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BLOCKCHAIN TECHNOLOGY IN TODAY'S WORLD
BLOCKCHAIN TECHNOLOGY IN TODAY'S WORLD

August 5, 2022

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What is meant by Blockchain?

A blockchain could be distributed information that's shared among the nodes of network servers. As information, a blockchain stores data electronically in digital format. Blockchains are familiar for their critical role in cryptocurrency, like Bitcoin, for maintaining a secure and decentralized record of Bitcoin transactions.

Blockchain is just about bitcoin or cryptocurrencies. Instead, it can be seen as a disruptive, future technology that will have major impacts on more than one aspect of our lives. The future revolutionary power of such technology compares with the revolution entitled by the World Wide Web (WWW) and the Internet in general. The Internet is a means of sharing information, so blockchain technologies can be seen as a way to introduce the next level of technology.

Blockchain and Web 3.0 fills the gap in our understanding of blockchain technologies by hosting a discussion of the new emerging technologies in a variety of disciplinary settings. Indeed, this explains how such technologies are disruptive and comparatively examines the social, technological, economic, and legal consequences of these disruptions. Such a comparative perspective has previously been underemphasized in the discussion about blockchain, which has subsequently led to weaknesses in our understanding of decentralized technologies.

Pros and Cons of Blockchain

For all of its complexness, blockchain’s potential as a decentralized sort of record-keeping is near without limit. From larger user privacy and heightened security to lower process fees and fewer errors, blockchain technology might ok to see applications beyond.

Pros

  • Improved accuracy by removing in-person involvement in verification
  • Transparent technology
  • Cost reductions by eliminating third-party verification
  • Decentralization makes it tougher to tamper with
  • Transactions are secure, private, and efficient

Cons

  • Significant technology costs like with mining bitcoin
  • Regulation varies by jurisdiction and remains uncertain
  • Data storage limitations
  • Low transactions per second
  • History of use in illicit activities, like on the dark internet​​​​​

The advanced use of Blockchain Technologies

By creating a new way to verify the transactions, some traditional trade controls may become unnecessary. Stock trades become almost simultaneous in the blockchain & decentralization in the reality.  

Web 3.0 gains a new layer of functionality with Blockchain Technology. Users can securely make transactions between them. With the advanced security brought by blockchain technology, the new internet may emerge outside of common financial transactions. Blockchain technology promises a future, but it is also a reality:

DApp

These are decentralized applications that are developed as software application that uses a token as a changing asset for the management of your transactions.

The DApps use the token as “the fuel” that allows them to function. Any contribution of value that is made to the DApp by the developers must be rewarded in tokens of the same software application.

Smart Contracts

Digital books enable the programming of easy contracts that are executed when some specified conditions are met. Ethereum is an open-source blockchain project that was designed specifically to try to do this.

The Collaborative Economy

The companies like Airbnb and Uber, the collaborative economy is already a proven success. By enabling one-to-one payment, the blockchain opens the door to direct interaction between the party; the truly decentralized sharing economy is obtained.

Crowdfunding

The popularity of crowdfunding initiatives suggests that people want to have a direct voice in product development. Blockchain takes this interest to the next level, potentially creating venture capital funds from different resources.

File Storage

Decentralizing the storage of files on the web brings clear advantages. The disruption of data through the network prevents files from being pirated, compromised, or lost.

Protection of the Intellectual Property

Digital information can be infinite to reproduce and distributed widely. This has given the internet users of the world wide web the gold mine of free content. However, copyright holders haven't been as lucky. they need lost control over their property.


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Harshita C. Jadhav
Founder and CEO

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