Blockchain has not yet developed enough to use as a daily payment method securely in marketing and advertising, but the future for it seems bright. We have already discussed what cryptocurrency is, now it time to understand the technology behind it. For now, let’s take an example to understand better. You give me $100 in front of five of your friends. Now, if I claim that I have taken nothing from you, then you will have your friends as proof. But if I tried to convince them, I have to convince all of them to let consider my claim true. Exactly that’s how a blockchain works.
It is a chain of interconnected blocks that share information to update with each block in the chain to maintain a proper and authentic database. It helps in proper maintenance and security of whatever is put onto that block. No information can ever be deleted, users have access to only add information which is then added as a layer in the block. That block is then synced with all the blocks to confirm that the information is authentic and let it be added. So, when someone tries to break in the system, it has to break every block simultaneously to change that information. Which seems practically impossible to attain.
This security benefit applies in many other services that blockchain environment can provide from blockchain hacking i.e. pier to pier international transactions (without involving any intermediator service providers such as banks), keeping valid land and property’s documents, etc. Blockchain environment is creating new ways of doing business across various niche industries, particularly where a high level of trust and full transparency is required. Most people just think of it as investment technology for cryptocurrencies, these are almost incorrect representations. This also eliminates the falsification of media and help in providing correct information. Even if 80% of devices fail or hacked, the information will still be present in its true form in the remaining 20% of devices.
Well coming onto the anonymous, the Satoshi Nakamoto, the founder of blockchain and bitcoin. May be possible he is one guy, or maybe it is a group of people. But the bemused face of Dorian Nakamoto is likely as close as people can ever imagine.
Now there is an interesting thing, blockchain doesn’t accompany the currency that we already use. It consists of a completely different type of currency that is called cryptocurrency. Bitcoin, Ethereum, etc. are examples of cryptocurrency. These currencies have their value over fiat currency according to the Crypto exchange. The only con of cryptocurrency is that it deals with frequent highs and lows in its values which makes it a bit risky but since it stays in increment for a long-term basis makes it best for the same cause.
Blockchain might not be a good thing today but it will be the best thing tomorrow. People are just unaware of its potential and so as the retailers, which might be affected due to very little customer base over the blockchain network. Signing off with a quote said by Satoshi Nakamoto in his whitepaper i.e.
If you don't believe it or don't get it, I don't have the time to try to convince you, sorry.