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BLOCKCHAIN: BEYOND HORIZON

BLOCKCHAIN: BEYOND HORIZON



"The blockchain cannot be described just as a revolution. It is  the tsunami-like phenomenon, slowly advancing and gradually enveloping everything along its way by the force of its progression"
A blockchain is a growing list of records, called blocks, which are linked using cryptography.
Each block contains a cryptographic hash of the previous block a timestamp, and transaction data.

 The main purpose of this component of blockchain technology is to create a  secure digital identity reference. Identity is based on the possesion of a combination of private and public cryptographic keys.
The combination of these keys can be seen as a dexterous form of consent, creating an extremely useful digital signature. 
In turn, this digital signature provides strong control of ownership.

 The three main properties of blockchain technology which has helped it gain widespread acclaim are as follows:

  • Decentralization
  • Transparency
  • immutability
Working of Blockchain:

One party to a transaction initiates the process by creating a block. This block is verified by thousands, perhaps millions of computers distributed around the net. The verified block is added to a chain, which is stored across the net, creating not just a unique record, but a unique record with a unique history. Falsifying a single record would mean falsifying the entire chain in millions of instances. That is virtually impossible. Bitcoin uses this model for monetary transactions, but it can be deployed in many other ways.

The reason why the blockchain has gained so much admiration is that:
·         It is not owned by a single entity, hence it is decentralized
·         The data is cryptographically stored inside
·         The blockchain is immutable, so no one can tamper with the data that is inside it.
·         The blockchain is transparent so one can track the data if they want to

Applications:
The blockchain gives internet users the ability to create value and authenticates digital information.
  •  AML and KYC: Anti-money laundering (AML) and know your customer (KYC) practices have a strong potential for being adapted to the blockchain. Currently, financial institutions must perform a labor-intensive A multi-step process for each new customer. KYC costs could be reduced through cross-institution client verification and at the same time increase monitoring and analysis effectiveness. Once verified through the bank data is cryptographically stored on block chain.
  •  SMART CONTRACTS: Smart contracts can be programmed to perform simple functions. For instance, a derivative could be paid out when a financial instrument meets a certain benchmark, with the use of blockchain technology and Bitcoin enabling the payout to be automated.
  • THE SHARING ECONOMY: By enabling peer-to-peer payments, the blockchain opens the door to direct interaction between parties — a truly decentralized sharing economy results.An early example, OpenBazaar uses the blockchain to create a peer-to-peer eBay.


The interesting thing about blockchain is that it has made it possible for humanity to reach a consensus about a piece of data without having any authority to dictate it.      "Everything will be tokenized and connected by a blockchain one day."

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