Blockchain, the upcoming revolution?

Blockchain is something relatable to our past, remember playing the board business game? Every player used to keep an eye on transactions, checking if they are going as intended by the game’s protocol and there are no doubts of the transaction being fare or not. This technology is based on decentralized application where the transactions are stored in the blocks, in turn forming a chain of blocks carrying multiple transactions. There is no meaning to this chain until this blocks are verified before adding to it. As that is the whole reason behind having this technology, remember our earlier discussion regarding that game? Here there are same kind of verifiers to keep an eye on ,they are simply called as ‘Miners’. These miners are responsible for verifying and adding blocks to the chain by calculating the hash. Hash is calculated by the miners and with all the consensus, the block is added to the chain. This process is called as ‘Mining’. This hashes are difficult to solve, making this network secure and immutable. But why would miners mine these blocks? The motivation behind this mining is that they receive rewards (cryptocurrency) for the same.

Is blockchain a revolution? Is it going to be our daily part of our life like internet? For this we need to understand current situation. Today we are so active on social media, on what basis we share our location, photos, personal information other stuff? It is the only TRUST! that we should rely on. Today the fiat currency we use, with what is it backed, is it the central banks or the gold? Our currency is backed by nothing, for more detailed information refer https://www.youtube.com/watch?v=mQUhJTxK5mA . In short, there is central bank who controls our money, there is central party who is monitoring our data on social media. On the other hand, blockchain is based on on peer to peer connection and no third party is involved. Now with the smart contracts into the blockchain medical records, voting system, banking, and many more applications are possible. This are the reasons for which people are more likely to switch towards blockchain. So yes blockchain is going to be the future.

When I say it is the revolution, I mean it is something very different from internet and can be achieved without internet. I am sounding crazy right? Yes there are many blockchain applications (like bitcoin, ethereum) working on internet and many people might think this technology is impossible without internet but this technology is just getting to its next level. In 2017, there is an organization called ‘Space Chain’ which successfully achieved world’s first open-source blockchain-based satellite network, allowing users to develop and run decentralized applications in space. There are many organizations like ethereum working on ‘Ethereum 2.0’ which will include a new virtual machine, new way of miners working, better way of transactions. Still we feel something missing, right? Yes we find blockchain entering into gaming field. With entertainment and joy what if games start filling your pockets? Playing games will make you money, take a look on site dapperlabs.com. With this advancements I firmly believe blockchain to be a daily part of our life in coming future.