What is blockchain technology?
By Shreya Bansal
Simply put blockchain is a permanent record of “who holds what”. Advanced cryptography in conjunction with computer science ensures that nobody can change these records without anyone knowing. Once information is added to the blockchain it is impossible to remove it from there! Thus due to its immutable nature, the blockchain serves as a trustworthy database of information which anybody can check at any time. This allows strangers to trust the validity of transaction without having the need of trusting each other.
Future of Blockchain Technology:
Blockchain technology can be used to remove the middle-men and centralized third parties that handle transactions in various industries. This may result in lost jobs in the future but the pros heavily outweigh the cons. Let’s take a look at a few industries that blockchain promises to drastically change.
The Entertainment Industry –
The first industrial revolution happened between the late 1700s and early 1800s. During this period of time, manufacturing evolved from focusing on manual labor performed by people and aided by work animals to a more optimized form of labor performed by people through the use of water and steam-powered engines and other types of machine tools.
International Payment –
With blockchain, international payments by individuals and companies become cheap, fast, and secure. Blockchain technology can automatically ensure that money changes hands fairly, and since it removes the middle-men too transaction costs become cheaper too.
Identity Verification and KYC –
KYC has become a tedious job to do, as we have to do it a number of times for different parties whether it be your different banks and digital asset providers. With KYC on the blockchain, a person has to do KYC only once and can be assured that whenever his identity proof is needed it’s just a few touches away.