Blockchain is an invention. Just like the wheel, money, internal combustion engines, internet etc. Every invention was born out of a necessity. Bartering was inefficient so money was invented to solve its problems. We had an industrial revolution, mechanized factories as manpower was not precise nor sufficient. The internet grew into a necessity in our daily lives as if it is the air we breathe because demand for communication was a vastly growing need for humanity. And now we have blockchain because the exigence of verifying data we acquired has grown enormously. In other words, the need for a solution to the “trust problem” had to be solved.
Imagine that you have acquired a piece of information and you are absolutely sure that it is not incorrect or has been altered in anyway. Wouldn’t it be wonderful? Well, now you can be sure thanks to the invention of blockchain and to the person (or a group of people) under the alias Satoshi Nakamoto who invented it.
A Blockchain is a growing database. As the name suggests a blockchain is formed by blocks and every block has some data in it. (If you would like to read more about blocks please click here)
This growing giant database is decentralized and distributed all over the world. Everyone has the exact same copy. So, if someone comes forward with an altered copy of a blockchain, that someone will be ignored. The most essential part of a blockchain is that it is secure. Maybe the most secure infrastructure at present. A blockchain is immutable. Once a data is appended to blockchain it is in there forever! In order to change even a tiny bit of data in a blockchain, all the data from that point to present time, needs to be changed. Not only consecutive blocks are chained into the previous ones, every block is chained into all the subsequent blocks present and the blocks to come. Yes, as you can imagine the longer or larger the blockchain the more secure it gets.
The beauty of an immutable database is mesmerizing. Remember the “trust” problem? With blockchain when you see an information you will be absolutely sure that what you are seeing is true.
Use cases of blockchain technology are endless. Your imagination is the limit. Let’s say you want to buy a used car. Wouldn’t it be great if the whole process can’t delude you. Mileage, the number or severity of previous accidents are all stored centrally and prune to alteration. If someone wants to delude you, it can be achieved. You can never be sure. The car you purchased as good as new may turn out to be a repaired wreckage. But with the blockchain technology this will all cease to exist because the information you receive through blockchain is true and you can be sure. Mileage, dates of paint jobs done, etc…
Not just cars, buying houses, boats or even potatoes. Yes potatoes. Don’t you agree that it would be fantastic to know all about the potatoes you purchased. From the type and amount of fertilizer to density of irrigation. From seed to harvest. Imagine the possibilities, health records for example, tons of data open for researchers to carry humanity one step forward.
A database decentralized and distributed…
Not one entity owns it but everyone.
If you would like to learn more about Blockchain, you can read these: Hashes and Merkle Trees.
And here is an interesting one: Bitcoin's Magic Number
Thank you for reading. I hope, you enjoyed it and/or it helped you somehow.
Have a nice day :)
