My 1st week in Hive and I am excited to be here even though I do not have enough time to post more. I am working double shifts and I have to agree I have did not finish college yet. I see no shame in this as I am supporting my family, having no father around anymore.
Ok, no drama here.
I am back to write about blockchain in my understanding.
Maybe my stupidity, being crypto-candid, blockchain-innocent could help others somehow. Even so, I make sure to read as much as I can and get informed, though I am not a Tech savvy.
High-hopes related to blockchain👇
During college and hard life circumstances, I have found out about blockchain.
At that time I was interested in the field of crypto and its working principle, but later I understood that the basis of transactions is blockchain technology. At that time, a few years ago, it was difficult to estimate the success of cryptocurrencies, but I certainly knew that blockchain would be the future, plus it is a technology that solves and will solve many problems in our society.
More things than I understood:
How is Programming differentiated from what blockchain means?
Blockchain also has programming behind it, code is written the same way, only the logic is a little different. The technology is quite new, it is developing very fast, so there are many challenges that those in this field face solving. Unfortunately, it is difficult to work on a well-defined template, each project is unique and each project has new challenges because these people want to solve new needs and requirements.
What is a blockchain? What is it needed for? Why is it so popular?
Blockchain is like a simple database, but what is different is that in this technology each record is linked to the previous one. If for example in an Excel file we could delete a record that we want, an application that uses blockchain would be impossible. For example, this would be very good for a notary, where a centralized application could show who is the last owner of a good. In general, we could have an electronic application and buy any property without the involvement of the notary and thus we can prove that we are its owners. Unfortunately, there are legal and bureaucratic limitations that must be resolved first.
Getting it right:
What is the connection between cryptocurrency and blockchain?
Everyone associates blockchain with cryptocurrency, but this is a bit wrong, because blockchain is the technology that confirms the sale and purchase transactions of these currencies without the involvement of a third party (bank), as in the above examples the blockchain can be used in the purchase and sale of anything virtual or physical.
What is the potential of Blockchain technology in the future?
From my point of view, it has a huge potential, because it can help the business environment to save during transactions or other activities. It can automate many processes in the field of logistics, but also in trade. The sale of goods or goods could be taken to a new level and there should be no waiting times by issuing invoices or other bureaucratic and legal activities. The potential is phenomenal, and sooner or later, it will be a key technology in everyday life. Right now, many countries want to switch to virtual money, and the blockchain could solve the problem of making transactions and stopping their counterfeiting.
Simplicity and hope: Yes, I believe that blockchain is a technology that will change the world, that will get us out of poverty and help anyone.
Thank you for reading and I hope to make as many friends as possible around here and learn from you all.