Blockchain is the designation for the latest decentralized technology known as the technology that runs Bitcoin. Although it takes a long time, the world has changed a lot since the Internet was first discovered 35 years ago. Now, Blockchain offers high-level solutions that have the potential to revolutionize the way the internet, banking and applications work without servers.
Called the biggest post-internet invention, what exactly is Blockchain?
No Server / Decentralization
There are still few people who question the shortcomings of the Internet at this time, namely the number of sites and applications that are centralized, where when a server is down, people can no longer use it. In fact, this is very important to think about. Just imagine if a database, which stores financial information and national defense documents was broken into by a group of hackers and manipulated the data. Very dangerous is not it? Or simply, wouldn’t you be confused if Facebook couldn’t be accessed for server reasons and you can’t contact old friends there anymore? Blockchain technology emerged to overcome these shortcomings while simultaneously revolutionizing the technology we know today into a more modern world with a work system that is more instant, transparent, and efficient without the need to rely on a centralized server. How did this happen?
Transactions using Blockchain technology are peer-to-peer, meaning that data (which can be messages, money, or important information) can be transferred from one user to another without the help of a third party to process it. With Blockchain, we no longer need to rely on one server because all transactions are replicated to the entire network so as to avoid various forms of fraud due to modified data, server down, or hacked accounts. For example in the world of Bitcoin, we no longer need to trust someone or a company to control and transfer our money. Sending money using Bitcoin can be done anytime, anywhere, from anywhere in the world, as easy as you give an apple to a friend sitting next to you – without a third party!
Blockchain technology with its strongest currency, Bitcoin, was created by Satoshi Nakamoto — a figure who until now, although it has been searched and tracked continuously, has not yet known his true identity. Even so, the uniqueness of this technology reaps a lot of praise, and there are already thousands of companies that have decided to experiment with this technology. The Hyperledger Project is a joint project that combines companies and banking institutions in the world – including giant companies like Citibank, Commonwealth Bank, HSBC and Barclays – to learn how Blockchain works and apply it to the internal banking system. This project is carried out in order to transform the way banking works in a safer, faster and more efficient manner so that they can compete with financial companies that transact using digital assets.
The Internet of Things
Blockchain is believed to be able to realize the Internet of Things that we have often imagined. Imagine a world where everything is automatic. A CCTV camera on the highway near your office takes pictures automatically every 10 minutes and distributes the photo to the public using the Blockchain network. Your car, complete with GPS connected to the internet, captures that information and immediately changes your lane to avoid traffic jams caught by CCTV cameras. In the middle of the road, your car runs out of fuel and automatically, your car leads to a gas station and pays a Bitcoin amount to refuel your car. This is the world that we can realize with Blockchain and everything goes without a centralized server so that there is never a down time.
Instant, Safe, Accurate, Durable, Cheap and Efficient
Data transmission using Blockhain technology occurs instantly and efficiently. All transactions and data storage are guaranteed to be safe because they are replicated throughout the blockchain network so that to change one data the hacker must also change the same data on all other users’ computers at the same time. This is very unlikely to be done. Blockchain is like a big book where all transactions are transparent and can be checked by everyone so as to ensure its credibility. No matter when the transaction was made, we can always track it easily with only an internet connection. Data is guaranteed to be accurate with no expiration time.
blockchainforsmartcontracts Blockchain offers the opportunity to enter all forms of business agreements, education certificates, land certificates, births, marriages or important documents into a Blockchain database that is very impossible to be hacked or falsified. The whole system runs without a third party and happens automatically based on an algorithm. Blockchain, with a database split into hundreds of millions of servers, will ensure that agreements will automatically be executed, recorded and stored in a transparent system so that they can be verified. Say goodbye to fake documents!
Are you familiar with Blockchain? Our team, Blockchain.co.id, is ready to help you if you have anything to ask. Visit www.blockchain.co.id for more information about Blockchain Technology.
The revolution is here, the question is: are you ready?