Blockchain - Myths, Ethics and a Law
‘Change is the only constant‘ is a universal law. This rule has always been applicable to all fields. But it’s amazing that technology alone is the source of all the change that’s coming.
We cannot ignore the fact that this technological change is always happening. Because this technology has started to establish its dominance in all the fields of the world and also in all the daily activities of mankind. The name of this technology is ‘Blockchain Technology’ which removes all the flaws in all the technologies that mankind has encountered so far.
What is Blockchain Technology?
Before answering this question it is very important to understand what blockchain technology is for. Even after the advent of computers, internet, software, etc. we could not use it fully. Moreover, we are still following old processes that are slow, inaccurate, less reliable but more expensive.
For instance, even after the arrival of the hypermarket, we are still going to the supermarket. Even after the advent of internet banking, we are still using ancient banks. There are many like this.
When it comes to ‘communication‘ or ‘information‘ we rely 100% on the internet and computers etc. But we don’t rely on the same technology for transactional matters. Why?
Satoshi Nakamoto was the first to raise the same question. He is the one who gave not only the answer but also the solution. Blockchain technology is that solution.
Blockchain, the solution
This is the reason why those of us who rely on the Internet for information and communication are reluctant to use Web-2 technology for material and monetary transactions. Hence, we can carry out business, administration, transactions etc. using the internet henceforth in a simple way but with full confidence.
How does blockchain technology work?
To understand how blockchain technology works, we must first understand the characteristics and features of blockchain. They are,
- Decentralization
- Distributed Ledger Technology
- Disintermediation
- Immutability
- Autonomous
- Smart Contract
- Trust
- Safety, security and transparency
- Speed and accuracy
- Cryptography
In addition to these, blockchain technology has emerged as a complete technology only because the digital asset called cryptocurrency acts as a transaction tool.
Cryptocurrency
In brief,
‘Computer + Software + Internet + Cryptocurrency = Blockchain Technology’
We find more than 1000 utility tokens besides Bitcoin and altcoins in the market and one among them is Zaka Coin.
Advantages
- Anything including trade, commerce, banking, education and administration will no longer require internal structures such as buildings etc
- The stationeries such as bookks, registers, files etc are not required.
- Human interactions are avoided.
- The server and its security coverages are not the issues anymore.
- Smart contracts are active so there is no possibility of legal problems.
Conclusion
“When decentralized blockchain protocols start displacing the centralized web services that dominate the current Internet, we’ll start to see real internet-based sovereignty. The future Internet will be decentralized”