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Why blockchain technology is the future

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Avatar for Jack216
Written by   54
1 year ago

Why blockchain technology is the future

In todays special blog I wanted to cover something everyone has probably heard of but doesn't really know to much about. That topic is the possible future use of blockchain technology. As we all probably know blockchain technology plays a big role in how cryptocurrencies work. As blockchain is the network these cryptocurrencies use to validate the cryptos transactions and other uses. Well blockchain technology can be used else where besides just in cryptocurrency. That's the point of this blog today. I'm going to show you how else blockchain can be utilized and why its our future. Lets now get into the rest of the book.          

What is blockchain technology

blockchain technology is a piece of digital technology that is used to store data. Blockchain technology works like a network. With the way blockchain technology works it makes it damn near impossible for a block to be tempered with. Which means the information can't be hijacked or hacked. How this information is secured is through a hash. A hash it like a serial number or a fingerprint. It's how you identify the block and the information within the block. If a hack ever happen to a blockchain it tempers with the hash and changes it. Which causes the blockchain to stop working and makes it easier to identify the problem. This is one of the reasons why I believe that blockchain is the future of our world.   



How blockchain technology is used today

In todays society we can already see blockchain technology being used. One example everyone knows about is cryptocurrency. This is how cryptocurrency validates all of the transactions that happen on the network. Then on top of that more countries are adopting blockchain technology too as well. Like for example is el salvador adopting cryptocurrency since all of the corruption and crime is ruining their currency. But besides cryptocurrency there are other developments in the blockchain world too. Like one is cardano a blockchain company that's has developed the ADA cryptocurrency. They have a project they are developing I.Ds for Ethiopian students for the Ethiopian government all on the ADA blockchain. This is just one real world use blockchain technology has that can be implemented.  



    How can blockchain technology be used

Now we're going to go into how this technology is the future. As we seen in the previous paragraph cardano is making I.Ds using blockchain. So if I.Ds can be made using blockchain then other government papers and certificates can be mad and certified using blockchain. This can help reduce scam and identity thief. Especially amongst Americans where most scams and identity thief happens with social security numbers and cards. Then on top of that it can also help with elections as well. Where this isn't as important to Americans and other western democracies. This is however is important for third world countries where corruption and voter fraud is common. Because if one vote is tampered with then the whole network goes down or forks. which makes fraud damn near impossible. This would also be great for private information in general like bank and hospital records. Blockchain technology in general would be great for securing your personal and financial information.                 

My Final Words 

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Written by   54
1 year ago
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Comments

It's not only the future, it can even save humanity. I'm glad we have blockchain social media where we can share the truth, and it can be here forever. We can expose any manipulations and all the world will know about that. Unlike centralized social media where they have so many lies.

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1 year ago

Don't forget the decentralized web 3.0 websites being built on Blockchain

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1 year ago