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The True Significance of Blockchain Technology

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Written by   2
3 months ago

When I first stumbled into the world of Crypto Currency all I knew about was how 'Bitcoin' and 'Ethereum' were the newest innovation in the field of currencies and the next step towards moving into the inevitable digital world.

Just like anyone who first hears about Crypto Currency, the only thing that comes to everyone's mind is how Bitcoin can make you rich and how valuable an asset it is despite its high voltatility. However no one really understands the basis on which Bitcoin and all these other Crypto Currencies were built upon. The real player behind the creation and the reason for the existence and success of Bitcoin and the so called 'Altcoins'is the underlying immutable ledger, the Blockchain Technology, which is responsible for the presence and stability of all of these assets.

Most people only think and care about the Crypto Currencies but not the underlying technology which gave life to these new revolutionary Crypto Assets which are and have already started to integrate with all aspects of the world.

Crypto Currencies exist due to presence of this phenomenon technology of Blockchain which itself is simply an immutable, distributed ledger which is accessible to every computer in the world and is responsible for recording all the transactions being made using Crypto Currencies.

It is decentralized and not in control of any government or any company but rather it is accessible for the entire world to see and every transaction recorded is immutable since the ledger is distributed all around the world for every computer to access, hence it is impossible to make any modifications to the transactions that are being recorded in the ledger.

Crypto Currencies are the assets which are primarily being used using this Blokchcain Technology as it's basis.

But in this article, I wanted to just highlight how Blockchain by itself can be used to eradicate one of the major problems that are being faced in every country around the world.

For instance, the implementation of Blockchain Technology in the Government Funding and Expenditure can completely eliminate all corruption in the distribution of money along with being used in the voting system to prevent riggings in the elections.

The ledger will be accessible for all to see and no one can make any modification to it without anyone noticing.

Blockchain Technology can also be integrated into the Healthcare System for all the necessary documents and patient history files required and can also be implemented into the banking system along with the Real Estate Department to make things completely open for the public to see.

There are many more things how this can change every aspect of the world, however, like all great innovations this too will be faced with strict disapproval in sectors where people will not benefit from the implementation of this in every sector of Life.

However, the Altcoins are already making use of this technology and are slowly being adopted and integrated since this technology, along with the functionality and the utility of the Altcoins using it, will pave the way for the advancement of the world towards a new future. The biggest thing will be the creation of the Web 3.0 using this and how eventually this will disrupt the entire existing centralized platforms such as social media along with the current banking system.

Block chain Technology can truly be called the 4th Industrial or rather the Next Technological Revolution without which the world cannot further advance.

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3 months ago
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