Bursting the Bubble of BLOCKCHAIN!

Technology nowadays is a lot to take in. It is the hype of artificial intelligence, deep mind, neural networks, IOT, quantum computing and what not. But blockchain is also a word buzzing around us for a while now. All of us sure have read about it now or at least heard people admiring and criticizing this advancement in the technology. Well why not people will praise it, if the pieces fall straight we are going to be a part of one of the greatest revolution of human era. The technology will change everything around us. It will show humankind to the beginning of a new era of trading and building relationships. And maybe this change is what it is causing people to rethink on this technology. The technology here we are talking about is not based on super fast and highly intelligent computers or any other technology than blockchain. This technology today is promising us a well-defined system of trade which cannot be tampered with, an irreversible data storage facility. But even a coin has two sides unless blockchain is that magician’s coin, it will stay like a storm. But what if it really is?

The blockchain is basically a digitized, decentralized, public ledger i.e. there is no single entity in the system who regulates the processes like we have banks for transactions or a single point of storage etc. Constantly increasing as blocks like the most recent transactions or data are added to it in chronological order, it allows all participants to keep track of their own transactions instead of central recordkeeping. Its a transparent system regulating everything.

Blockchain is a vast thing, the problem about the big systems is that it needs an extraordinary insight to state the perks or flaws of such system. The use of blockchain is increasing on a large scale, maybe on a trial. But these trials are the ones are going to show what the system is really capable of. For now, defects are minor glitches based in its programming or problems that can be caused with computers with a very high computing speed or is it a very need of storing this amount of data with every user etc. It surely will improve with time and also new ones will be found. But the system irrespective of these flaws will have an impact. Near to every other industry is going to be affected.

The Finance sector:

The finance sector, blockchain is going to change the way it works. Its very base, the currency, they say it is going to change. Yes! the cryptocurrency, it is being seen as a major application of the system, maybe because the system was introduced with one of its application of this type, the bitcoin. But a currency that we own in the form of bits? it will take a while to sync in this knowledge to a major population of the world. It has the ability to eradicate corruption and malpractices of black money once implemented. It is far away thing, it also showed us a way to trade between machines, to check their authenticity, to share all their details with everyone. The third party, middleman, agents etc the people who take their shares to few percent, who earn from commissions won't longer be earning this way. It is not only these people which will be affected but there are organizations institutions that rely on this kind of service. You may start paying the exact amount it was made, maintained and delivered. Though the cryptocurrency may be far away in the future, the thing with authenticity and details can be and will be made realized.

Data:

Data, no matter it exists on an online platform or not. Its security, authenticity, quality etc. are the things people look for. They all come in a combined package of the blockchain. Though it may be in different blocks since they are connected to each other, it is a perk to the data analytics sections and data scientists around the world. Storing data in bits and pieces in different blockchain is one of the ways security is being explored around the world.

Identity:

Now one may think, what will it affect our personal identities? Well, it does. Now imagine that every single person in the world has been registered on a blockchain. Since it cannot be altered, the human trafficking can be reduced. Or when you show up at a bar or someplace where age is a limit, why should you share your date of birth or your documents with an unknown group of individuals. But since your personal details are all filled up in a blockchain, you may get in using your thumb impression or swiping some kind of a card so that everyone knows you are eligible for the place plus you don’t have to expose any of your personal things.

The famous industry of the artists:

The industry of artists, well it can be considered as a hypothetical place where all the employees are owners and create their own different art. It would allow the artist to share his original art with everyone and getting an appropriate amount of price for it. It will also be a blow to the pirated kingdom online.

Registries and ownership:

Registries and ownership details are most tampered with, which is the reason there are a number of fraud cases are registered each day. Now you know authenticity and blockchain and all. Why am I telling this again? To give you a bigger picture, to ownership, sure, but in case of lands and properties, it can take a new look when the disputes of income from land holdings will be solved between the nations. Yes! to make world peace, there are cold wars between countries about the costly items like oil, jewels, endangered species from the border area belongs to whom. And also, geographical disputes between every defined class of people.

Smart contract:

Smart contracts, it can be considered as the apex of the applications of blockchain that has been imagined until now. It is the world where machines will trade. They will have their own currency. Consider living there, now there is no point imagining yourself poor, at least for now, so you are rich and you bought a driverless car for yourself. Now the car considers you as your owner, according to your wallet (money) and assets, it will have its own wallet filled. Whenever now you wish to refill its fuel or pay its maintenance charge or some other stuff with it, you won’t have to do it! The car will do it for herself. Well, you can say that you are just imagining, why not imagine that yourself as having both time and money to do this kind of stuff. Then move a step forward, now you have to sell your car, so you change the ownership to the buyer’s name, the car considers it and goes to its new destination without you both ever meeting. And now in today’s world, if you sell the car, the buyer will have to come to your place and take the ownership of a car, which in a way would exploit the basic fact of a driverless car. With smart contracts, everything you own can have its own history from where and when it came to existence and everything that has changed it to the way it is today.

It is a way to create a black box for everything you own from your house to the banana in the refrigerator. So, blockchain is everything from giving yourself a different kind identity to giving identity to a most trivial thing you can think of. It is a whole different world where the currency can be different, machines, in a way are smarter, where equality is taken to a new level, and moreover humankind learns to trust every human without even knowing him, just like a baby trusts everything around it or whatever he is being told is morally good and best for him. The defects it contains comes with twice the perks. Blockchain has the potential to penetrate its roots in each field. With the increasing technology of artificial intelligence there sure will be a whole new world when combined with blockchain technology. Well, there are faults in it somewhere waiting to be found, but humankind has always accepted such big things or else seeing fire causes a sort of pollution would keep us today hunting animals and enjoy eating them raw.

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