Bitcoin, blockchains and the future of the internet
You don’t exist if you’re not online in today’s world. Look closely or do we all have in common. No matter where you live in the world, you need shelter, water, food and money.
When you offer money control to some individuals, they will take advantage of this control. Innovations have always been a threat to those in power. That’s why Bitcoin was created to bring more confidence to the financial market. It is an attempt to use or advance the electronic system we have, an internet, to resurrect everything or the money used.
Does a technological innovation allow anyone in the world to be their own bank and create a currency free of taxes and bank fees?
“Bitcoin is a technological facade.” bill Gates
Bitcoin is a system based on mathematical truths. And these mathematical truths stand by themselves. Science and mathematics have essential truths that eternalize, regardless of their inventors and their motivations.
We can read the Bitcoin source code and understand it, and that will always be true. Bitcoin is a digital currency and computer software. It was created by Satoshi Nakamoto. Then there were few and now hundreds of programmers who collaborated daily to improve Bitcoin’s features and security.
What makes Bitcoin an innovation?
It addresses an age-old dilemma for humanity and solves a problem in computer science. Shared information or data can be tampered with or corrupted. Anything can be faked. But how do we know if it is reliable? In the traditional economy, dependents on authorized third parties such as banks, credit card companies, etc. They record a movement of money from one account to another and charge us dearly for it.
But Bitcoin is digital, like songs and movies easily pirated, copied, stolen. How can a digital currency retain value if you can earn thousands of copies? Bitcoin is not a numeric file but an entry in a public database, which is called Blockchain. Blockchain-based businesses provide the sharing of anonymous users and unregistered channels, such as the Internet. A financial system without intermediaries would be very fast, cheap and secure.
A Bitcoin Blockchain was developed for currency validation. It has open source, where everyone who uses the network can audit and the fact that a block code is open is a powerful feature, because the more transparent your code is, the stronger your entire ecosystem will be.
Experts explained that blockchains are a Meta technology, because it affects other technologies and is made up of several of them. These application requirements are associated with smart contract technologies, Internet of Things (IoT), the future of data storage and management.
With a high demand for online services and new consumption patterns, such as companies that guarantee the integration and security of users, the consumer is already demanding more and more the Internet. Factors such as security and transparency are important when choosing a trusted platform.
Blockchain has the ability to analyze records, store information and even control the identification of passengers at airports. It is a complete intelligent data storage and management system. As the possibilities of use are very wide, which allows a quick and efficient management of assets and customers at any time.