Blockchain Technology is revolutionising the world. It has created a universal currency and built a free and private internet. Initially, blockchain was in currency form like Bitcoin. But, more research is done to explore more areas.
It has gone from creating a universal currency to building a free and truly private internet. The new technology is applicable to both encryption and transparency. It is also a solution in search of a problem.
It most likely falls somewhere in between both. An increasing number of startups and researchers are devoting themselves to exploring blockchain’s full potential. But, experts caution that room for skepticism should be given. This is crucial in evaluating the technology and its eventual place in society.
Low Understanding Of The Tech
A large number of individuals, including some interested in investing in the technologies have a limitation. There is poor understanding and this leaving people vulnerable to exploitation by bad actors. Researchers at Princeton University’s School of Engineering and Applied Science are striving to make a change. Although, it is through education, outreach and research.
Professor of Computer Science and Public Affairs at Princeton, spoke on the issue. He said, they discovered earlier on that the technology was not well understood. But, a lot of people show interest in it. There has not been a coherent, high-quality way of teaching about this technology or explaining it. Thus, they have tried to systematize the knowledge and the unsolved problems involved.
An Upgrade On The Previous System
The blockchain technology is a ledger. But, not like a hotel register gathering dust on a counter. The blockchain ledger is available electronically in multiple locations across the internet.
The combination of encryption and visibility makes entries extremely difficult to fake. Due to the calculations that carried out on multiple nodes. The results are visible to participants and the different results would be a turn off. The distributed nature of the system means it is hard for a single entity to control. It also makes transactions extremely difficult to track back to a user.
The prior importance of blockchain technology was in forms of currency such as Bitcoin. Recently, the function of tracking decentralized transactions reliably has attracted other sections. Firms and organisations are also exploring its use for contracts, app development and international finance. The future for the blockchain technology is very auspicious.