The Advent of Blockchain Technology
Blockchain Technology dates back as far as 1991 which was described by Stuart Haber and W. Scott Stornetta. They wanted to implement a system where document timestamps could not be tampered with. In 1992, Merkle trees were incorporated to the design, making it more efficient by allowing several documents to be collected into one block.
However, the first blockchain idea became effective in 2008 mastermind by a person or (a group of person) known as Satashi Nakamoto. Nakamoto improved the design in an important way using a Hashcash-like method to timestamp blocks without requiring them to be signed by a trusted party and introducing a difficult parameter to stabilize rate with which blocks are added to the chain. This design was later implemented into the first and core cryptocurrency known as Bitcoin.
On 3rd January 2009, Bitcoin came to existence when the first bitcoin block was mined by Satashi Nakamoto, which had a reward of 50 bitcoins. The first recipient of Bitcoin was Hal Finney, he received 10 bitcoin from Satashi Nakamoto in the world’s first bitcoin transaction on 12 January 2009.
What is Blockchain?
Blockchain is a decentralized, distributed, and oftentimes public, digital ledger that is used to record transactions across many computers so that any involved record cannot be altered retroactively, without the alteration of all subsequent blocks
Just like how the internet was created and controlled by no one, same thing applies to blockchain technology. An open blockchain network has no central authority.
How does it work?
1. Create data shards. The storage system breaks the data into smaller segments, a process called sharding…
2. Encrypt each shard. The storage system then encrypts each data shard on the local system. …
3. Generate a hash for each shard. …
4. Replicate each shard. …
5. Distribute the replicated shards. …
6. Record transactions to the ledger.
Why do we need to adopt blockchain technology today?
Blockchain technology is gaining attention and attraction globally. It is the new development in this era. It is useful in all fields or areas of specialisation. However blockchain technology solves key issues like trust in network. It is also important because it helps us to own digital goods, assets, and data. It can also be used by the government for series of political issues. For example, the storage of voting records. Areas/Fields Where blockchain technology can be adopted:
1.Banking Sector: Blockchain helps to store , send and receive funds from any part of the world with the lowest fees and within seconds.
2. Healthcare: managing and tracking records in the past takes a long process, but with the help of blockchain technology today, doctors can easily access patients health records and track them regardless of how many times you have changed the doctors.
3. Legal Industry: with the use of blockchain technology, questions and issues regarding the keeping, retrieving, and verifying of legal documents are eliminated.
4. Real Estate: Buying and Selling of lands requires a lot of paperwork. But with the adoption of blockchain technology, it much easier and faster Etc.
Notwithstanding, the biggest disadvantage in using blockchain technology is relinquishing control. Decentralized applications are censorship resistant. They don’t require Governments’ approval to process. Governments cannot infuse Credit or terminate transactions on a Crypto-Currency based monetary system
In Conclusion, blockchain technology has more advantages than the disadvantages just like the internet we use today. Let’s tap into the advantage side of it and use it to develop the world most especially Africa and make the world a better place to live in with less stress and problems.