The growth of technology has changed the cycle of our economy. From barter system to the use of metal coins, to metal coins replaced by precious coins which turned to the stamped authorized coins. Coins were not enough, and therefore, the use of paper money came into being, termed as fiat money. This was the most prominent currency the world ever held. The present century allows products to be bought digitally with the evolution of the internet. Thus, we have digital currencies now, like the Bitcoin, invented by the anonymous Satoshi Nakamoto in 2008.
Security, privacy, and swift execution of services to achieve the business goals are the primary reasons for technological advancement across the globe. For a strong, reliable ledger to thrive, the underlying structure must be ruled by technology. In this case Blockchain, the underlying structure beneath the digital currency plays a crucial role.
It was in the 90s that cryptography began, the movement to achieve privacy, both in social and public. The cypherpunks, an anachronism of the present digital age, were the ones behind this extravagant development. Cryptography consists of complex mathematical formulas to secure the computer from going public. It uses codes through electronics, thus, shunning attacker from each side.
Blockchain is built using cryptography, which confirms its dependency. Its taut characteristic have not yet sooth users understanding of Blockchain’s strength and capabilities. Instead, they focus on the digital currency, and their link to Bitcoin alone as Blockchain is improved by the use of Bitcoin, starting from 2008 to date. The untraceable payment, the number of accounts it can hold, even when the internet goes off, its impenetrability, and its complex functioning makes it highly trustworthy for storing data. But fame has not yet reached the business circles as knowledge about Blockchain is limited.
Blockchain, a digital ledger, may gain marketability and a firm validity in the years to come. Knowledge about Blockchain may open up one’s future business strategies in an extensive manner. Speaking of which, awareness must be created as challenges in implementing Blockchain is unavoidable.
In-depth research of Blockchain and its function must be comprehensively understood to have an idea of how the marketplace implements Blockchain. This technology is available for use in various institutions. The proof-of-work(POW), and the Reusable Proof-Of-work (RPOW) invented by Hal Finney, act as a savior when it deters service attacks, spams, and network failures. This makes proof working faster when it comes to the blockchain. It is better to use the standard software than going elsewhere with time, trying to figure out the safest storage. Amazon and IBM, the most prominent IT companies provide Blockchain as service providers Thus, making safer transaction.
Just as the marketing system changes over time, even in one of the smallest cities in India like Mizoram (with over 12.62 lakhs population), where Online Shopping overthrew the normal daily physical market in just 6 years, the use of digital, safer transaction, and stronger database structure like Blockchain might take control over the technology for betterment in the nearer future.
Tracing, and uncovering the monetary system through ages has given the mount of change human being are capable of. To be in line with so-called modernity may cause a major shift in life. But, one must dare the change, acknowledging the growth in desire for development through the unstoppable human skills.