By Usman Salame
Why you should know about Blockchain
Blockchain is a term that is now widely known and globally recognized. The era of blockchain has been a blessing as people now have full control over their digital assets refer to cryptocurrency has proved that.
Blockchain technology leaves you with a sense of authority over your assets, then how best do you explain the rest of the technologies that come with blockchain
Knowing that your assets could be stored in a drive and could be accessed at any time you want to? Beautiful right? first ket define what blockchain is for the benefit of those who are still new to the word
What is Blockchain Technology?
Blockchain is a database that collects information that is encrypted known as blocks. These blocks are large enough to receive large information and store them together until it is full and then when the next information comes
A new block is formed and the new information is stored in the new block until the block becomes full too, like the first one, and when it gets full
It forms a chain with the first block and the cycle continues until there are many blocks chained to one another with each block filled with information, interesting right
Before The Advent Of Blockchain Technology
In the past, before the advent of blockchain technology, there had been several attempts to invent digital money but it had always failed.
Even as I write to you, Nigeria govern that placed a ban on Crytocurence months ago are on the move to create her local Nigeria digital currencies, as was reported by (CBN) Central Bank Of Nigeria, which happens to be the apex monetary authority in charge of money in Nigeria
When blockchain broke into the market globally, the main problem was that people were not confident that their money would be safe and not be carted by the people who invented it or by hackers.
But the first crypto asset has changed the narrative around digital money with the introduction of blockchain technology which is not controlled by one person, as a matter of fact
It is not controlled by anyone or any government body, that is why it is called decentralized finance.
But even as this blockchain is not controlled by anyone, it could still be accessed by more than one person at the same time, although each person can only access their assets.
In the year 1991, blockchain technology was initiated by two researchers namely Stuart Haber and W. Scott Stornetta who then wanted to implement a system of transactions whose documents could not be tampered with.
But it was not until January in the year 2009, which is almost two decades later when Bitcoin was introduced, that this dream was achieved.
The inventor of Bitcoin, Satoshi Nakamoto has described Bitcoin as “A new electronic cash system that is fully peer-to-peer with no trusted third party.”
Below, we are going to discuss the features of Blockchain Decentralized:
Blockchain is decentralized and it means that it does not have any governing body that regulates or controls it; rather a group of nodes maintains the network and thereby making it decentralized.
Blockchain makes it easy to access our assets and store them on the web, also, these days, assets could be stored in drives or even in the cloud and there is no way anyone can get access to it unless you let them know your lock details and give them access to them.
This means that every user has control over their asset and do not need to rely on a third party to look after them.
Security Proof of Blockchain:
Blockchain technology is fully secured with its encryption feature which means that no one could access the financial transaction of another user.
This means hackers might never be successful in trying to hack into this transaction system.
Faster Transaction Settlement:
In the traditional banking system, transactions could be slow sometimes and sometimes one would have to wait for days to attain transactional success.
The case is quite different in blockchain as it makes it very easy and fast to send and receive assets.
We might have relatives who live overseas who find it difficult to send money to their loved ones back home because of the various protocols they have to go through, and after every ritual has been fulfilled. Their families still have to wait for days, sometimes weeks, to get the money they sent.
But cryptocurrency has come to change this narrative because you could send and receive money from anywhere in the world within minutes! yes I mean in a minute, not wait time associated with it, that is how smart the blockchain technology is
The world is fast-changing and things are going the digital way, including financial transactions, but there has never been a time when everyone has 100% control over their own money
The best time to be alive isn’t it? One should embrace this new technology to not be left out of the benefits as ones associated with blockchain and cryptocurrency.
A digital financial technology where you are assured of the safety of your assets because it is encrypted and no hacker would be able to break into the system and steal your asset
That is all will have to say about blockchain technology for today, have your opinion on this ‘Why you should know about Blockchain’ by using the comment box to drop your comment
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