Blockchain- An Emerging Technology

Aneela Hameed
4 min readJul 2, 2021

In the last several years, blockchain has emerged as an infrastructure technology that provides many new services and convenience that were previously unavailable. There are a number of challenges facing all users of digital technology as our smartphones and interconnected world continue to grow and evolve. Some are flawed, involve a third party to validate transactions (where funds are changing hands),have outdated costs, separate silos of data(resulting from problems at the digital scale)create vulnerabilities by keeping many parts of a line of business apart, which slows down many digital transactions,etc.

The blockchain solution combines and converges a number of critical technologies and services to solve some of these challenges. Among those are:

a) The use of large databases,

b) A distributed ledger that tracks every detail of a transaction with a piece of software

c) Peer-to- peer

d) Secure digital transactions with cryptography,

e) The ability to connect virtually any device to high-speed Internet,

f) There has been tremendous progress in the Internet of Things (IoT),which can almost take care of all of your communication and machine needs(machines communicating directly with each other),

g) Digital applications, mobility of data, and computing convenience are also important.

h) Transparent and collaborative systems, rather than monolithic and proprietary walls of separation

With all the network speed increases, software updates, data breaches, and hacking in the last five years, you'll begin to see why technologists and software professionals have been striving for a more flexible solution to all of our digital use cases. Moreover, governments do not always know how to provide services or set boundaries while remaining altruistic towards the citizens they are authorized to protect (think of devaluations and currency failures across whole nations, as well as for-profit corporations violating rules they ought not to have crossed).

As a result of this global demand for security, convenience, and autonomy, an increasingly popular technology called blockchain uses these technologies to allow people to exchange value directly between themselves versus relying on a centralized currency manipulated by forces beyond the control of the individual. Cryptocurrencies such as BitcoinTM, are of this type.

Thousands of other use cases exist, both in the ‘monetary exchanges’ category and in the use cases of blockchain to facilitate transactions.(For example: credit card companies (and the consumer credit value chain) make a lot of money by acting as a third-party authentication system between buyers and sellers, and their respective bank accounts. Why not transfer funds directly from my account to yours, be it for a burger or a parcel of your favorite item or new house without the need for a third party.

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