Why Blockchain Technology is the future?
Stuti Shah Sheth
Founder of Chirping Soul Creations | Freelance IT content writer l SEO Content Writer l B2B Technical Writer l SaaS Writer l Social Media Content Creator l Empowering Web 3.0 brands with effective content
Blockchain is not just the new kid on the block (pun intended) anymore; it has well and truly captured the global market with a reach that is unparalleled. Up until a few years ago, most of us would think of blockchain as some gym equipment used for triceps. Little did we know that it will forge the backbone of a new internet type.
Understanding Blockchain
The brainchild of a group of individuals or a single person under the pseudonym, Satoshi Nakamoto, Blockchain has allowed for digital data to be distributed rather than copied. Originally made for Bitcoin, a digital currency, Blockchain has grown to find tons of other applications across the globe.
Just so you know, the total value of this currency as of today is 112 Billion US dollars. Also, unlike the Internet, you don’t need to know what a blockchain is in order to make good use of it. However, here’s some clarity:
Imagine an excel spreadsheet which has million duplication across a wide network of computers across the world. Now this spreadsheet is constantly updated wherein the data exists as a shared entity and not a private one. Ergo, there is no centralized location where records are kept, whilst the information is totally public and verifiable. This has rendered fraudulent behavior a thing of the past. Also, since there is no centralized location, there is no single failure point.