The Blockchain technology has been in use for several years, primarily as the technical foundation for all cryptocurrencies. Many people believe that this technology is a game between a few very smart individuals, millions of unsuspecting people, and certain criminals.
The reality is that if someone understands the basic concepts of blockchain, they would grasp the true value of this new technology and how it will impact our lives in the coming years and decades.
The Internet improved many aspects of our lives by making it possible to transfer information across a vast network of computers connected worldwide. From there, it became possible to create applications, social networks, and more.
However, these large computer networks face security challenges when it comes to money transfers, data validation, and similar tasks. For example, if we want to transfer $100 to a friend, we cannot do it directly; we must use an intermediary. This intermediary, called a bank, digitally handles the numbers that certify you own that $100 and thus grants you permission to send it to your friend.
So, what does blockchain technology propose? Blockchain proposes the transfer of value without intermediaries. It allows us to transfer money without a bank, sell our house without a notary, or be certain that we own something original that cannot be copied. The Internet revolutionized the world by enabling us to share and send information, but blockchain will revolutionize the world even more by offering secure value transfer.
From my perspective, blockchain will not only change the Internet in terms of how we move our information but also transform how we manage our money and finances in general. Blockchain is a paradigm shift that will dominate the world in the next decade. If this basic concept is understood, it will be possible to see why Bitcoin is a technological revolution as the most well-known blockchain in the world, though not necessarily the best. However, that would be the subject of another article.