Is Blockchain the New Backbone of the Internet?

Blockchain technology is a data infrastructure that is currently the backbone of a new type of Internet that attracts the Internet business community. Blockchain is a decentralized, encrypted ledger that is programmed to record all financial and digital transactions that have value. This platform is used by Bitcoin, a decentralized peer-to-peer system that has a digital currency known as the cryptocurrency used to pay for goods and services. Bitcoin allows online users to process payments between parties through the exchange of Bitcoins that can be bought with national currencies or can be minted through mathematics, algorithms, and cryptography. The blockchain is used to record all these online transactions.

The Blockchain is like a distributed database where the spreadsheets of all financial transactions are duplicated on your network with thousands of computers. These networks are designed in such a way that they are automatically updated regularly. Records and transactions within the network are publicly accessible to anyone on the Internet and can be easily verified. The advantage of having blockchain technology is that there is no centralized version of duplicate spreadsheets. It is completely automated and does not involve human decision-making. Additionally, it provides the benefit of eliminating a middle man such as banks, retailers, or brokers in any type of financial transaction. 

Benefits of Blockchain applications

Due to its crypto base, it is guaranteed that no malware, hackers, illegal business practices, or phishing attacks will occur. With the unsurpassed security and immutable program of blockchain that is distributed and duplicated across multiple networks, it has the immense potential to prevent a hacker from corrupting data in any way possible. 

The implementation of blockchain technology within the financial industry has had a major impact on record-keeping database systems. It has the ability to support self-enforcing smart contracts that include scheduled conditional clauses for participants. Transactions will be successful and funds will be transferred only when the conditions of the clauses are met. These contracts are currently being implemented and executed on decentralized platforms for crowdsourcing and voting where the results are completely transparent and accessible to the public.

What does Blockchain hold for the future?

The use of blockchain technology has the potential to revolutionize the field of law. Through the use of smart contracts, blockchain technology has the ability to have smart contracts and the will of the blockchain will take effect immediately after a person dies. The executor and intermediary would no longer be necessary to execute the wills. This blockchain technology would rather require a lawyer who has the professional skills of a computer programmer.

Also, this technology would be beneficial for car rental agencies. Using smart contracts, agencies could automatically allow car rentals once customer payments and insurance information have been approved.

This platform could potentially help the online music industry. Musicians often earn from sales due to recording on third-party companies or platforms. Blockchain could be used to cut out the middlemen and provide the artist with more control and ownership of the music, leading to maintaining the large percentage of sales that artists originally lost.

Blockchain platforms can also change accounting based on an organization's audit verification process. Instead of a business keeping separate records of transactions, blockchain technology can store all transactions in a joint record. This will create a system in which all transactions will be sealed in an interlocking system where it will not be possible to change transactions, fraud, or destroy them.

Resume

Blockchain technology is a vital and useful asset for Internet business communities. It can be used to strengthen and reinforce trust and transparency. Through this technology, all information is visible to consumers, so they can track and validate each product and part before successfully proceeding with an auditable and secure transaction. This leads to the end of data corruption. The traceable transactions will provide an efficient infrastructure to companies that will greatly reduce costs for all participants.