Is Blockchain Technology the Future ? A study for the uninitiated

These days even a kid has heard of Blockchain Technology in the form of Cryptocurrency polularly called as Bitcoin.It was developed by Satoshi Nakamoto.

How does it work ?

Imagine an information repository which is shared across multiple computers,different IP’s and different Internet Service Providers.This information database is updated regularly.It is in public domain and accessible.Since the information is not stored at a particular server,no hacker can destroy it.

Blockchain Vision :

  1. To create a system so that one person cannot have full control
  2. Make it impenetrable from hackers
  3. Prevent failure
  4. Create transparency
  5. Maintain Integrity of Information
  6. Tamper proof
  7. Scalable

Uses of Blockchain Technology :

Finance domain

Security domain

Government

Supply Chain domain

Data analytics domain

Land registry domain

Making communication real-time

Smart contracts

Music publishing

Business Examples :

Microsoft has partnered with E & Y in creating Blockchain technology to be used by game publishers’ rights and toyalties.

“We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten. Don’t let yourself be lulled into inaction.”–Bill Gates

 

“ The blockchain cannot be described just as a revolution. It is a tsunami-like phenomenon, slowly advancing and gradually enveloping everything along its way by the force of its progression. ”

William Mougayar

“ The blockchain does one thing: It replaces third-party trust with mathematical proof that something happened.”

Adam Draper

” Blockchain technologies will change transactions in a broad way. “

Brad Garlinghouse ”

“The blockchain allows our smart devices to speak to each other better and faster .”

Melanie Swan

 

“ How do we create new value? You create value by running services on the blockchain.”

 

William Mougayar

“Whereas most technologies tend to automate workers on the periphery doing menial tasks, blockchains automate away the center. Instead of putting the taxi driver out of a job, blockchain puts Uber out of a job and lets the taxi drivers work with the customer directly.” —Vitalik Buterin, co-founder Ethereum and Bitcoin Magazine

 

 

 

“We have elected to put our money and faith in a mathematical framework that is free of politics and human error.” –Tyler Winklevoss, Co-creator of Facebook

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