3 Reasons Why Blockchain is the Next Revolutionary Technology
Blockchain will play an important role in the future of the internet. Although most people do not know anything about it and will probably not need to become experts in it, it is important to have a basic knowledge of blockchain and why it will revolutionize the internet.
Blockchain Technology is the Future of Data Management
Originally created for digital currencies such as Bitcoin or XRP, more techies are finding out that the functionality of blockchain technology may be applied for other purposes and in other industries.
Basically, blockchain is a means of managing information where data is stored in blocks and are connected by cryptography, which may be described as the chains that connect each block, hence its name. What makes this a great piece of technology? Consider these:
1. Chronological Storage – In blockchain technology, data is stored in blocks linked together by chains in a chronological order. As soon as information is verified, recorded and secured in a block and connected to the chain, it can no longer be modified. Any changes to the information will be recorded as additional blocks connected to the chain in chronological order. This means that no information is ever erased. It also records the changes made. By using blockchain technology, we are able to store not only up-to-date information but also historical information.
2. Decentralized Storage – This is the most important aspect of blockchain technology which makes it ideal for cryptocurrencies. Decentralized or distributed storage simply means that the data, which are stored in separate blocks are scattered in a large number of computers connected to the internet. Because storage is decentralized, there is no single point or central location that can be attacked by hackers to steal or destroy the data. Added to this, the method by which the blocks and chains verify each existing and new connections makes it virtually impossible for anyone to hack it. Even if someone succeeds in tampering with some of the data, the verification process that happens at regular intervals across the entire blockchain will discover the changes and remove the tampered blocks from the chain to keep the blockchains integrity. No data will be lost in this process as the existing blocks are also duplicated within the system. No other technology at present can provide this very high level of security for data spread on the internet.
3. Public Storage – Because blockchain is a trusted form of data management in the internet, data stored in blockchains may be stored in public. This means that using blockchain decreases the necessity for third parties who will store and manage your data. It does not need to be stored in databases hosted by websites or other intermediaries. Although this is how the internet works at present, we may soon have a system where access to most of our data on the internet will be more direct. The result will be faster, easier and possibly cheaper access to information on the internet.