is looking to be the answer to electoral malpractices as it has already been tested in local and organizational elections. The public is an open ledger where anonymous transactions can be made; it makes it applicable to electoral situation, where a polling officer is not needed.
Elections are done and counted through Blockchains openly and online. The Blockchain is system has risen to be the preferred choice for international transactions than other known services such as PayPal, western Union and money Gram, because it charges no transfer fee and does not have border or national discriminations in its transactions.
Additionally, the Blockchain technology can be the lasting solution to the inadequacies and inefficiencies of government system since it is not slow and cumbersome to operate.
Medical facilities can be easily accessed and paid for and government money transfer can be openly seen and monitored. Blockchain can also trace identity of users if applied to identity applications such as wedding certificates, Birth certificate, passports, online login etc. It can also be sued for smart contracts. It is applicable to a system where parties upload and agree on contracts without intermediaries.
The contract agreement is uploaded on the blockchain and when the specified time of payment has elapsed, funds and treasuries are automatically transferred within parties.
The realities of the futuristic contribution to the world economy, political and social sphere cannot be over emphasized as it can be the answer to the numerous corrupt, technical and biased systems that has plagued the world overtime.
However, not all peoples and nations are aware or have totally accepted cryptocurrencies and the Blockchain system, but the fact remains that with the spate of its functionality, use and importance, the Block chain system will in the nearest future be the legal system of all forms of transactions and verification across the globe.
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