Blockchain is a designation for the latest decentralized technology known as the technology that runs Bitcoin. Although it took quite a while, the world has changed a lot since the Internet was first discovered 35 years ago. Today, Blockchain offers high-end solutions that have the potential to revolutionize the workings of the Internet, banking and applications to be serverless.
Mentioned as the greatest discovery post internet, what is actually Blockchain?
Without Server / Decentralization
There are still few people who question the current shortcomings of the Internet that is the number of sites and applications that are centralized, where when one server down, people can no longer use it. In fact, this is very important to think about. Just imagine if a database, which stores financial information and state defense documents burglarized by a group of hackers and manipulated data. Very dangerous is not it? Or easy, would not you be confused when Facebook is inaccessible for server downtime and you can no longer contact old friends there? Blockchain technology is emerging to overcome these deficiencies while revolutionizing the technology we know today into a more modern world with a more instant, transparent and efficient work system without the need to rely on a centralized server. How does this happen?
Transactions using Blockchain technology are peer-to-peer, in the sense that a data (can be messages, money, or important information) can be moved from one user to another without the help of a third party to process it. With Blockchain, we no longer need to rely on a single server because all transactions are replicated across the network, avoiding various forms of fraud due to modified data, server downs, or hacked accounts. For example in the world of Bitcoin, we no longer need to trust a person or a company to control and transfer our money. Money transfer using Bitcoin can be done anytime, anywhere, anywhere in the world, as easy as you give an apple to a friend sitting next to you-without a third party!
People love it!
Blockchain technology with its strongest currency called Bitcoin, created by Satoshi Nakamoto-a figure that until now, despite being searched and tracked on an ongoing basis, has yet to be known of its true identity. Nevertheless, the uniqueness of this technology reap a lot of praise, and there are already thousands of companies that decided to experiment with this technology. Hyperledger Project is a joint project that incorporates companies and banking institutions in the world-including giant corporations such as Citibank, Commonwealth Bank, HSBC and Barclays-to learn how Blockchain works and apply it to the internal banking system. The project is aimed at transforming the workings of banks in a more secure, fast and efficient way so they can compete with financial companies that transact using cryptocurrency.
Internet of Things
Blockchain is believed to realize the Internet of Things that we often imagine. Imagine a world where everything goes automated. A CCTV camera on the highway near your office takes pictures automatically every 10 minutes and distributes photographs to the public using the Blockchain network. Your car, complete with GPS connected to the internet, captures the information and instantly alters your path to avoid the congestion caught on CCTV cameras. In the middle of the road, your car runs out of fuel and automatically, your car leads to a gas station and pays a certain amount of Bitcoin to refuel your car. This kind of world that we can realize with Blockchain and all running without a centralized server so there is no down time.
Instant, Safe, Accurate, Durable, Cheap and Efficient
Data transmission using Blockhain technology takes place instantaneously and efficiently. All transactions and data storage are secure because they are replicated across the blockchain network so that to change one data the hacker must also change the same data across all other user's computers at the same time. This is very unlikely to be done. Blockchain is like a big book where all transactions are transparent and can be checked by everyone so as to ensure credibility. No matter when the transaction was made, we can always track it with ease only with internet connection only. Data is guaranteed accurate without any expiration time.
Smart Contracts
BlockchainforsmartcontractsBlockchain offers the opportunity to include any form of business agreement, education certificate, land deed, birth, marriage or important documents into Blockchain databases that are impossible to hack or forge. The whole system runs without a third party and happens automatically based on the algorithm. Blockchain, with databases split into hundreds of millions of servers, will ensure that the agreement is automatically executed, recorded, and stored in a transparent system so that it can be verified. Say goodbye to fake documents!
Have you got a little bit familiar with Blockchain? Our team, Blockchain.co.id, is here to help you if you have anything to ask. Visit www.blockchain.co.id for more information on Blockchain Technology.