The currency of tomorrow that is growing today, the ledger of the internet, and the meeting place for all – the blockchain goes by many names and serves all well. This is not surprising considering that it offers complete anonymity and security for all dealings. Blockchain technology is no longer a growing field, it is a necessary entity for the internet of tomorrow.
The uniqueness of the public ledger
You can see why this is so. The blockchain due to its inherent nature is a ledger. It keeps track of all transactions so you can use it to store information, records, and even money. Many people use this wallet to transact business, buy and sell things of values such as diamonds and gold. The blockchain technology companies now see enormous growth due to this fact. And the growth has not stopped. This is the persistent feeling that drives this technology further.
Why is blockchain so important? A secret ledger that has no central authority is like a chocolate cake on the table. Anyone can have it and nobody will know it. This is due to the system that uses secret coding to conceal the identity of the users on the blockchain network. And, this network extends to all parts of the globe, to every household that has a computer. It is so pervasive that many people wonder why it has not become the standard for all internet users.
The standard for tomorrow
To say that it is becoming the standard is not false. Many governments have made use of this delectable technology to improve their functioning. Dubai is one of the first nations to adopt this and they revealed the seven proof of concepts for the blockchain. You need this for the proper functioning of the blockchain. The new technology enhances transparency and cooperation helping governments to move to a common solution with ease.
Devised by the brilliant Satoshi Nakamoto, the blockchain got built for the Bitcoin. This cryptocurrency introduced the new age currency to the world – the money of the internet. You can get your own wallet and use the Bitcoin for buying and selling from traders who accept this cryptocurrency. The blockchain companies in India have extended the technology to include most of the common needs including shopping and banking. They are now exploring extending this to the Internet of Things as this will improve the standard of our life.
A new kind of internet transaction
Verifiable transactions in real time and the use of the digital gold, Bitcoin has changed our perspective of online transactions forever. The whole concept caught fire because it is permissionless and is completely open. This is a user-friendly system but you must have physical access to use it. Everybody in the network takes part in verifying the transactions and so the chances of error or cheating are non-existent.
Like all new technologies, there were a few hiccups during the formative phases but now it is sailing at full steam. The slogan for investors these days is not investing in gold or real estate but in Bitcoin! It sets the standards for the coming years, so why not?