Blockchain: Why should we trust it?

A lot has been said about the Blockchain recently. In fact, it has been compared to the ‘.com’ bubble due to the price surges in Bitcoin, a Blockchain-based cryptocurrency. But do not let the hype mislead you because Bitcoin is just one of the applications of Blockchain. Blockchain is the technology that has the genuine potential to change the world around us. According to the Harvard Business Review, “Blockchain is not a ‘disruptive’ technology, which can attack a traditional business model with a lower-cost solution and overtake incumbent firms quickly. Blockchain is a foundational technology. It has the potential to create new foundations for our economic and social systems.”

To understand Blockchain, you need to first understand Distributed Ledger Technology (DLT) since Blockchain is a kind of DLT. According to Ric Shreves, who has studied DTL quite closely, “a distributed ledger is a distributed database that maintains a continuously growing list of ordered records. Each participant in the network maintains a copy of the database, and as the database is updated, changes are propagated across the network in near real-time. Throughout the process, security is maintained by the use of encryption and digital signatures.” We, at Codezeros, have been studying blockchain technology closely and have been developing blockchain applications for a fairly long time. We understand the exact advantages that blockchain can provide to our current world.

Due to the transparency provided by Blockchain, the need of middle-man will be eliminated in a peer-to-peer network. The need for one central authority to maintain all the data and transactions will be killed giving way to a more secure system since there are thousands of copies updated by the distributed nodes in a Blockchain network. With Blockchain, we could achieve a high level of decentralization by the distribution of data on the network and achieve extraordinary security with the confirmations of the transactions by all the nodes. By applying this, we could effectively reshape our democracy, economics, advertising, and many more fields where there is a need to store the transactions and the data. This is the reason why we need to embrace Blockchain technology instead of fearing it.

You can contact us or directly send a mail to hello@codezeros.com for further inquiries regarding Blockchain development and share your ideas with us. Let’s get together andcreate a secure world together.