Blockchain is a term that gets raped a lot. Almost everyone with a heartbeat is going about, “blockchain… blockchain…blockchain…”
What is it really?
In the context of bitcoin, blockchain is an ever expanding ledger on which records are published. The records are address lists and are published in the form of blocks. Each block bears a time-stamp and a link to the preceding block. And once records enter the block, and consequently, the distributed ledger, no alterations can be done.
So what does this mean?
The blockchain technology has brought truth into the sector of data business. You cannot possibly corrupt a file because they are encrypted. And more importantly, records have an indelible quality to them.
“Experts” are saying that the blockchain technology will impact (already has) many industries throughout the world; a supposition that I totally agree on. And so, my concern is; precisely what sectors will turn for good after adopting blockchain?
- Entertainment industry
Artists have not always been able to earn as much as they would, because of this animal named, “piracy”. But piracy exists because there are many intermediaries in the entertainment sector as well as centralized distribution channels.
“Hey, Beyonce,” Blockchain says, “I’ll eliminate the intermediaries, and I’ll decentralize the distribution channels, and also encrypt your work!”
In that way, nobody can access anybody else’s work without going through the proper channel.
First off, let me disclose something; I admire Donald Trump, and I’m convinced that he won because he deserved to.
But guys around me keep saying that the Donald was assisted by Russia to “steal” votes! That means Donald (his team) may have hacked into the “data silos” and tweaked numbers a littl’.
If the voting system had utilized blockchain, that would be impossible, because the data is encrypted, and the ledger distributed, so the recorded votes must agree throughout.
Banks are in the business of sodomizyn the world. Funny how these thieves hire police for protection against other thieves…Doesn’t make sense at all.
Bank transaction rates are high, but blockchain would take only a small fee, and coupled with the blockchain’s instantaneous quality, we have a winner here.
If an entrepreneur installed the blockchain technology into their business, profits would look up, because the employees would have no leeway to steal.
Blockchain technology promises an impenetrable data bank, and if this were a reality, we’d not have a lot of drama coming out of hospitals. It would be an incentive to more research in medicine.