Technology of Blockchain Benefits

A lot has been said and written about how blockchain technology is starting to make its way into business, education, and government, among other places. From an idea in a white paper written by someone whose true identity has never been confirmed or revealed, the technology has given a lot of hope and raised a lot of questions. Most likely because of the problems with its better-known offspring, bitcoin. But a lot of people, think that blockchain is the future.

Today, there are more and more things going on in the country that have to do with blockchain. The first Global Blockchain Summit was held by the DICT in Balanga City, Bataan, last week. I heard that a lot of people went and that experts talked about the need to build a blockchain ecosystem in the Philippines that will help push the development of new ideas using blockchain technology. The Philippine Blockchain Week, which will happen in the last week of November, is another big blockchain event that looks like it will be a great place to show off exciting new ways to use blockchain. The Metaverse, which will be a future Tech4GOOD topic, financial technology, blockchain-based startups, and non-fungible tokens, or NFTs, will be talked about. Local startups are also starting to make blockchain-based products that aim to improve the way we do things now.

Blockchain technology was made to solve the problem of double spending, which stopped people from using cryptocurrency. Cryptocurrency could be copied, while paper money couldn’t. A guy named Satoshi Nakamoto first wrote about the idea in a paper in 2008. Many people, though, think that the name is a fake name for a person or group that helped make the first bitcoin software. Nakamoto solved the problem by making a way to verify transactions called “blockchain.”

What is a chain of blocks? A blockchain is basically a digital ledger of transactions that are copied and spread across the network of peer-to-peer (no server) computer systems on the chain. Distributed Ledger Technology is now the name for the resulting decentralized database of transactions that are managed by many people (DLT). Each block in the chain has a number of transactions that all have the same hash, which is an unchangeable cryptographic signature. Every time a new transaction happens on the blockchain, a record of it and a new hash are added to the ledgers of all participants. There can be thousands of people involved in a blockchain, which makes it hard to cheat or hack the system because every change will be seen and have to be verified by a large number of people. If hackers wanted to mess up a blockchain system, they would have to change every block in the chain. Also, every time someone tried to change the record, a new hash would be made, which would set off an alarm in the whole network.

Blockchain is the one piece of technology that will make the Web 3.0 revolution possible. In this third version of the internet, end users will directly manage, own, and control their data, and that data will be used and managed outside of the control of web apps like Facebook or a single company. They will just take in the information and use it. Data and information will be kept in a distributed blockchain. It will be accessible to everyone on the internet, and no one will be in charge of it. When data is sourced, can be linked to, and isn’t censored, it should make the internet more reliable and authoritative.

Web 3.0 is not something we have to wait for. Blockchain technology is being used in a lot of interesting ways today. Some governments have used blockchain-based applications to give out social aid, which is a situation where it’s very important to be able to see who is getting the money and where it’s going. In the pharmaceutical supply chain, blockchain-backed digital trust infrastructure lets participants check the authenticity of medicines and act more quickly to avoid shortages.

A recent article from the World Economic Forum says that blockchain can help the government by making systems more fair and efficient, making procurement processes more open and transparent, and reducing opportunities for corruption. Many governments have started to use property and land registry systems that are based on blockchain to protect the integrity of titles and speed up processes that take a long time.

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Many parts of modern life are starting to change because of what Satoshi Nakamoto or his group came up with. Bitcoin may not be around in the future, but the blockchain technology that Nakamoto created to solve a problem with cryptocurrencies and the improvements we are just starting to see today are likely to be around for a long time. A recent article from MIT says that the real beauty of blockchain is that it was made to deal with digital scarcity and keep track of a process among a group of people who may not know trust or even talk to each other.

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