I sit here on my couch on Christmas day with my 3 sons enjoying this beautiful time spent together. And so it should be we all deserve this. My wife @lyndsaybowes is always doing so much for us all and the chickens. I'm not even sure where she is right now lol and it's a small house. I just want to wish you all a Merry Christmas before I start my article.
What exactly is blockchain technology? (In Layman's Terms)
Let's start with the "ledger". The "ledger" is where all the data is stored depending on what software is being used this data can be stored on hundreds or even thousands of computers for anyone to see at anytime. This creates 100% transparency which is extremely important for the future success of our society.
Every "block" (piece of data) contains a time stamp and can be linked from one block to the next, to the next and so on... Literally creating a chain of blocks (hence, "Blockchain").
Both old existing blocks and every new block added can never be deleted or manipulated in anyway creating a truthful transaction history for the entire world to view.
Every block has it's own special encryption where everyone has access to view the information but only the owner of the private cryptographic key can add new records to that particular chain. Copies of the blockchain are then stored or different computers (Nodes) on the network.
Super simple explanation
A very simple quick explanation: A blockchain is basically a record of transactions for information which cannot be altered. The information is entered and receives a date and time stamp when created. This information is stored of many different computers with access to everyone to view the information at anytime.
Why will blockchain technology be so helpful to almost all companies in the future?
The blockchain is secure and transparent guaranteeing to it's clients the companies actions are truthful and trustworthy. The blockchain will help these companies with data security as well as cost and risk reduction.
The most important part of why I think the blockchain will change the world has yet to be fully implemented as of yet. I see several crypto companies working on things that will help and I guarantee there will be more in the future as well. Once decentralized banking fully emerges then we will no longer have the need for the traditional banking system. This will be a major stepping stone and a definite game changer. I do know of some ico's and companies that are working on this but this post is not about pushing coins, tokens or ico's on you it's about the importance of the blockchain as a whole for changing the future.
Our current structure is that we have trust people to record information for us. We trust administrators, auditors, supervisory boards etc to input truthful and correct data which definitely could be manipulated. Blockchain is already being used in Sweden to register properties. Transaction stored on the blockchain will actually make it easier to fight crime, stop fraud and counterfeiting creating a more stable and secure financial system.
Eliminating the middle man
Artists, musicians and writers to name a few can eliminate the middle man such as record labels and publishers. People can go directly to the artists, musicians and writers instead of through the publishers and labels. This will lower the cost of the items to the buyers while at the same time increasing the income to the artist etc... You mean artists, muscians and writers can actually be in charge of their own material and royalties again? Yes...... Isn't that wonderful.
So as you can see Blockchain is not only about money and Bitcoin. The blockchain technology is a definite game changer and this is why I thin we are "Changing The World One Block At A Time!"