BLOCKCHAIN - Symbolizing a Shift in Power from Centers to the Edges of the Networks ..

BLOCKCHAIN- THE BLOCKCHAIN SYMBOLIZES A SHIFT IN POWER FROM CENTRES TO EDGES OF THE NETWORKS

Blockchain cannot be described as a revolution. It is a tsunami-like phenomenon, slowly advancing and gradually enveloping everything along its way by force of its progression. With all technology advancements, it is almost impossible to think our lives without technologies, some technologies are making our lives easy and some are making difficult because technologies always have some advantages and some disadvantages.

The blockchain is public decentralized ledger that used to record transaction through many computers so that the transactions cannot be altered. Blockchain is list of records, called blocks which is linked with cryptography, each block contains a cryptographic hash of the previous blockchain. In other words blockchain is like a special Google spread sheet and it can be connected to the computer via internet and records every transaction that happens on the row of that spread sheet and this spread sheet is called as ledger. Anyone who wants to access that spread sheet (ledger) can access it via mobile or computer and can add transaction but that spread sheet does not allow anyone to alter or edit the information recorded once.

The benefits of blockchain are, there is a greater transparency of transactions as it is a type of ledger that every participant share the same document. Another advantage is enhancement of security by encrypting every transaction so that it minimizes the frauds. Blockchain improves traceability and increase efficiency and speed and reduces third part cost.

Blockchains are digital organisms. As organisms evolve through changes in their DNA, blockchain protocols evolve through changes in their codes.