What’s so crazy about blockchain?
Please read my previous article on Linkedin..
Lets talk about why there is a need for the origin of the digital distributed ledgers. Before we simplify why people are crazy about blockchain. As a part of the continuation to my previous blog post on linkedin. The Digital ledger technology had its origin during 1990’s. Over the time Digital ledger technolgy gained the trust of the individuals for the keeping their assets safe and secure at the same time creating ease of usage as and when its required. All this seems qute appealing. But things seemed to be weired to a set of people. Some of there questions arose in the minds of the people.
- Why we need to pay for every transaction, agreement or asset transfer that we make?
- Why should I trust a third party whom I never know ?
- What should I allow the access for third party to look into my transactions?
- Why should I give the access to some third party to control my ledger?
- How far I can trust the third party for securing my data?
- Why should I provide my personal data to the third party?
I am not sure how far these questions seem legitimate to you. But what I can understand from the above mentioned points is that. There is a need for a completely trustful ecosystem which can protect the data and transactions. But eventually its quite difficult to achieve that the very question “How far I can trust such ecosystem, Who controls and maintains security?”still persists. However the other option seems quite appealing.
Creation of a trustless network of cryptographically secure ecosystem with no control over transactions seems to protect the privacy of the individuals and at the same time protect the transactions and data of every individual.
What is the real need for trustless?
Why do we trust the financial system? Someone said that they are there for many years and everyone trusted them.
Some of the factors that drives for trusting the third parties.
- We trust because we believe that they won’t randomly take some of our money
- We trust that the information provided by them are actually correct
- We trust them as we believe that they protect our data
The drawbacks of the above system is why you need to store the assets, data and funds in a trustful system controlled by a group of individuals who make money out of your money.
Origin of blockchain had started for solving these very basics issues. What if everything is secure and visible to everyone at the same time no can control anyone else’s transactions, privacy or asset transfers. such a system seems legit for everyone as
No one should control Anyone..
True meaning of democracy is when you can make making transactions, secure data, transfer assets with complete freedom. Such a technology is Blockchain.
Something that can never be wrong, something thats tamperproof and secure. Something that we do not even have to think that it cannot be trusted as a result of how the technology works. Indeed the trustless system which has the capability of creating trust.
The way that the algorithms & Cryptography work is the way blockchain works, which makes it impossible to “bullshit” with the system.
— — — — Welcome to Blockchain — — — —
