How will Blockchain technology take over the world?
The decentralized, peer-to- peer digital currency and payment system has already garnered the interest of people worldwide. Companies and merchants large and small have shown keen interest in the cryptocurrency (Bitcoin). Despite the value of Bitcoin, the novel application using its underlying technology- Blockchain found to be more valuable than Bitcoin. The concept of digital money, public ledger where each and every transaction is recorded and remains a permanent fixture improves the fidelity of system. Mining keeps the validity and fidelity of the public ledger to make it impossible to alter. Any attempt to change, copy or counterfeit the past transaction will be recognized easily and disregarded. The aggregate computing power of Bitcoin mining network is more powerful than all the world’s supercomputers put together.
Bitcoin 2.0 – the Blockchian’s Power
While Bitcoin disrupt the world’s finance system and mining secure the internal Bitcoin- to – Bitcoin transactions. The Bitcoin 2.0 (Blockchain) has improved the technology even more. The enhancement allow mining network to secure and validate the external non- Bitcoin transaction. Perhaps the application will prove to be more valuable than Bitcoin itself. Blockchain can provide cost effective, persistent decentralized solution- anywhere as a proof of ownership, record of event or the validation of trust.
In fact the digital certificates of authenticity and proof of ownership provided by Blockchain will be effective anti- counterfeiting tools in order to save the – $250 billion per year economy loses. The application can validate the authenticity of fake pharmaceuticals, luxury goods, or electronic devices thus prevent forgery and sale of stolen goods. The time stamped and records of the intellectual property on Blockchain; can even replace the traditional copyrights and patents of digital data; with no ambiguity about the owner and when the work has created. Bitcoin- the digital currency can provide much more in financial, legal, retail banking, record- keeping industries and securities exchange programs. Thus Bitcoin 2.0 applications has already implemented and can take over the world soon.