What is Blockchain Technology?

Tech

Several scientific breakthroughs have paved way for the industrial and commercial availability of products and services that were just a dream. Blockchain technology is one of those advances, and we will analyze how it came to be, what’s on the market and where it is going to be used next.

Satoshi Nakamoto and Cryptocurrencies

This pseudonym has been used by a person or group that is yet to reveal who they are. There have been speculations that it was Hal Finney, the late cryptographer. Other possible identities include Dorian Nakamoto, whose name is very suspicious, Nick Szabo, a cryptocurrency enthusiast, and Craig Wright.

While the results remain inconclusive, Satoshi Nakamoto developed the blockchain technology and launched BitCoin in 2008. BitCoin and other subsequent cryptocurrencies used cryptography as a way to encrypt information. This data has been packed into ‘blocks’ and all further blocks come to be by verifying the information from the previous blocks. This prevents double-spending, meaning that you can’t commit fraud by spending the money you don’t have.

Cryptocurrencies have entered the world as decentralized digital money, whose transactions can be verified while keeping the user secured and anonymous. Because of this, BitCoin was a currency of choice for a while on the Dark Web. As it happened, this money was just a test-run for the capabilities of the blockchain.

Why Is It Secure?

The concept behind blockchain allows peer-to-peer verification. As stated before, blocks of information are constructed out of previous blocks of information with timestamps. There is little to no chance of data being tampered with, especially retroactively, as any change in data would result in the chain going in a different direction, and the transactions could no longer be verified by others. Because it deals with decentralized information, it is not under the control of any corporation or world power.

Current Uses

The idea of tracking the starting point of a process and following all of the changes made blockchain technology perfect for the agricultural industry. The capabilities it possesses allow it to avoid food waste, optimize crop yields, and track faulty food products.

There is also the variation called MustangChain, a system that tracks the lineage, breeding, health problems, and performances of horses. The information on each individual horse comes in a neat little package that serves as the animal’s international passport and records. It provides transparency and honesty in all business dealings.

These are but few of the things blockchain is used for, but there is no indication that it is going to stop there. In the future, it could be possible to expand this technology to other industries and even keep a person’s records in digital form. The possibilities are nearly endless.

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