"Blockchain" is a big buzzword these days and with good reason. It has the potential to drastically change how the internet is structured and how we communicate and do business. This one to me looks particularly promising. I highly suggest reading the white paper if you have any interest in decentralized internet.
The blockchain is an undeniably ingenious invention - the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto.
"As revolutionary as it sounds, Blockchain truly is a mechanism to bring everyone to the highest degree of accountability. No more missed transactions, human or machine errors, or even an exchange that was not done with the consent of the parties involved. Above anything else, the most critical area where Blockchain helps is to guarantee the validity of a transaction by recording it not only on a mathen register but a connected distributed system of registers, all of which are connected through a secure validation mechanism."
The invention of Blockchain technology underlying bitcoin and ethereum has created a new type of internet and with it, a new web stack.
Like the early internet companies, blockchain assets and token based networks are
(1) Creating entirely new business models,
(2) Enabling new applications,
(3) Dis-intermediating current service providers and
(4) Lowering the cost of existing products and services.
Blockchain technology makes a database immutable. That's its innovation. And when you have an immutable database, you get cool emergent features, such as the Bitcoin currency. Or another killer app that runs on blockchain technology would be the Ethereum Virtual Machine (EVM).
Currency is only the beginning of Blockchain technology innovation. There will be layers and layers of applications built on top of the blockchain, so YES, I would say it is a huge and disruptive as the Internet was back in the day.
Living in the age of the internet has come with a lot of advantages, but with those benefits also come certain dangers. Most, if not everyone, has used their personal information online. Whether that was to create a Facebook page or to make a shopping purchase, that information is still floating around in the internet.
With the amount of money being stolen only increasing every year, it has now become critical to find some way to keep personal information private. Thankfully, there is a new technology that is becoming increasingly popular that may change both how we interact on the internet as well as how information is stored.
Blockchain for Safety
Blockchain technology, which is characterized by decentralization, is taking the internet by storm. Its popularity primarily stems from the growth and success of the online currency, Bitcoin. Each block of information has a history connected to it and no transaction can occur without being recorded in the system. It functions as a shared form of record keeping.
Because all the information is interconnected and the transactions are transparent, it becomes nearly impossible for hackers to break into the system and steal data, due to the fact that they are unable to add or remove from the blockchain without the activity being recorded.
Protecting Identity
One company Plebiscite IT Services is talking about the advantage of this technology and is seeking to increase the privacy of the user’s online identity. is an identity management ecosystem that puts the customer in full control of their own data.
Through blockchain technology, the company is able to issue token “keys” to customers. These keys are encrypted through blockchain and it is up to the user to decide who they want to share their information with. Because users never overshare data, this leads to increased online privacy.
Users only share what is absolutely necessary to make the purchase or complete an application. Information is only stored on the user’s device and not in a cloud or database and is therefore inaccessible apart from user permission. Due to the transparency of blockchain technology, SelfKey can verify transactions and confirm the legitimacy of sources, while also protecting the individual.
Ecosystem Functions
One way that startup companies are utilizing blockchain is through ICO’s, or “Initial Coin Offerings.” ICO’s are basically unregulated crowdfunding for millennials. Investors will buy into the company in exchange for cryptocurrency, such as bitcoin or other virtual funds, all of which employ blockchain technology.
By buying in, they will either own a part of the company or will receive some sort of product related benefit. Probably the most popular ICO service is “Ethereum.” By using Ethereum, you are buying and selling blockchain tokens that companies produce: “Etherum wants to create an ecosystem where everything works together seamlessly as part of its vision for a ‘world computer’ – and that includes the tokens required to power it.”