BLOCKCHAIN TECHNOLOGY- THE EMERGING TECHNOLOGY TO WATCH
From drones to 3D printing to nanotechnology, emerging technologies are providing completely out of the box solutions to knotty requirements. Of the emerging the one to watch is Blockchain technology, which is well known manifestation, Bitcoin. It’s a technology touted to make sweeping changes of the same magnitude as that of the internet, if not more.
Conceptualised in the year 2008 by an anonymous programmer, is the core component of the digital currency Bitcoin, the public ledger of all transactions. It is the first digital currency to solve the double spending problem.
The main characteristics of Blockchain Technology are:
1. Distributed database – decentralised ledger,
Peer to peer network,
Immutable Block Chain Technology can be seen as a linear progression from out general internet; internet of people to internet of things to internet of value. Transactions will have a completely new meaning with this disruptive invention.
With used cases creating trust, the adoption of this technology is limitless, with every transaction being accounted for, the chain of transaction clear, no intermediaries, barely any transaction cost and complete permanence of the documentation. From governments to central banks to business entities of all types are jumping onto this bandwagon.
Researches & scientists have a great role to play in help stabilise this great tool, which is still in its nascent stage.
BLOCK CHAIN TECHNOLOGY AS AN INTERNET OF VALUE WILL REDEFINE TRANSACTIONS FOREVER.