Transactions between individuals have always been a part and parcel of human society, and its medium has also been evolving along with the evolution of society and human consciousness from barter system to commodity money, fiat currency and now digital currency or cryptocurrency.
But since evolution is a form of error correction, the problem of double spending in digital currency was solved by a distributed ledger system called Blockchain. Blockchain technology enables the creation of decentralized currencies, smart contracts and intelligent assets that can be controlled over the Internet.
The blockchain is a branched database that contains constantly updated information in so-called blocks. The information in the blocks can’t be changed as each block has a time of creation and a link to the previous block of information. The structure of the blockchain makes it look like an open digital journal and its decentralization ability makes it even more trustworthy.
WHY IS BLOCKCHAIN A NECESSITY FOR BETTER FUTURE? Because it is a secure transaction ledger database that is shared by all parties participating in an established, distributed network of computers. It records and stores every transaction that occurs in the network, essentially eliminating the need for “trusted” third parties such as payment processors.
Blockchain proponents often describe the innovation as a “transfer of trust in a trustless world,” referring to the fact that the entities participating in a transaction are not necessarily known to each other, yet they exchange value with surety and no third-party validation. For this reason, the Blockchain is a potential game changer and ultimate solution of transaction related deficiencies.
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