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Blockchain is a novel technology that is revolutionizing numerous different industries. So what is it, then?
Blockchain is a novel technology that is finding implementation in almost every area of human endeavour. Based on their particular needs, different users are finding different ways to use the Blockchain.
Since the invention of the first Blockchain by Satoshi Nakamoto, the technology has not relented in growth and evolution. It has grown so much in popularity that sometimes even its active users pause and ask the question - “what is Blockchain?”
From an incorruptible ledger to a transparent transaction system, an immutable data base, a secure data storage technology; all definitions have been correct depending on the appropriate implementation of the novel technology.
Michael Vogel of Netcoins views Blockchain technology as a more secure and modern way to store and organize data. He notes as a prime example how Bitcoin payments are recorded on the Blockchain in a manner such that all transactions are guaranteed and irrefutable; the Blockchain allows two parties who don't know nor trust each other to transact securely.
Having acknowledged that all applications using databases do not necessarily require a migration to a Blockchain-based environment, Vogel notes that Blockchain ledgers and technology allow for perfect record-keeping and data management in ways never thought possible, especially with the decentralized aspect where data is not centrally controlled or possible to manipulate. Vogel says:
“Triple-ledger accounting (with the third ledger being a Blockchain-based copy) is an example of how traditional accounting and audit methods can be replaced (or augmented) with a Blockchain component. This allows for financial statements to be created (and audited!) in real-time.”
From his own use case, Gideon Gibson of KickCity sees Blockchain as a tool for creating a decentralized online community with its own rules, supported by smart contracts as well as a token economy.
Gibson notes that most online communities are currently on Facebook, Slack and Telegram. However, according to him, these platforms were not optimized for community building and that is why most power users have issues using them. He identifies problems such as lack of trust, absence of specific governance, navigation problems and cost as some of the weaknesses of these traditional platforms.
According to Gibson, KickCity is a primarily a decentralized incentive-based community platform, and an ideal platform for event vendors.
“KickCity products are designed to create communities and generate revenue. We are currently attending a Blockchain solution forum in Barcelona and we already have a number of Blockchain event vendors who want are implementing the KickCity platform. The fact that we support automatic bitcoin ticket purchase is appealing to these communities.”
There is also the faculty that describes the Blockchain as a tool for payment processing, providing credit and enabling access to the Bitcoin ecosystem. Prominent among these class of startups is Ripio Credit Network, formerly known as Bitpagos.
Riding on the transparency and reliability of Blockchain technology, platforms like Ripio avail individuals across the globe the opportunity to access credit and provide loans without the limitations of geographical location or that of banking procedures. To such innovators, Blockchain can be described as a tool for restructuring the global financial system.
On some other platforms, Blockchain functions as a robust security system to protect against DDoS attacks. A typical example is found in Maryland-based Gladius which is creating a system that would allow people to rent out their unused bandwidth so that it can be used to absorb malicious DDoS traffic and mitigate attacks.
The decentralized platform will provide a system whereby pooled bandwidth can be accessed and utilized in ways far superior to single-server centralized models, where bandwidth is limited.
The list can go on and on, however, the universal application of the Blockchain qualifies it in so many ways as a technology that is out to disrupt the traditional ways of doing things. Blockchain, in its most basic sense, is “a solution technology.”
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