Understanding Blockchain

To understand blockchain we have to look at the Estonian citizen card an early form of blockchain, the card allows you to register your tax information, and all other documents like driver’s license and health card, when you need to renew, paying a parking ticket or pay your taxes, you just insert your card into your computer through a drive, log in into your account and complete whatever you need to do. Blockchain, on the other hand, are encrypted blocks of information uploaded unto to the internet, these blocks are connected through chains, making these blocks unbreakable, and inseparable from each other. In these blocks you can add your government documents, and renew them, the way it works is I log in to the service Ontario blockchain site and access my info and renew everything there, nothing in the blockchain can get erased what was added, can never be removed. It is the perfect example of a digital world and footprint.

Anything you upload is considered a ledger and is protected by a private key, which generates a new code every so often, this code you share with who you want to see what information you want them to see, after you provide one code, your key generates a new one, since the blockchain is built on your profile, that profile holds all your documents, transactions, and so on. Service Ontario documents, the car you bought all is there. Blockchain gets rid of the middle person, for example now I go to money mart to send money to another country, I have to pay fees to send the money, with blockchain I add the monetary value I want to send to someone else unto a bitcoin and the person who receives it, uses the value of that coin to convert to cash or purchase with it. The issue with bitcoin is that payment process is still slow, digital mining for bitcoins are expensive, you need the right equipment and they use up a lot of energy.

Can blockchain be hacked? Yes, because we have not sophisticated encryption codes and their algorithms. What are the benefits of blockchain? Well because everything you upload on blockchain cannot be removed, imagine the beauty in tracking your shipment of something, buying a car and knowing what exactly the fees are, leaving no room for price manipulation. Blockchain will work with the Internet of things, tracking every input, every output, data, where it went wrong, blockchain will make logistics and production more efficient.

Blockchain now is where the internet was, when it started, however, because technology is more advanced, we will progress faster with the development and efficiency of the blockchain. Australia started using blockchain for their stock market, implementing real-time transactions, keeping real-time data through secure ledgers that cannot be erased. Walmart is placing sensors on their trucks to monitor when and how many times did their cargo goods move around in their containers, monitoring sensitive goods, keeping track of the movement history, and how to improve for the next round of shipments based on the real-time and non-manipulated data.

Another benefit to blockchain are crypto currencies, this is what will make the final move of humanity into the digital world, since our lives depend on our monetary gains and transaction, now the way these crypto currencies work is by the amount of private money being invested in them, this is what gives them value, but people are weary to accept them as payments, because they do not know what they will be worth the next day, they do not respond to the market, in a way they are more democratic, but governments want them tied to the market, which can be a problem because the market can be manipulated, but with blockchain data is stored so if the next 2008 crisis happened we would know what happened, what we would need at that point, is our constitutional right to demand the government to provide that information, so the law and the right of citizens will play a big role in the future.

Yours Truly,

Scratch2Start

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