Blockchain technology a tool for desirable growth.

in #blockchain6 years ago

The immutability of the blockchain technology has made it the pragmatic solution to the entire centralized server. The paradigm shift from the centralized space to the decentralized space by blockchain developers and users is becoming a threat to the world (centralized) and they cannot escape the sporadic adoption of it. And nothwithstanding, the impact the developers are making in getting blockchain technology and its protocols on the mainstream as soon as possible. This will boost the acceptance of the technology across different sectors.

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Meanwhile, before these are set in motion. I have been brainstorming a lot of ideas in my small head which I really do not know how possible it can fit in for application.

Blockchain technology is not totally different from the Google or Wikipedia framework because they are both built on distributed network (internet).
But the distinction between them is the fact that the “authorization and permission” for former is not specifically controlled by anyone unlike the latter where the administrator of Google or Wikipedia has exclusive access to the database stored on the server.

That is, the blockchain is a decentralized platform where different nodes (computers) operates simultaneously and independently of each other but confirms and rectify/approve all open transactions on the chain.

It was built on an existing technologies which is the distributed network (the internet) but with some little differences. Thus, the private key cryptography and the protocol governing incentivization. The fascinating features of a blockchain technology is the secured cryptography chip and the means to which one can get paid via cryptocurrency.

Having said that, here are the enabling factors of the blockchain which can be explore to solve the havoc bewildering the entire sectors of the world.

Factors of the blockchain technology;

Establishment of a digital (private and public keys) identity.
Serve as a system of record keeping.
Prove of Immutability
Serves as a platform.

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Blockchain playing a vital role in the growth of the major sectors

Technically, the key stakeholder who have played a vital role in the blockchain and cryptocurrency space is the financial institutions. It is unarguably not to find the banks and the financial companies not involved in any sector of the world because they are like the gasoline for every moving train or bus. Despite their involvement in the blockchain activities, they have not updated their obsolete system of banking to the existing protocols of the chain which is more easier in keeping data.
Few of the game changer are the Government, Academia and the Consulting Firms. There will be a great shift once the government and others can acknowledge the technology. Millions of people will be curious to get on board.

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If not impossible, it will be a herculean task in building trust when arranging a deal or making a contract in an ordinary cause of business. This is due to the fact that the system has not been able to safeguard the interest of each parties involved in a contract or deal.
It was on this existing loophole that the blockchain was established and it has been able to solve the havoc posed due to lack of trust and disclosure of the parties when dealing with each.

Several firms can seize the immutability of the blockchain to start up a working nodes of rendering services differently.
For instance, the government can seize the knowledge of developers to set up a “blockchain electioneering tool” which will be responsible for registration, collating data and counting votes especially in the third world countries.
Also, the government can include in the curriculum vitae at the tertiary level to be taught the peripherals of the blockchain. Thus, creating atmosphere for job vacancies for those knowledgeable in the field and widening the horizon of the IT experts. These and many others are the roles the blockchain technology will play to improve the standard of the centralized world for better.

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