A lot has been said and written about how blockchain technology is starting to be used in business, education, government, and other places. Technology has given a lot of hope and raised a lot of questions. It all started with an idea in a white paper written by someone whose true identity has never been confirmed or revealed. Most likely because of the problems with bitcoin, which is a more well-known child. But many people believe that blockchain is the way of the future.
More and more things in the country are happening today that have to do with blockchain. The DICT held the first Global Blockchain Summit last week in Balanga City, Bataan. I heard that a lot of people went and that experts talked about the need to build a blockchain ecosystem in the Philippines to help push the development of new ideas that use blockchain technology. The Philippine Blockchain Week, which will happen in the last week of November, is another big blockchain event that looks like a great place to show off exciting new ways to use blockchain. In the future, Tech4GOOD will talk about the Metaverse, financial technology, blockchain-based startups, and non-fungible tokens (NFTs). Local startups are also starting to make products based on blockchain that is meant to make the way we do things now better.
Blockchain technology was made to solve the problem of double spending, which kept people from using cryptocurrency. Cryptocurrency was easier to copy than paper money. In 2008, a man named Satoshi Nakamoto wrote a paper about the idea. But many people think that the name is a fake name for a person or group that helped make the first bitcoin software. Nakamoto solved the problem by making something called “blockchain,” which is a way to check transactions.
How do you make a chain of blocks? A blockchain is basically a digital ledger of transactions that are copied and spread across a network of peer-to-peer (no server) computer systems on the chain. Distributed Ledger Technology is now the name for the database of transactions that it makes, which is managed by many people and is not in one place (DLT). Each block in the chain contains a number of transactions that all have the same hash. This is a cryptographic signature that can’t be changed. Every time a new transaction happens on the blockchain, all participants add a record of it and a new hash to their ledgers. A blockchain can involve thousands of people, which makes it hard to cheat or hack the system because every change will be seen and have to be confirmed by a lot of people. Hackers would have to change every block in the chain if they wanted to mess up a blockchain system. Also, every time someone tried to change the record, a new hash was made, which made the whole network sound an alarm.
Blockchain is the one piece of tech that will make the Web 3.0 revolution possible. In this third version of the internet, end users will directly manage, own, and control their data, and web apps like Facebook or a single company will not be able to use or manage that data. They’ll just take what you say in and use it. A distributed blockchain will store data and information. It will be on the internet and available to everyone, but no one will be in charge of it. When information is sourced, can be linked to, and isn’t censored, it should make the internet more reliable and authoritative.
We don’t have to wait for Web 3.0 to come out. Many interesting things are being done with blockchain technology today. Some governments have used blockchain-based apps to give out social aid, which is a situation where it’s very important to know who is getting the money and where it’s going. In the pharmaceutical supply chain, digital trust infrastructure backed by blockchain lets people check the authenticity of medicines and act faster to avoid shortages.
A recent article from the World Economic Forum says that blockchain can help the government by making systems more fair and efficient, by making procurement processes more open and transparent, and by reducing opportunities for corruption. Many governments have started using property and land registry systems that are based on blockchain to protect the integrity of titles and speed up processes that take a long time.
Because of what Satoshi Nakamoto or his group came up with, many parts of modern life are starting to change. Bitcoin might not be around in the future, but the blockchain technology that Nakamoto made to solve a problem with cryptocurrencies and the improvements we are just starting to see today are likely to be around for a long time. A recent article from MIT says that the real beauty of blockchain is that it was made to deal with digital scarcity and keep track of a process among a group of people who may not trust each other or even talk to each other.
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