The internet has evolved and the emergence of multiple buzz words associated with the internet and web technologies is - BlockChain.
It's not uncommon that most people believe BlockChain to be crypto currencies, however this is a common misconception.
Just as there is an easy misconception about the Web and the Internet, BlockChain is really not cryptocurrency.
Suggest Read: Web3, The evolution of the Internet.
In this article, we'll discuss the foundational concept about the BlockChain technology, it's implementations and how it possibly could influence the future of the web.
WHAT IS BLOCKCHAIN?
There are a handful of technical definitions as to what BlockChain really is - but in its simplicity:
BlockChain is a list of records known as blocks, that are linked together into a chain. These linked lists of records are protected by powerful cryptographic algorithms and are available to every user within the network and are typically immutable.
This is really what the BlockChain technology is but it gets a little technical in its implementation especially with crypto-currencies and the new version of the World-Wide-Web (Web 3.0)
BlockChain which is a peer-to-peer computer network (a network is a group of computing devices that share resources via wired or wireless connection).
This peer-to-peer structure is what makes it a decentralised and distributed property.
WHAT IS BLOCKCHAIN USED FOR?
By default when we think of BlockChain, the first associated word with it is Crypto-currencies i.e. Bitcoin, Etherum etc.
But the utilities of the BlockChain technology is really beyond Crypto-currencies and NFTs. The BlockChain (which is regarded as perhaps the most secure web solution on the internet) has got an increasing number of places it can be implemented.
Some of these include
Crypto-currencies
Games
Smart contracts
Big tech
There are a handful of technical attachments to the BlockChain technology that makes it function the way it does, allowing it to be useful in multiple disciplines across the internet. These include infrastructure, networking, proof of work/proof of stake and data.
HOW DOES BLOCKCHAIN INFLUENCE THE FUTURE?
With its massive amount of implementation across multiple industries. The BlockChain technology would undoubtedly become an integral piece of our human civilisation.
Disrupting government policies, money and human interaction while pioneering a new age of Web Technologies with the Web3.0 and other related concepts of the web.