Getting started with Blockchain
Blockchain is simply a better ledger (software) compared to traditional ledger systems.
Traditional ledger systems includes Paper ledger books and ledger softwares administered by few people.
Compared to traditional ledger systems blockchain provides below additional features:
- Better Ledger system : Defines better way of recording transactions.
- Immutable : Transaction records can’t be edited/deleted once recorded.
- Many copies : Ledger copies are distributed better in blockchain.
- Managed better : Entire system is managed better by different identities.
Blockchain features opens up many benefits not limited to below:
- Secured value exchange.
- Reduced transaction costs.
- Improved transaction times.
- Value exchange without middle parties.
- Can exchange value without revealing identity.
- Better incentive models.
Below are main concerns of blockchain. Many people are trying to address these issues:
- Awareness : More technology awareness is required.
- Decision making : Better governance models are required.
- Scale : Blockchains are struggling to scale up to rapid adoption.
- Development resource crunch : Blockchain developers are hard to find.
Note: More use cases are being identified/implemented or already implemented in blockchain space.