All of this is possible thanks to the help of blockchain technology.
Blockchain is a new way to store and record transactions. It is actually very similar to the old-fashioned data storage, but these blocks are cryptographically linked to ensure that the data cannot be changed.
Blockchain technology was created in 2008 to create a digital currency. The most well-known example of blockchain is probably bitcoin, which is used as a digital currency. However, people are increasingly using blockchain to record their last wills, to verify that their diamonds are legitimate, or to share data.
Each block in the blockchain is made up of computer codes that contain information such as votes, contracts, certificates, safe deposit boxes, or proof of bank transactions.
Each block of information in this computer database is connected to the other blocks through a form of digital signature. When you send money to a relative, it can take 3-5 days to transfer the money. This happens because we have to be absolutely sure where our money is moving.
The technology that existed in the past did not allow us to send money quickly and cheaply. However, with this technology, sending money becomes much faster and cheaper, and also safer. Because the bank has to sign it digitally, and they will have all the transaction flows that have ever occurred.
When information is added, the length of the block chain and the complexity of the blockchain also increase. And the computer database also increases as more and more people use it. But when someone makes an unauthorized change to the data, everyone involved can see where this happened, and they can decide whether the change is valid or not. For example, we both agree that I will buy your house for £1,000. Instead of hiring a lawyer, we can put this agreement on the blockchain. Our contract will be recorded on that date, where I agree to buy your house.
Blockchain will take you to a transparent ledger, so that everyone can see that at that time I had agreed to buy your house. I can't go back to that date and change the price of the house to 500 Pounds. We can also transfer building ownership deeds or other things, and all will be publicly registered on the Blockchain. This distributed ledger can help us record transactions without being changed by anyone. Actually, the way this ledger works is very similar to the ledger owned by accountants. But the big idea of this technology is that there is a ledger that is managed without the help of a third party. We can use this distributed ledger to help fishermen in Indonesia, for example, to prove ownership of the salmon they catch. We can say that the salmon was indeed caught on such and such a date, in this lake in this way. And all of that can be recorded transparently in a distributed ledger that can be tracked by everyone.
Everyone can have an exact replica of the distributed ledger. This data and asset storage is shared across different sites. While there is nothing that is not vulnerable to cyberattacks, it is very difficult for anyone to hack the blockchain.
Let's say you have a distributed ledger operated by thousands of computers. You have entered into an agreement there and now there is someone who wants to come in and change that data. To do that, that person can’t just hack your computer. They have to hack thousands of other computers at the same time and change their data in exactly the same way they did on your computer. This technology can also help small-scale farmers. For example, by registering the availability of their products on the blockchain. This can allow them to create economies of scale, and secure the supply chain for large-scale customers. In the government space, there are already several new applications that have the potential to be used within this distributed ledger. These applications could revolutionize the way government and public services currently work. I believe that this technology will have a huge impact on the way we work in society, government, and how we socialize. And it will not only change the form of economic transactions, but also our daily lives.
I think the development of blockchain technology is at least as important as the development of the internet. If the internet allows us to communicate instantly through the digital world, then blockchain will allow us to share assets, move data and secure all assets instantly through the digital world. This is very important and useful for all forms of financial services, property or ownership deeds, which of course will have a big impact on our economy.
Greetings always compact.
By @midiagam