"Are you afraid of loosing your glasses ? Well, print new ones using smart contracts & 3D printing !" - by digiGeek
History (before Blockchain, even before OOP)
Twenty years ago, before "4th generation programming langugages" & OOP (object oriented programming) were available for developers, computer source code had to be writen line after line, like rows of data in a table.
Then, OOP changed the world.
Since OOP, developers can dynamically jump to objects, include other source codes, inherit characteristics of other objects or link source code libraries, like in a chain, like in a "chain of source codes".
That's why OOP became a new standard very quickly and no one wanted to go back to the old times before OOP.
Today, since blockchain, the same can now be done with data and believe me, no one will want to go back to the old times.
Data can either be stored in a local table like in the past (a single instance of a table or multiple copies/versions of that table), or data can now be distributed securely around a network of computers, as a trusted single point of thruth to build trust among the users of the network who can rely on exact the same version of data, thus using a new technology blockchain, a "chain of data blocks" from the very origin to the actual version of the data.
A table is a collection of related data held in a structured format within a database. It consists of columns and rows, usually uncrypted, values can be altered.
Single instances of tables (centralized data) are easily controllable, but as soon as copying and sharing tables around the network and updating values, overview on instances and correct values is lost easily. Information manipulation and data manipulation are common.
The blockchain eliminates the risks of centralized data by storing data across the network.
Decentralized blockchain technology makes blockchain data (private or public) transparent to everyone involved - but only to everyone involved. Good privacy.
Decentralized blockchain technology will consume the planet just like the Internet did.
A blockchain is a continuously growing unique list of records, compressed & hashed to blocks, linked to the predecessor & secured using cryptography. Each block contains a hash pointer linking to a previous block, a timestamp and transaction data. Thus, building a unique chain of blocks, the blockchain. Once recorded, the data in any given block cannot be altered retroactively.
Blockchain will challenge every middleman type of business over time. This is a huge opportunity.
Bitcoin crypto currency
Bitcoin is one of a thousand crypto currencies based on blockchain technology. Crypto currencies are Bitcoin (BTC), Bitcoin Cash (BCC / BCH), Ethereum (ETH) & Ether, Litecoin (LTC), Vertcoin (VTC), Altcoin (ALT), etc...
Crypto currencies are the best hedge against central bank/government policies & market pandemics.
Bitmain in Shenzhen, China, is a leading Blockchain|Bitcoin hardware & technology company, providing 40% - 60% of Bitcoin's "Hashing" power, the calculations to provide the blocks for the blockchain.
Trust & Reliability
Everything that needs to have a stored history (supply chain, personal health records, etc.), contract or smart contract, vote, notary or needs to be audited, registered, traded (securities & commodities), confirmed, transfered (money, payments), reliable, needs to be trusted, and vice versa.
New Business Cases, Disruption, Data Ownership
Blockchain is disruptive, as blockchain technology works directly "peer-to-peer" and "middle men" are no longer required. Note: Today, still 3.2 billion people do not yet have internet nor a bank account. Blockchain will challenge every middleman type of business over time. Today's business cases still having a middle man, like banks are needed for money, national banks are needed for the banks, governments are required for national identities, business brokers, estate agents, etc., will be strongly challenged.
The control of personal data goes back to the person him/herself, while today still most of the data are controlled by middle men.
So, we can find new business cases for the storage of our personal data, within a company or government, individual digital identity, personal health data and medical records, currencies, property, land registries, marriage, shares, securities, commodities, peer-to-peer (P2P) lending, diamonds, loyalty programs, IoT,... you name it !
Blockchain technology is not just a "hype" nor a "bubble", blockchain technology is here to stay, an advanced and revolutionary technology for now & for the future.
It's time to re-think, if data stored in tables are still save and trusted to all the users or if that data requires an upgrade to be more reliable.
In case of questions, don't hesitate to contact us from www.digiGeek.ch !