Blockchain Technology is the hottest topic of technology sector today after Avengers Infinity Wars.
For those who don’t know what exactly is Blockchain, let me make it easy.
Blockchains are the chains of blocks (typical high school level answer). But digging a bit deeper, these blocks forming chains contain information about an individual entity and are encrypted so that nobody other than the individual can access the block. Its like a digital city, where each family (individual entity) has their own private house but at the same time are public in nature as there are many houses together, forming a city(chains).
These blocks are secured enough using cryptography that very critical information can be stored in them without a doubt.
Now who all want a block of their own to store the “sensitive” data?? LOL…!!
More than half of the world governments want the blocks(why won’t they?)…!!
But dude dude….duuuudeeee..!!!
Why are Blockchains so important??
What can we do with a chain that we can’t even see??
Nobody can see love…its only felt (Next booker award for best romantic novelist is going to be mine.)…
That’s same with Blockchains. It can only be felt. The changes it causes can be seen.
And Blockchains influences the following domains:
An individual will be assigned a block and each block will have a unique ID number. This number will be a part of a person from his birth to his death.
Isn’t that cool?
Its like having a digital self existing inside a computer.
Now the only question remains is who controls who.
Blocks can hold the medical information and background of a person. Each person is assigned a unique ID number which makes the work flow of his insurance claim and other monetary transfers becomes easier as all of the person’s details come under a single roof.
Wait! I know this thing…!!
It sounds like : Date a girl/guy, get married and you are obliged to maintain relationship with his/her family too…
As mentioned above, all the certificates like birth certificate, death certificate as well as marriage certificate will be automatically generated and will reduce the possibility of error in keeping track of its citizens for a government.
Hmm… You can’t cheat anymore babe.
Coz you are being watched (*scary music*) in a good way(*music cut*).
Use if Blockchains in entertainment industry will solve royalty issues. It’s been a history of artists and scientists fighting for their rights.
Blockchain Technology will make sure it stays history and doesn’t reflect itself in present and future.
Artist is a profession too. Artistic lives matter..!!
Anonymous contract and execution
Companies can make a contract in an anonymous way, which will help in unbiased execution of work.
Its like you’re working at a cafe and your enemy shows up. Just because he’s your enemy, you won’t serve him coffee. That will harm the business of your café and your boss will become your new enemy as he’ll frekkin fire you off.
These contracts will execute by themselves in a condition where you and your enemy are wearing masks and cannot see each other. If you cannot see your customer, you’ll never be able to understand if he’s a friend or a foe. You just have to serve coffee anyway.
Now all these above mentioned applications make it very clear that how easy can governance become by implementation of Blockchains. Coz it simplifies the complex”they’re watching over us” thing.
You are smart my dear readers.
Come on …Even I am lazy like you.
That’s why I am writing these last lines very catchy so that you scroll up and read the whole article. Read it… Make me proud, and yourself smart…!!