Beta-max: The new standard for watching videos, right? Wrong! Most are familiar with the famous Beta-max vs. VCR story. The technologically superior Beta-max ultimately gave way to the VCR format, and history was made. Is this similar to what is going on with blockchain technology? Well, perhaps, but what else is out there? Anyone?
What is Blockchain Technology?
It’s a software program. A set of computer programming protocols designed to function in specific ways with specific rules. It’s an “App” for all intents and purposes. Its function is invoicing, or more specifically, it is a digital ledger system that cannot be altered. Recording transactions between people in a very secure way. The transaction chain is in the form of digital blocks and each block contains information about each transaction, leaving a chronological history. Everyone involved can review the info but changes cannot be made without the consent of all parties involved. Pretty cool, no?
Blockchain Impact On Applications
The way that blockchain technology will affect the Internet and all of the applications running on it can’t really be known. That blockchain technology has made its way into the spotlight has given rise to speculation and conjecture. Such is the way with most, if not all new innovations that people don’t readily understand. However, the future of this technology, which began with, or perhaps sparked, the bitcoin phenomenon happening now, shows promise in eliminating many forms of fraud, due to its inherent security and transparency features. That everyone involved in a certain transaction chain can see every detail, eliminates the possibility of fraud, or rather makes fraud nearly impossible. There seems to be myriad ways that this method of record tracking can be applied. To make an effort to predict the outcome would prove to be an exercise in futility in my opinion. The number of applications today is huge, and with such a vast array of creative ideas in cyberspace, again, the Possibilities are unlimited.
Don’t Bother Trying To Figure It Out
Trying to gain an edge by guessing or second guessing which direction such a technology may or may not go, is a fools quest. There are many examples in history that show this. This world is full of innovative people who can create great things with simple tools. The great masters created timeless masterpieces of art centuries ago with very primitive tools. Who is to say what will come of the creative technology spawning in this digital age today? The internet itself was originally intended for the science community for sharing information and ideas, it was called “Arpanet.” What’s more, I seem to recall a crazy idea way back in the days of old called the “Horseless Carriage”. Prediction itself seems to be a fanciful idea of the human imagination. True innovation may indeed be a law of nature that no one can control. If the blockchain platform evolves into a rock solid world wide standard, we’ll all benefit.