How is blockchain applicable in your life

The blockchain is not something new. It has been developing in the shadows since sometime around 2007 and then was introduced in the year 2009 as a solution for the double spending of digital currency by Satoshi Nakamoto.

Fast forward to the present time; there has been thousands of cryptocurrency been created to fund projects that could disrupt the current business ecosystem. But how well will this technology find its place in the current marketplace? Does every need it that badly? Or is it just a hype of the next get rich quick scheme? Let us step back and think about it for a moment.

Blockchain secures your information

We know that blockchain promotes anonymity, secured transaction, and untampered data information. It is a disruptive innovation as it provides something of value that current market does not support. And because it is set to disrupt the internet ecosystem, regulations were drafted to limit the negative impact that could cause by an unscrupulous company.

So what can a blockchain contribute to our livelihood? The most obvious ones will be in the banking and financing center. We no longer need an intermediary for a transaction to take place with the implementation of the blockchain. On top of that, transactions are more secured since the information cannot be altered and no one can change the ownership of the account – which we do not need to worry about fraud accounts.

A disruptive force to the financing world

One of the most highlight that a bank or financing firm would use blockchain technology was because the transaction processing time can be faster in comparison with the traditional way. With a minimal fee, one can transfer any amount in a split second.

The downside of performing a transaction via blockchain is that people may be a scam if not cautious. Moreover, the money transferred can never be recovered. Hence, it is crucial that you know who and what you are dealing with before proceeding to send out your currency.

Dealing with Big data

What about big data? Can a blockchain solve the problem of HTTP/HTTPS of a website? What if the data from the server to the client no longer needed HTTPS to ensure data displayed is 100% accurate? Instead, a server provides all the data to its client through a blockchain. Hence, securing 100% of the content is not altered within the process.

The problem with big data is that traffic can be congested if there are too many session requests. One might wonder if the blockchain can handle such request as the number of users grow. Under such circumstances, an external plugin similar to the lightning network for bitcoin can improve the TPS of the blockchain.

Given that the number of internet users is increasing all around the world, the internet would have to evolve to keep up with the demand. No doubt, blockchain is an innovative way to answer the desire for decentralization, and we are currently in the phase of inducing this technology to the public –which by far, more people are accepting it than ever.

Blockchain technology may not replace the conventional business, but it will influence the way a company would have to operate. After all, it was built as a disruptive innovation to the internet instead of creative destruction. The blockchain is here to stay.