Blockchain is a public ledger or a distributed database of all bitcoin transactions. It is a open source technology and anyone can access the details at anytime. The unique feature of the blockchain technology is that, the digital transactions and information are immutable. As it is a distributed ledger, there will be no control or central authority of records stored.
Blockchain Technology
Then
In the beginning, blockchain is used as a bitcoin transaction data ledger. As this blockchain technology is introduced for the bitcoins. Thus, blockchain was only used as decentralized bitcoin
ledger alone.
Now
Actually Blockchain is a public ledger technology that follows concept of decentralization.But,in recent days based on the usage of Blockchain technology, it is also customized as a private ledger technology.
For instant , Blockchain is used by many organization for their internal uses and the stored data can be managed by providing permissions to only authorized persons.This way of use of blockchain technology is named as private blockchain.
Future
Our World is changing faster than ever. It was nearly before 20 years, mobile phone was introduced and before 10 years, mobile phones turned to smart phones. Similarly, internet is changing smarter, faster than ever. Today, blockchain is the technology that is spearheading the momentum of democracy and decentralization in online world.
Web 3.0 is the future of internet. The main difference between web 1.0, web 2.0 and web 3.0 is, web 1.0 and 2.0 are centralized whereas the future web 3.0 is going to be decentralized and secure. Web 3.0 blockchain stack is designed to be decentralized and the information will not be owned by any entity. Blockchain is being familiar among more people and is the latest trend today.
Predictions
- The space of blockchain technology is expected to grow by about 43% by the end of 2020.
- LinkedIn information shows that 300% of blockchain-related jobs will grew up by end of 2019
- The global spending on blockchain in 2019 alone amounted to $2.1 billion.
- The number of startups that work on or adopt blockchain has been steadily growing and have a combined valuation of over $4.4 billion.
- The future with Blockchain Technology will great a greater hype in the digital society.
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