We have all heard about the blockchain, and most of us will associate with Bitcoin or cryptocurrency. But the blockchain is a piece of technology separate from Bitcoin and other cryptocurrencies. The Blockchain could be considered a web-based application and or database. But it’s best described as online, uncontrolled public ledger in non-technical terms.
According to Investopedia.com, “A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. Constantly growing as ‘completed’ blocks (the most recent transactions) are recorded and added to it in chronological order, it allows market participants to keep track of digital currency transactions without central recordkeeping. Each node (a computer connected to the network) gets a copy of the blockchain, which is downloaded automatically.”
The blockchain cannot be compared to another database technology in existence today. Considered to be almost revolutionary and making even some governments afraid of it.
What benefits can we expect from the blockchain?
1) The blockchain levels the playing field: From small to medium-size businesses, the blockchain can bring decentralized-technology to our fingertips. Blockchain levels the playing field, so that all voices can be heard, offerings can be marketed and creativity and innovation can flourish without government interference.
2) Economic empowerment: Blockchain enables all to do some incredible things at the click of a mouse, tax-free. We can perform transactions with blockchain for just about anything: pay bills, plan vacations, pay for an Uber ride, buy or rent movies or even order food services.
3) Careers in blockchain are fantastic: A job in a blockchain-related field can be gratifying. It can also improve your quality of economic and financial well-being. Blockchain skills are unique, and in short supply, the work is exciting and gratifying, and the financial rewards are relatively high.
4) Great futures for our children: Through blockchain, the world is literally at your children’s doorstep. Blockchain enhances the education of children. Just imagine what could happen children spent time designing or improving economics by building their cryptocurrency or used their creativity to create videos, films, music and written works and paid for that creative with a decentralized currency. The possibilities and opportunities associated with blockchain are endless.
Also published on Medium.