▀▄▀▄▀▄ 𝓗𝓔𝓛𝓛𝓞 𝓢𝓣𝓔𝓔𝓜𝓘𝓣 ▄▀▄▀▄▀
One might ask, what is the block chain? When I first joined steemit I just put the word blockchain to the side and dismissed it as some useless thing only a tech geek would understand. The other day I stumbled upon an article that elaborated on the blockchain's true potential. While I am no tech genious I think I now have a basic understanding on what this whole comunity is built on.
The Blockchain is a new institution that will change the world. Trade is something that goes back to humanity's foundation. However, if you picture humanity in its entirety trade has evolved from transferring valuables in exchange for other valuables. To the foundation of institutions which habilitate our trades such as banks and now in today's world these institutions have evolved into online networks with peer to peer connections such as the block chain.
Everyone who is a part of the block chain has complete access to view information that is stored in cryptographic blocks. So imagine the blockchain as Wikipedia but instead with currency. Everyone has the ability to interact with each other without the requirement of a face to face verification. It is a public registry that is nearly impossible to tamper with as it is cryptographically stored in blocks of data.
Rather than having a bank or a broker certify the credibility of the trader_Blockchain allows you have full access to the persons' records, and contracts cannot be changed after their creation. Therefore it is not required to have trust in the other person yet built on top of all the distrust is the ability to have an end to end certification, thus eliminating the third party.
It is no longer necessary to have a central authority to regulate our trades. While it is still in its infancy the blockchain is leaving ripples in the economy already. Creating permanent records of everything in an ever growing database the blockchain is the future. Every industry on the face of the Earth is approaching a major shift and it is time to start preparing. Now take a look at the applications of the blockchain.
Thank you for tuning into my life which I will happily share with you in my future steemit posts. Feel free to ask me any questions in the comments or by emailing me at scottland.steemit@gmail.com If you would like to check out my sources check here and if you want to see my sick editing tricks check out my editing tutorial here.
