Blockchain : Big or Bubble

BLOCKCHAIN TECHNOLOGY- The Future Tech Rider

Following a chain of ingenious inventions, here we come across yet another commendable invention in the field of  Information Technology and that is Blockchain.By now you all might have been aware of this technology or must have heard it numerous times out there in the real world. Blockchain is being counted as the backbone of digital information where the information is shared with every user but cannot be copied. Yes! you heard me correct. Thinking how this is possible? But it is! With Blockchain technology, a self-auditing ecosystem, the digital information is not only shared over every network and with every user but it's also safe and secured. With the use of Blockchain Technology, the web gains not only a new layer of functionality but also a new agenda of business over the internet. Well, if we talk about the future of blockchain, I would say that Blockchain is the new change and in the coming years, this technology is only going to flourish and make the business grow for the users. Blockchain is sure to replace many of the existing systems of our lifestyle and all it requires is a little more time.Let's have a look at what it has in store for us in the future.

Digital Currency

Heard people discussing critical issues relating to Bitcoin and about the major rise or fall in its value in recent times. Are you confused about what this fuss is all about? Bitcoin is a well flourished, digital currency. Here the transactions are not only verified but also open to all the users. A distributed ledger authenticates all the transactions and that distributed ledger could be any of the users. This information is not only authenticated but also trusted as it is in front of your eyes and no one can dare to change or alter the information as it would be recorded in your database too. Once a transaction is carried out, the information is stored in a block for future purpose. Isn't it simple! No requirement of any kind of bank or passbook to look after your money or keep track of your transactions. Also, no fear of losing any kind of data as it is digitally stored forever.

Sharing Economy

I am sure that each and every one of you out there must have taken a shared Ola, Uber ride once in your lifetime. Well, what we do today is make Ola and Uber a medium that enables sharing but with the use of BlockChain, as I earlier mentioned, you could cut down the cost of the intermediate. Blockchain Technology enables peer-to-peer payments and allows direct interaction between the subsequent parties avoiding unnecessary expenses. Blockchain can be used even by different stores to directly connect to their customer and cater to their needs without involving the third party delivery executives. Smart Contracts Is it tiresome for you to keep a record of when do you need to pay your rent or clear other monthly dues while you have hundreds of other things to look after? Well, why not put Blockchain into use to wave a goodbye to these worries. Coding simple contracts that are condition specified, run only when these conditions are met and have the potential to carry out certain payout processes. Ethereum is an example of one such possibility. With smart contracts, blockchain beautifully projects its value in the coming era.

Decentralized File-Storage

Saving your files throughout the network protects your data from getting lost or damaged. Yes! it is similar to google docs but over google docs, you have to completely depend on large centralized firms for the security of your data entirely relies on their hands which can be hindered anytime in the future. Avoiding such malfunction, blockchain stores data in a decentralized form over networks with encrypted security. With the advent of the phenomenon of decentralized storage, the information over the web will also soon be decentralized which would technically speed up file transfers and data streaming time.

Digital Voting

Encouraging a transparent voting procedure, blockchain can contribute to a large extent in conducting a secure voting procedure. The obstruction to getting the discretionary procedures web-based, as per its depreciators, is security.Today our votes are not facilitated by the level of security they should be and can be easily revamped or destroyed. Blockchain ensures this security to voters through digital voting.Here your identity as a voter will remain concealed and subsequently cannot be altered. What's more? It will save you from, the labor of standing in long queues.

Our assumption is that blockchain technology will become the control condition for all technology in the coming time. It may be working at a dormant state at present but soon it would be ruling the world and everything that the web offers. We talk about the future of Blockchain, I would say that Blockchain is the new change and in the coming years, this technology is only going to flourish and make the business grow for the users. The blockchain is sure to replace many of the existing systems of our lifestyle and all it requires is a little more time.Let's have a look at what it has in store for us in the future.