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Wednesday, 7 March 2018

Blockchain: The Greatest Invention of the 20th Century.

Blockchain: The Greatest Invention of the 20th Century

Blockchain: The Greatest Invention of the 20th Century.

Blockchain technology: The technology behind cryptocurrencies has been lauded as the Most Significant Invention since the Internet and Electricity.
For those that don’t know what the blockchain is about. Blockchain technology is the technology of distributed decentralized ledgers that is validated and confirmed by its community of users.

In the bitcoin blockchain.

Transactions by the community are written line by line on a block. Once the block is filled. The combined hash of transaction values, its timestamp, Hash of previous block and its nonce is used to generate a cryptographic value for which the computers or miners battle to predict. Once a miner gets its exact value - Mind you, this cost a lot in power and computational hash to get it right, as at today. This is harder than finding a particular grain of sand from all the grains of sand on Earth (This is called Proof of work) - The transactions on the block are validated and become immutable, a new block is created and the miner is rewarded with 12.5bitcoin. This happens every 10minutes.  
This is a simple explanation of the blockchain and its present application in cryptocurrency cuts off the middle person or third party in its transaction. It is an open system and it gives anonymity to the users.
The good part is that it can be applied to both public and private use.

Blockchain Applications

Blockchain applications:

The Blockchain technology has already been applied to different applications like Healthcare, Manufacturing and by Governments.
The Chinese and Indian Governments are seeking applications of the Blockchain technology as I write.
Industry leaders and IT firms are seeking applications of this to enhance seamlessness, openness and automation in their services. Some of these industry leaders have been talking about these changes coming.

Comments on the blockchain technology:

It allows people to exchange value without knowing the identity of each other necessarily, in a secure way on the back end. On the front end, it's simplicity, transparency and trust. Think of all the cost, time and often waste that happens in the exchange of value – blockchain rids that from the system.
Jason Kelley (IBM Global Manager for Blockchain Services).

With blockchain technology, we can create a version of Wall Street where no one can cheat and where all kinds of mischief cannot even occur. Crypto currency gives us a way to communicate value that's outside the control of any government mandarin, and I think that's good.
Patrick Byrne (CEO,

It simply shows we are at a new paradigm. The earlier we accept it, the better. We need to start learning its use and seek applications of the Blockchain even as we move towards a world of Artificial Intelligent and Augumented Reality. 

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