Decentralization
The core advantage of blockchain technology is that it does not require a traditional centralized organization. The distributed system of blockchain does not depend on point-to-point transactions, coordination, and collaboration of a credit center in a distributed system, thereby avoiding the prevailing problems of data security, coordination efficiency and risk control of centralized organizations.
Transparency
By blockchain technology, data is difficult to tamper with. The database for recording transactions can be accessed by anyone. Through this transparent and open mode, everyone can act as a supervisor. What changes in data can be easy-to-read and are more secure than traditional Internet technologies
No transaction can occur without being recorded in this system. It serves as a shared form of record keeping. The popularity of blockchain primarily stems from the development and success of the cryptocurrency, Bitcoin. Each block of information has a history connected to it.
Data security
The blockchain technology is connected with multiple nodes in different places. The nodes in the blockchain interact via a point-to-point communication protocol. Different nodes can be used by different developers in different programming languages and in different versions of full nodes under the conformance of communication protocols. Simply put, when a node encounters with network problems, hardware failures, software errors, or is controlled by hackers, the operation of other participating nodes and systems will not be affected.
So blockchains are more reliable than traditional technologies.
Low cost
Because the blockchain is decentralized, whose systems are maintained by all the participants, there is no need to pay a certain cost for the central management and supervision of third-party agencies. Coupled with the support of a wide range of development cooperation in different places, blockchain technology is a new low-cost, high-efficiency collaboration model.
The advantages of blockchain technology over traditional technologies are obvious.
However, in some respects, it still has shortcomings and deficiencies. For example, the throughput and storage bandwidth in performance are far from meeting the payment needs of the entire society; transactions can only be carried out one by one under technology support, which severely restricts the processing capabilities of nodes; there are no mature programs for asset real-name registration.
I am convinced， of course， that with the promotion and improvement of blockchain technology, it will definitely be able to meet the specific needs for different people in different scenarios.
The development of blockchain
With such advantages, its future is quite promising. Here’re some development trends of it:
- Combination with Internet of Things
Today, many Internet of Things (IOT) are internal self-organizing networks of operators and enterprises which are costly to establish. Moreover, the centralized structure of the Internet of Things cannot effectively protect users' data security and privacy.
The decentralization of the blockchain provides the Internet of Things with the possibility of solving these problems.
Through point-to-point interconnection for data transmission, the entire Internet of Things does not require the introduction of large-scale data centers for data synchronization and management control. All, including data collection, instructions issue, and software updates, can be transmitted over the blockchain network, which will greatly reduce the costs. At the same time, the blockchain data cannot be illegally tampered with or lost. Therefore, the Internet of Things combined with the data encryption technology of blockchain and P2P network will not cause security breaches and privacy leaks.
2.Combination with logistics
For example, if the logistics information is stored in a database, we can check the logistics route and schedule at any time due to the transparency of the blockchain technology. It is even possible to analyze former transportation experience and constantly update the best routes and schedules. In this way, transportation efficiency is greatly improved.
3.Combination with corporate financing
At present, many small businesses are faced with the problem of financing difficulties. Through blockchain technology, commodities can be characterized with capitalization and then its platform can be used to enable funds to be efficiently and quickly accessed to enterprises, supporting innovation and development of them, and continuously improving the business environment for SMEs.
4.Combination with anti-counterfeit technology
Today, the market is full of fakes, making it difficult to tell the real from the fake. If the introduction of blockchain technology, with its data traceability function, the problem can be solved. For example, diamonds are authenticated with blockchain technology, the attributes of which are recorded. As long as there are illegal trading activity, counterfeit or fraud, it will be detected. In addition to diamonds, blockchain technology can also trace the origin of drugs, art, collectibles, luxury goods, etc.
FYI, Sony has filed a patent for blockchain-based Digital Rights Management recently. Thought it might be employed in digital industry, it’s still a good reference for other industries.
Prospects for blockchain application
The application of blockchain is the future trend. It will not only be an emerging technology for the financial infrastructure, but also remain an outperformer in many areas.
It has obvious advantages, but also has shortcomings and deficiencies. Currently, the application of the blockchain is to achieve real landing, support the actual business, and still need to constantly improve itself on the technical level.
Currently, it still requires constantly improvement on technical level in order to achieve and support the application in real life.
Our team is embarking on the future development of blockchain, that’s why the gaming platform CryptoGame (you can exchange our token CGT to ETH as well as BTC and recently 100 FREE CGT can be gained by the registration) and blockchain horse racing game CryptoDerby would show up.