Bitcoin is now changing and spreading around the globe and is also referred to as this generation’s digital gold. Let us begin with the blockchain. Being the most reliable database of digital transactions, it is programmed to record the value of everything. But the question arises is the blockchain technology is really the future of the internet-
Blockchain Durability and Robustness
Similar to the internet, the blockchain consists of the same sturdiness that means- it can’t fail, and no single person can control it. Since 2009, Bitcoin exists and has been working flawlessly without any system errors. As we know that for more than 30 years, the internet has a similar structure and a very reliable source and it is predicted that the blockchain will follow the same path.
Blockchain as Google Docs
Let us explain it by taking an example- suppose you write on a word doc and share it, no one can except you make any change to it because it is locked. The transactions in the blockchain work as the same way as it is an online ledger shared everywhere. This way fully ensures that no one can lose any data or information because everything is appropriately synced and stored. Just imagine how beneficial it would be to have a shared doc which is both visible and accessible to all without any chance of misplacing.
A Distributed Database
Let us understand by an example- imagine an excel spreadsheet is augmented and spread throughout the digital world where each & every action is recorded. Same can be said about the blockchain because the database of this technology is public and can be easily accessed. The other thing is that it is not kept in a single location, which means anyone around the globe can access it and the hackers can’t breach it.
The Idea of Decentralization
The blockchain technology has been a decentralized technology, and anything that happens on it effects on the whole of it. The Bitcoin transaction can be monitored globally by a cluster of PC’s together using the blockchain technology. Alone authority doesn’t manage it, and various experts on the blockchain technology entirely agree that the decentralized networks will be a brand new trend in technology.
Blockchain and Improved Security
The blockchain acts as a protective shield and eliminates the risks when you store data across the network. While the most common trend is to protect your valuable data with passwords, however, the hackers are still able to breach your pc by cracking the password. This is where the blockchain technology comes into action. The advanced innovation uses increased security measures such as the encryption technology to protect your data from threats.
These highly advanced and latest protection system, the blockchain technology will undoubtedly revolutionize the ways transactions take place.
Auhtor Bio – Varun Datta is the CEO of 4new.io. Varun aims to bring about a paradigm shift in the way people search on the internet about cryptocurrencies by providing solid examples, creative explanations, and affordable solutions. He sees great potential in Bitcoins or cryptocurrencies as an alternative transaction system and believes in the opportunities that it can bring to the internet economy.