What Is Blockchain? Is Blockchain The Future?
How exciting it would be to have complete control over your money!
Imagine if our hard-earned money is not bound with any bank. You don’t need any bank’s permission to transact, move or send your money at any time of the day. You are not concerned about the changing government economic policies and you don’t have to follow any restrictions while using your money. Over and above, you don’t have to pay bank fees. Sounds like a wonderland, right?
Well, we are not talking about a fantasy world. It is actually possible and happening right now in the world that you live in. Blockchain technology through cryptocurrency provides complete freedom of use. It’s like putting your money in an online wallet that is not linked with any bank. You can call it a mini-bank of your own. Where you are free to use and save your money according to your rulebook.
Blockchain technology is among the most widely discussed developments of the twenty-first century. Owing to their limited knowledge, many people still find it mysterious and intimidating. So we are here to make it understandable for the masses. We will discuss the ins and outs of blockchain technology today. Let’s start with some groundwork.
What Is Blockchain Technology?
Blockchain technology is a type of distributed digital ledger technology (DLT) that stores many types of data in a system. It is nearly hard to alter, hack, or corrupt data in this system. This technology is basically used to store information about cryptocurrencies, crypto transactions, NFT ownerships, and smart contracts.
There are two categories of blockchain networks.
- Permissionless – This blockchain is open to anyone around the world.
- Permissioned – This category is further divided into private and community networks. Anyone who wants to join this category must be authenticated by the person or managing group respectively.
Any standard web-based database can easily store this information, but the unique thing about blockchain is that it is completely decentralized. This means instead of being set up and maintained on a single dedicated server, the blockchain database is spread all across its network. Multiple identical copies of the blockchain database are created and dispersed throughout the network. This means that it is very little to zero probability of data being lost, changed, or corrupted. The different servers are usually referred to as “Nodes”. Every time a change is made in one of the nodes or a transaction is done, the details are duplicated and distributed across the whole network, eventually updating the database. Every transaction detail is recorded with an unchangeable cryptographic signature, known as “hash”.
Blockchain technology was actually developed to support the bitcoin cryptocurrency. But the technology has advanced big time now. It is considered the powerhouse of thousands of cryptocurrencies now. It drives different cryptocurrency systems and the developers are working on integrating this technology into global businesses, economics, arts, medicine, and many other fields.
How Does Blockchain Work?
The main difference between blockchain technology and any other online database is that it allows the data to be recorded and distributed but denies any attempt of alteration in the data. Moreover, it is now widely recognized as a WEB3 technology. With WEB3.js, you can interact with an Ethereum node, local or remote via HTTP, IPC, or WebSocket.
Let’s explore how blockchain technology works.
The blockchain network sends all the details of a new transaction to a network of the peer-to-peer networks when a new transaction is made. This comprehensive network then validates the authenticity of the transaction. Once the transaction is confirmed, it is then clustered into the database blocks. The new entries in the blocks are then chained together with the previous history details forming a long list of all the transactions. Once the blocks are chained together, the transaction is done and the system information is updated.
Benefits Of Blockchain Technology
Blockchain technology is an exceptional cloud-based system for data storage. It is considered an underlying network of cryptocurrencies. Blockchain technology is gaining popularity in the crypto world with every passing day and there are some valid reasons behind it. Some of the main benefits of blockchain technology are as follows.
Access To The History
In all the other databases, we do get the updated data. But we cant have access to the history of changes made in the data. Blockchain technology not only provides updated data. But also enables you to get each and every change ever made in the data.
Decentralization, no doubt, is the biggest benefit of blockchain technology. Instead of using “all the data at the single server” approach, blockchain technology follows a decentralized system. The copies of data are at different servers, thus not leaving a single target structure for data. This approach enhances the security value of the user data.
Security And Control
Unlike other database systems, blockchain technology doesn’t support a single control order. The copies of data are present at every node and update instantly with any change from the user side. The absence of central controls maximizes data security.
In case of any transaction, the data log is updated automatically. As the system supports very little human interaction. So the chances of errors are very low. The transaction must be authorized from multiple nodes so it’s difficult to manipulate or alter the information in any way or form.
The transactions on the blockchain networks are totally transparent. Every node needs to validate the transaction so there is no risk of any mistakes.
Blockchain Technology – What Does The Future Hold?
Blockchain is an emerging technology. It has the potential to revolutionize online businesses. Many industries have already integrated blockchain technology into their systems and others are working towards it. According to the experts’ predictions, blockchain technology will make a breakthrough in the years to come.
The recent analysis of the trend insight shows that by 2022, at least one of the businesses built on blockchain technology will be worth $10 billion. It would grow to $300 billion by 2026 and the turnover will reach trillions by the 2030s. These figures are quite promising for the future.
Why Is Blockchain The Future?
The future of blockchain technology is very prospective. But why are businesses interested in this technology? What does blockchain offer? Let’s see why blockchain is considered the future of the crypto world!
The Opportunity Of Smart Contracts
Blockchain opens the doors of online business through smart contracts. A smart contract is a type of digital contract that has a programmable structure. The contents and details of the smart contracts are stored in the blockchain blocks to keep track of the assets. This smart approach has the potential to enhance business relations and opportunities.
In comparison to web-based databases, blockchain technology provides a more secure system. Each block in the blockchain network serves as a node and verifies any changes in the data.
Crypto is gaining popularity day by day. People are investing their stakes in crypto due to the rise of crypto value. Blockchain technology is the basic network for cryptocurrencies. The future of cryptocurrencies is very dazzling and so is the fate of blockchain technology.
In a close consumer-to-business network, it’s easy to market the services and products. Therefore, blockchain technology has a great future in the digital markets too.
BuzzShow Network – The Future
BuzzShow Network is a blockchain-based decentralized video platform.
It’s a watershed moment for the social video media industry. BuzzShow Network is one of its kind and believes in user domination. That’s why the network gives rewards to its users for creating, watching, curating, and even sharing videos. Moreover, The network knows how important is user privacy, so it has implemented IPFS to protect user data.
The reward for the users is “Goldies”, a platform-native token built using the Ethereum blockchain. The aim of the platform is to distribute rewards proportionally to all users. Users are rewarded adequately based on their role using the proof-of-contribution method.
BuzzShow Network also provides the option of buying and staking Goldies on the platform. You can earn interest on Goldies. If you stake them for more than 3 months, you automatically accumulate 75% of your balance.
BuzzShow Network is the best platform in today’s social media world. You can enjoy every moment and action on the platform by getting rewards. BuzzShow Network is the ideal implementation of a blockchain-based user-centric social video media platform.