The technology likely to have the greatest impact on the next few decades has arrived. And it's not social media. It's not big data. It's not robotics. It's not even AI. You'll be surprised to learn that it's the underlying technology of digital currencies like Bitcoin. It's called the blockchain. Blockchain.
Now, it's not the most sonorous word in the world, but I believe that this is now the next generation of the internet, and that it holds vast promise for every business, every society and for all of you, individually.
You know, for the past few decades, we've had the internet of information. And when I send you an email or a PowerPoint file or something, I'm actually not sending you the original, I'm sending you a copy. And that's great. This is democratized information. But when it comes to assets -- things like money, financial assets like stocks and bonds, loyalty points, intellectual property, music, art, a vote, carbon credit and other assets -- sending you a copy is a really bad idea. If I send you 100 dollars, it's really important that I don't still have the money -- and that I can't send it to you. This has been called the "double-spend" problem by cryptographers for a long time.
So today, we rely entirely on big intermediaries -- middlemen like banks, government, big social media companies, credit card companies and so on -- to establish trust in our economy. And these intermediaries perform all the business and transaction logic of every kind of commerce, from authentication, identification of people, through to clearing, settling and record keeping. And overall, they do a pretty good job. But there are growing problems.
So for the first time now in human history, people everywhere can trust each other and transact peer to peer. And trust is established, not by some big institution, but by collaboration, by cryptography and by some clever code. And because trust is native to the technology, I call this, "The Trust Protocol."
Assets -- digital assets like money to music and everything in between -- are not stored in a central place, but they're distributed across a global ledger, using the highest level of cryptography. And when a transaction is conducted, it's posted globally, across millions and millions of computers. And out there, around the world, is a group of people called "miners." These are not young people, they're Bitcoin miners. They have massive computing power at their fingertips -- 10 to 100 times bigger than all of Google worldwide. These miners do a lot of work. And every 10 minutes, kind of like the heartbeat of a network, a block gets created that has all the transactions from the previous 10 minutes. Then the miners get to work, trying to solve some tough problems.
So the Bitcoin blockchain is just one. There are many. The Ethereum blockchain was developed by a Canadian named Vitalik Buterin. He's [22] years old, and this blockchain has some extraordinary capabilities. One of them is that you can build smart contracts. It's kind of what it sounds like. It's a contract that self-executes, and the contract handles the enforcement, the management, performance and payment -- the contract kind of has a bank account, too, in a sense -- of agreements between people. And today, on the Ethereum blockchain, there are projects underway to do everything from create a new replacement for the stock market to create a new model of democracy, where politicians are accountable to citizens.
Very good info on Blockchain and it is how record keeping will be done in the future.
Great post. I hope that we don't always mix block chain and currencies in the same package. I believe for the blockchain to work it needs removed from cryptocurrencies. The blockchain is richer and much more valuable by itself.
Decentralised
It is important to note that one of the biggest benefits of the blockchain is that it is decentralised.
One has to wonder what would of happened if the American Elections had been done under a block chain?
Here's hoping the current holders of power embrace blockchain. I feel that they won't embrace it with open arms...
I totally agree. And good news! Bitcoin has gone viral in Philippines and Thailand since it was officially legalized as payment method. You can read more about it here.
I like this explanation because it's simple and easy to understand.
I had no idea that the Ethereum blockchain was developed by a 22 year old!
doesnt matter about 22year or 15year old, its an better dev. as Bitcoin. But an slower as XRP. many good Things are rolling better as Bitcoin to future. look at the article @svtechnik
Now I am speaking from personal experience and I am undergoing a huge transformation. This morning I sent bitcoin to blocktrades.us and converted to steem using a QR code! This is crazy!
It is a revolution. The world is changing and you to keep up or you will be left behind. This community is amazing for learning, sharing, and building each other up! Thank you @dommaraju and all of you for helping me and supporting each other.
great post to read
thank you for sharing
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Banks are still in power, however one day Blockchain will beat them all, I believe
We all can hope for that day
hi
I want to correct some information in your post about the founder of ethereum; vitalik buterin is not Canadian citizen, in the last my research in twitter told me that he is Russian and past most of his life in singapore.
This is true. I read an article where he was going to meet Putin for promoting and helping Ethereum growth in Russia.
thanks brother, now i follow you
Indeed, I also do believe that blockchain is the next generation of internet and should be embraced by all! Good info
One day blockchain will smash the banks , one day and i believe that the day will come soon
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://www.ted.com/talks/don_tapscott_how_the_blockchain_is_changing_money_and_business/transcript
Though the blockchain's current application is by confirmation transfer of cryptos, it can have other applications as well.
We can use the blockchain during elections to count votes. It is actually more secure if every citizen use their computers to confirm each and every votes.
If enough people are running the system, it can be quite hard to tamper elections in the future.
We can also use the block chain for property documentation.
If blockchain can go till making politicians accountable to citizens in a new democratic model, the world will be so much of a better place!
Good information on latest change over for income source and wealth generation through the advancing technology
Blockchain: Enter Google, Exit BitCoin?
by Vince Lanci | ZeroHedge
Jun 26, 2017 10:58 AM
http://www.zerohedge.com/news/2017-06-26/blockchain-enter-google-exit-bitcoin
Via Soren K. Group and Marketslant.com
Based on our collective observations and experience at Soren K. Group we feel as qualified as anyone to opine on the path ahead for Blockchain adaptation and success determiners. One of us has already been publicly dubbed as "expert" in the field of pygmies. We would simply say that our knowledge is based on applying existing models to the field.
What we do understand intimately ... (is) that market structure is key to understanding the path of any disruptive industry development. That helps us handicap the path forward for this new game-changing industry. We know how it ends. The trick is understanding the likely path to that end.
We love assessing new developments in old industries like lateral drilling in oil, fracking in Nat Gas, Retail (Amazon made Scaling less important than Networking) and now in Banking.
We see Blockchain as totally changing Banking's (and a ton of other industries) face in the next 10 years. The "How" is dependent on the people at the helms of the industries affected by the C2C model blockchain enables. Secure individual ledger accounting kills disintermediators just like globex obviated many brokers and then how algos unemployed traders.
Very well laid out ! Blockchain will change everything.
@trendo
https://steemit.com/diet/@blackdevil/the-5-commandments-of-smart-dieting
Thanks for the great information.
I am interested in your opinion about my topic. I think both has same content https://steemit.com/cryptocurrency/@zedgo/alert-cryptocurrency-price-is-dropping-should-we-worry-about-it-let-s-discuss
@dommaraju, that's blockchain beautifully explained. I liked your way of presentation. Thank you.