The world has come a long way from the predominantly existing method of networking. These methods were often only understood by well-educated programmers. The drawbacks cannot be over-emphasized from the inaccessibility of it, to the rapid declination of interest in uneducated individuals.
Notwithstanding, the wide range of opportunities provided by the networking community, it still didn’t hold so much appeal to most of the world’s population.
The introduction of blockchain in 2008 brought a rapid scale-up and a whole wave of opportunities with it. A simplified definition of a blockchain network is that, it is a distributed database that is shared among the nodes of a computer network. It plays a crucial role of storing information electronically in digital formats, guarantees the fidelity and security of a record without the need of a trusted third party.
We will be focusing on the interesting impact of blockchain on the world today. You’ll be surprised at how much aspect our day-to-day life blockchain has impacted, how certain digital concepts you found to be usual and normal were strange ideas a few years ago.
THE UNEXPECTED AMAZING IMPACT OF BLOCKCHAIN NETWORKING
The main goal behind any digital platform is the creation of wealth, so our first point on the impact of blockchain networking is highlighting its unique technology in cryptocurrencies. Records reveal that cryptocurrency is the leading investment platform in the world.
The awareness of liquidating assets to cryptocurrencies has been so impactful, as most country leaders e.g China, have taken stands to make cryptocurrencies their only form of exchange rate. The appeal of this method of transaction is that it is easy and holds more value to most currencies.
So next time you place a purchase via American Express, order for the moon cause apparently a couple purchased a plot of it from their crypto account, you might just be the next owner of Jupiter!!!
Another exciting impact of blockchain networking is the provision of cyber security. Just like our dating websites where we login our details and describe ourselves, how do we trust that the information given to us from the recipient is true? What if they really are not as handsome or beautiful as they describe?
The security of these details is the same way blockchain stores our data in blocks keeping all our details intact during transactions such as loans, donations, receipts and ensuring that the data of the clients is guaranteed as well.
This eliminates the presence of a middle man or even having to meet face to face. Its like an online marriage where you and the client’s details are the wedding rings and blockchain your wedding priest, that’s a happy ever secured data for sure.
Lastly, just like I mentioned how world leaders were taking upstands and using cryptocurrencies for trading, these actions would lead to improved economic trading, as such leading to an increase in the standard of living in the society as well.
This would also lead to transparency in-market sales, as well as increasing the credibility of the annual statements provided at the end of each trading season. As such increasing other interested country participation and unity treaties as well.
THE `BUT’ CLAUSE ABOUT BLOCKCHAIN NETWORKING
Are you wondering how such an impressive and world-changing platform could have its downsides? This is true as while many aspects might flourish from its impact certain categories are going to face tremendous destructive effects as a result of blockchain networking.
As stated in its definition, blockchain relies on nodes as such the quality of the nodes determines the quality of the blockchain. If a particular blockchain network does not incentivize the node, it is not a distributed computing system. As a result of this, there would be a lack of synergy, mutual assistance, and paralleling for each of them.
Secondly, Blockchains are not scalable as their counterpart centralized systems. A cited example can be seen in the bitcoin network as the transactions are the number of nodes joining the network, the slower the network.
Though there are new ways to solve the scalability, such as permissioned networks or using different architectural blockchain solutions, these solutions are still not at par with the centralized systems. With this said, is blockchain well equipped for the real-world application regardless of the BUT clause?
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