Blockchain: The Ledger That’s Destined to Shape the 21st Century

Blockchain: The Ledger That’s Destined to Shape the 21st Century

September 26, 2018 Off By Sydney Ifergan

The internet is reaching a second era which is built on the blockchain. The last decades brought the internet of information. Today, people are noticing the increase in the internet of value. Where the original era was ignited by a convergence of communications and computing technologies, this next era will be powered by a clever mix of behavioral economics, software engineering, mathematics, and cryptography.

It’s blockchain technology, also known as distributed ledger technology. Similar to the internet before it, blockchain promises to overturn business models and disrupt industries. It’s pushing people to challenge how they’ve built a society, defined value as well as rewarded participation.

Blockchain 101

The blockchain is encrypted: it utilizes heavy-duty encryption involving private and public keys to keep virtual security. With it, people don’t need to worry about the fragile firewalls of the Democratic National Party of the US or even rogue bank staff.

In most cases, blockchain is public. That means anyone can see it at any time. That’s because it exists in on the network, not within a single institution charged with keeping records and auditing transactions. No one can conceal a transaction, and that makes cryptocurrency more traceable than the case. You see, it’s open source, meaning anyone can download it free, run it and utilize to create new tools for dealing transactions online. Private blockchains, meanwhile have emerged which do not utilize cryptocurrency for consensus.

Blockchain Technology is Indisputable

Within minutes or seconds, all transactions performed are confirmed, cleared and store in the block. This block is connected to the following block, thus making a chain. Every chain should refer to the following block to be legal. That structure timestamps permanently and keeps exchanges of value, avoiding anyone from changing the ledger.

On the other hand, XinFin, the highest potential blockchains in the market today has accomplished much more than what most established public blockchains have obtained. Their XinFin wallet is the ideal tool for both businesses seeking for settlement solution in the cross-border payments and investor seeking for safe storage of their cryptos.

Blockchain Technology is Historical

If people intended to steal a cryptocurrency, they need to rewrite the entire history of an asset or coin on the blockchain in broad daylight. Hence, the blockchain is a distributed ledger, which represents a network consensus for each transaction which has never happened. People should save the blockchain in its entireness. That’s the main reason why storage matters.

That’s much more than the financial services sector. Innovators are creating a program through this new digital ledger to track anything of value to humankind. It includes the following:

  • Death and birth certificates
  • Titles and deeds of ownership
  • Marriage licenses
  • Insurance claims
  • Charitable donations linked to particular outcomes
  • Managerial decision rights
  • Employment contracts
  • Job recommendations & performance ratings
  • Provenance of diamonds and foods
  • Location of portable assets
  • Citizenships & voting privileges
  • Medical history
  • Financial accounts
  • Educational degrees
  • Rights to intellectual property

All of these and anything else which we can express in code can be monitored through blockchain.

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