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Blockchain is now clearly considered to be a transformational technology that will bring innovation to the way people use the Internet. This series of articles will discuss the upcoming wave of technologies and applications based on Blockchain 2.0. The great interest shown by different stakeholders in it proves the existence of blockchain.
For anyone who intends to use the Internet to do anything, it is vital to understand what it is and how it works. Even if all you are doing is staring at breakfast photos of friends on Instagram, or looking for the next best video clip, you need to know what kind of help this technology can provide.
Although the basic concept of blockchain was mentioned in the academic circles as early as the 1990s, it has become a buzzword among netizens thanks to the rise of payment platforms such as Bitcoin and Ethereum.
Bitcoin was originally a decentralized digital currency. Its appearance means that you can basically make completely anonymous, safe and reliable payments via the Internet. However, behind the simple financial token system of Bitcoin is the blockchain. You can think of Bitcoin technology or any cryptocurrency as a 3-layer structure. Blockchain basic technology can verify, record and confirm transactions. On this basis is an agreement, essentially a rule or online etiquette, used to honor, record and confirm transactions. Of course, the most important thing is usually called Bitcoin's cryptocurrency token. Once the transaction related to the protocol is recorded, the token is generated by the blockchain.
Although most people have only seen the top layer, the coin or token that represents the true meaning of Bitcoin, few people know that financial transactions are just one of many such possibilities with the help of basic blockchain technology. . These possibilities are currently being explored to generate and develop new standards for all decentralized transaction methods.
At the most basic level, the blockchain can be thought of as a ledger that contains all records and transactions. This actually means that the blockchain can theoretically handle all types of records. Future developments in this area may cause various hard assets (such as real estate contracts, physical keys, etc.) and soft intangible assets (such as identity records, patents, trademarks, appointments, etc.) to be coded into digital assets, which will be protected and protected by blockchain. transfer.
For those who are not familiar with the blockchain, transactions on the blockchain are essentially considered to be an unbiased permanent record. This is possible because of the consensus system built into the protocol. All transactions are confirmed, reviewed and recorded by system participants. In the Bitcoin cryptocurrency platform, this role is the responsibility of miners and exchanges. This may vary for different platforms or blockchains. The protocol stack that builds the platform is defined by open source code and is free for anyone with technical capabilities. Unlike many other platforms currently running on the Internet, transparency is built into the system.
Once the transactions are recorded and encoded in the blockchain, they will be seen. Participants are obliged to perform their transactions and contracts in accordance with their original execution method. Unless the original rules prohibit it, the execution itself will be handled automatically by the platform because it is hard-coded. The ability of blockchain platforms to recover from attempts to tamper with records and the persistence of records is unheard of on the Internet. This ability is often mentioned as an additional layer of trust when proponents of this technology declare its increasing importance.
These features are not hidden platform potentials that have only recently been discovered, but have been conceived from the beginning. The legendary Bitcoin creator Satoshi Nakamoto said in a communiqué, “It took me several years to construct a design to support a huge variety of possible transaction types... If Bitcoin can become popular Come up, these are what we want to explore in the future... but they are designed from the beginning to ensure that they can be realized in the future.". The fact that these features are designed and integrated into the existing agreement confirms these words. The key idea is that a decentralized transaction ledger is like the function of a blockchain, which can be used to transmit, deploy, and execute various forms of contracts.
Leading institutions are currently exploring the possibility of reinventing financial instruments such as stocks, pensions, and derivatives, and governments around the world are more concerned about the potential of blockchain for tamper-proofing and permanent record keeping. Supporters of the platform claim that once development reaches a critical threshold, from your hotel key card to copyright and patents, everything will be recorded and realized through the blockchain from then on.
Ledra Capital has compiled and maintained an almost complete list of projects and details on this page. These projects and details can theoretically be realized through the blockchain model. It is a daunting task to truly realize the impact of blockchain on our lives, but looking at this list will prove the importance of doing so again.
Now, all the bureaucratic and commercial uses mentioned above may lead you to believe that such technology will only appear in the government and large private companies. However, this is far from the truth. Given the huge potential of the system, it is attractive for such uses, and blockchain also has other possibilities and characteristics. There are also some more complex concepts related to this technology, such as DApp, DAO, DAC, DAS, etc. This series of articles will discuss these concepts in depth.
Basically, development is in full swing. It is still too early for anyone to give pointers on the definition, standards and functions of blockchain-based systems for wider promotion, but this possibility and its imminent impact are undoubtedly existing. Some people even talked about blockchain-based smartphones and opinion polls during election
