There has been a lot of talk about Bitcoin and Blockchain in the last few months. With the prices of the Cryptocurrency shooting towards the sky, the interest in its underlining technology has picked up steam. Many users are now turning to Secure Crypto Wallets in the UK to ensure their funds remain safe from hackers and unauthorized access. I have been exploring and learning about Blockchain and Bitcoin for a while now and more recently have got a much better clarity on what it is and what can be done with it, thanks to my experiments with working with it.

What started as one blog post, slowly but steadily became a huge piece of writing. To better communicate my thoughts I have broken down this into a multi part series of posts. I will be talking about Bitcoin, is it a bubble and if you should invest in it, in the next post. We will start off today with the first part, Understanding the underlining technology – BlockChain.

What is Blockchain and Why its Important?

Then God said, “Let Us make man in Our image, according to Our likeness;”

The Purpose of Technology is to aid humans to do tasks… Revolutions happen when a new idea takes centerstage and changes the daily life of people.

Man created Computers as an Image of how he thinks. Ram, Storage & Processing was akin to how the brain processes information. The Internet is akin to human Communities.

Why Is Blockchain a revolution?

This took me a long time to figure out but once the idea had sinked in, it was clear as day. Blockchain was created in the image of human memories. Blockchain is in oversimplified terms, an implementation of human memories.

You memories of your child hood and earlier events is always bound by time, when that happened and the memory itself is what happened then. A Block in the block chain is just that, an event with a timestamp. But this is where technology kicks in and makes blockchain a million times more powerful than memories… Memories are corruptable, you can forget things or memories can die out. Blockchain by its implementation makes that almost impossible.

Have you ever tried to remember the faces of your classmates in kindergarten? Unless you have photos you probably don’t remember a single one. How about school mates? Human brains slowly forget memories that it feels are no longer important. This will never happen with Blockchain and thats what makes it so powerful.

Blockchain provides one more feature that makes it invaluable. Trust. Thanks to implementation of advanced cryptography and distributed duplication of blockchain data, the security of Blockchain is unimaginably high.

For e.g.. If you do a transaction in a blockchain. Once its confirmed it the transaction is written into the blockchain. This record, happens at all nodes of the chain. If someone had to modify this block, they will have to modify the block on the majority of the nodes simultaneously, other wise the change would be treated as a corruption and overwritten.

What this means is that the trust factor in the information stored in a block chain is so high, there is hardly anything comparable to it right now.

To top off everything the pubic blockchains (like Bitcoin) are almost incorruptible by anyone, including the most politically/financially strong people/organizations of the world. A Democratic ledger system that gives power back to the people… Did I hear the word “Revolution”

If you look at the history of communication, we went from Humans running to places with verbal messages to Hand written notes, to Letters, to Telegraphs, to Emails, to Text messages, to WhatsApp… Blockchain can do the same to many industries that need a high level of Trust and authentication. You can only imagine the possible applications…

Blockchain will change forever the way we do transactions in the future. Think of how mobile phones changed the way we communicate. Bitcoin is just one implementation of Blockchain and probably the most popular one to date… Its just the tip of the iceberg.