What if in this day, there is a technological advancement so powerful that it transform the very basic pillars of our society. What is a Blockchain? Let’s have a look at the blockchain breakdown.
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A technology which fundamentally influences, the way that our economy, government systems and business function and can change our conceptual understanding of trade, ownership, and trust. Over the past decade clearly, an alternative digital paradigm has gradually been taking shape at the edges of the internet.
The blockchain is demystified and simplified as a global online database that anyone with an internet connection can use, but unlike the traditional transaction, it is a database technology that doesn’t belong to anyone. It started as the decentralized control related to the use of bitcoin’s blockchain transaction database in the role of a distributed ledger.
The blockchain is slowly becoming like a gigantic chronological chain, you can view it, add to it but you cannot change the information that is already there. It enforces this by using a mathematical code cryptography which records and can not be counterfeited or altered by someone else. It should not be confused as Bitcoin or Cryptocurrency as these three are not synonymous.
For the consumer, it looks like future seemed much brighter with more security less cost and better experiences, As blockchain could be the biggest game changer to the poorest of the society and low-income country or fragile states with a risk of economic collapse.
For more interesting information please see the Infographic “Blockchain Breakdown – What is a Blockchain?”, made by the team of Q insights in simplified details below.