How will blockchain change the world? Almost everyone around us is sure that blockchain is here to change the world. In this article, we will explore the idea of blockchain’s impact on our world.
The idea of blockchain changing the world comes from the concept of decentralization. It’s the pseudo creator, Satoshi Nakamoto, who created the currency bitcoin that led to the discovery of blockchain technology. If you see the timeline, you will see that the decentralized cryptocurrency was created around the last global financial crisis, which gives this discovery much more importance.
In reality, the change has already begun. Many enterprise companies are already implementing their very own version of blockchain. However, no one can really predict the future of this tech. As we will explore how blockchain can change the world, you can discover the possible outcomes.
Blockchain is defined as a peer-to-peer network that is distributed in nature. In a public blockchain, everyone can join and participate. To ensure that the blockchain maintains data integrity and fight fraud, each peer has a copy of the ledger.
All of this brings decentralization into play. Yes, there is no need for a centralized entity for a blockchain network to work.
Blockchain’s trend was always there among businesses, but the adoption rate skyrocketed over the last few years. Blockchain will affect the economy and is already slowly starting to show the effects of the outcome. With an improved exposure to the benefits in general, businesses become more confident in adopting a decentralized approach, i.e., blockchain. The distributed nature means that blockchain can run on the internet without the need to build another infrastructure for it. It is a global phenomenon, not only that it is open-source and utilizes state-of-the-art cryptography to ensure that the data stored in the ledger can only be accessible by the rightful parties.