If you haven’t lived under a rock for the last 10 years, you have probably come across the concept of "Blockchain". Businesses, governments, High-Tech and technology sectors mention this concept many times in their research and it’s emerging as a revolutionary technology when it comes to storing information and data.
Blockchain technology was first introduced in 2008 as the mechanism behind Bitcoin transactions, by "Satoshi Nakamoto" The alleged pseudonym of the creator or creators of the digital currency Bitcoin (as far as we know).
In this post, we will cover what Blockchain is, how it works, and why it could be one of the greatest technological changes in our lifetime.
What is Blockchain technology?
By: Ofek B. | 10-05-2022
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In conclusion
Blockchain technology came into our lives in 2008 with the release of Bitcoin to the world, the big change it offers can improve a variety of sectors that have not changed for many years and streamline them quickly, with digital money being the main product today using this technology. As more and more high-tech and start-up companies develop blockchain-based products we can see how industries will transition into a Blockchain technology world.
Not only Bitcoin as a digital payment
Bitcoin is the first and the most known asset based on the Blockchain technology, but it's surely not the only one, these days we are seeing significant growth of start-ups developing products based on blockchain technology, products of payment methods (Ethereum) information and data storage, copyright methods for artists, ticket sales and more, in a variety of different industries such as education, economy, government, agriculture and the like.
For example, we can see the IOHK (Development group of the Cardano blockchain network), which is developing unprecedented cooperation with African countries such as Ethiopia. The use of Blockchain and its assimilation into the Ethiopian education system has improved student and teacher performance, preserved information such as tests and academic progress and created a digital identity for each student.
The main idea behind the Blockchain technology
Blockchain is an innovative concept in the world of finance and payments, its main idea is to create a digital business system that operates without the supervision of an outside party. Simply, a system where digital P2P payment can be transferred without the need for the bank to oversee the transfer and cut fees along the way.
Using this technology, the payments that shift from person to person are recorded in an information block (which is stored in the personal computers of all users) where each block created is mathematically linked to the previous block in chronological order (that’s where the name Blockchain come from), which creates maximum security. In addition, the information written in the blocks is transparent to everyone and can be viewed but not editable.
The big change in using this technology eliminates the need of a third party when transferring payment. For example, when using the SWIFT system which maintains the third party who is responsible for the transfer, in international value transfer, the fees are high and transfer time can take several days. Compared to Blockchain where fees are small and go to private individuals, and the transfer time is a few seconds to minutes.
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