Of Course I am huge fan of blockchain technology. After Internet I guess blockchain is going to revolutionize the way we do business. Not only business, our medical records, car maintenance, transaction financial or not every thing can be on Block Chain. So let us discuss future of blockchain.
What is Blockchain?
For non technical people, it is a public ledger. So all transactions are registered on public blockchains. And , do not worry, nobody sees your name on any transaction, but I won’t go into those details, may be I will make a video about it some day, before that you can read this.
And yes, I strongly believe in blockchain, not sure if it has to be decentralized, and that one magic bitcoin has. Big companies and governments are already investing in block chain technology and it will grow.
Future of blockchain
Bitcoin introduced us to blockchain. All transactions are registered on public ledger, that is also known as “Block Chain”, and all these blockchains are residing in different computers, people on network dedicates their resources to host the blockchain, so this is known as decentralized.
So, say we want to replace, kelly blue book, you can put history of any car on blockchain,
- when the car was purchased
- when you changed the oil
- did you get into accident
- did your car have insurance
- who were the owner of the car
all these information can be kept on block chain
Another example, property records can be stored on blockchain
- when was the building built
- when was it sold
- what was the price
- then when was it resold and for how much
so on, records can be stored.
Bitcoin shows us, records can be made anonymous, or may be public, this can be changed per the need, I believe.
Can all these remain decentralized?
This is what I do not know, to keep these records decentralized, people lending their resources need to be rewarded. Some engineer will solve the problem of rewarding people who are lending resourcing. There has to a financial reward, otherwise why would someone let anyone use his or her computing resources?
I guess, these services won’t be free, and whatever revenue is generated that can be distributed among the network hosts who ever are hosting blockchain. Or may be this will be centralized, controled by one single body.
What is the benefit of blockchain?
Transparency, as the ledger is public, and information can be made public or private selectively, all transactions and records, when stored in blockchain, can end corruption. It will be harder to manipulate blockchain data, and hence the data maintained in public ledger may end bribery and corruption we know it.