ENG108 Project 4

MC
by Michael Collard5 views·Updated May 5, 2022
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  1. the technology most likely to shape the next
  2. few decades is here and it's called Blockchain.
  3. Panic struck in 2008 when the threat of a major collapse. The economy was present.
  4. There were a lot of uncertainties surrounding
  5. the regulators of the american people's money.
  6. Big part of the problem was due to a centralized financial system.
  7. That solution and others were outlined in a paper published in 2008.
  8. In his paper,
  9. a person or persons under the pseudonym Satoshi Nakamoto
  10. described a form of digital cash called Bitcoin which could
  11. be used to conduct peer to peer transactions without the
  12. need for a third party intermediary or financial institution.
  13. Centralized banking systems are responsible for decisions
  14. that greatly affect entire countries economies.
  15. Up to this point, they have been necessary to establish trust between parties
  16. while they have been doing a decent job.
  17. There are problems that exist in improvements to be made
  18. transactions within current banking systems often take days to complete.
  19. Large fees are also taken
  20. when someone wishes to make the transaction.
  21. For example,
  22. 10-20% is taken by large banks when someone wishes to send money to another country,
  23. centralized platform is risk being hacked which can shut down their entire system.
  24. Many people are excluded from being able to conduct transactions.
  25. Take the example of someone without enough money to open up a bank account.
  26. Large companies capture and profit from our data.
  27. This excludes us from monetizing our own data
  28. ourselves and managing it to better our lives.
  29. Bitcoin is described by Nakamoto as an electronic payment system based on
  30. cryptographic proof instead of trust,
  31. Bitcoin orders and groups transactions and blocks under a specific timestamp
  32. these blocks service proof.
  33. A block is just a place where information is stored encrypted on the Blockchain.
  34. Blockchain is the underlying technology of Bitcoin
  35. and it is where the excitement begins
  36. essentially a blog can be thought of as a page in a leisure.
  37. They exclude
  38. they included transaction information from previous blocks
  39. as well as new information.
  40. New blocks cannot be created however, without the verification of previous block,
  41. these blocks are validate each transaction.
  42. Each block is linked to another block,
  43. creating a chain of blocks called the Blockchain.
  44. The main allure of Blockchain is its decentralized nature.
  45. With this
  46. decentralization comes distributed power processes
  47. are verified by multiple nodes
  48. across the world without giving power to a central authority.
  49. No single party can turn the system off a network where
  50. no single point where there is no single point of failure,
  51. there is embedded safety,
  52. there is no central point to hack into
  53. the system can survive so long as there is a note up and running
  54. the consequences of those who attempt to act recklessly.
  55. Whether that be hacking the Blockchain and faking
  56. transactions are stealing money are isolated to those individuals
  57. don Tapscott.
  58. The author of Blockchain revolution refers to Blockchain
  59. is the next stage of the internet.
  60. The internet in its present state, in the internet of information.
  61. It is based on the idea of copying and distributing material via video,
  62. email or data.
  63. These are all duplicates what is sent is a digital copy of the original
  64. problem comes with assets like
  65. with genuine monetary value
  66. contracts like home or car ownership, stocks, bonds,
  67. money votes or digital identities are examples.
  68. No one wants a copy of these items.
  69. That is where Blockchain comes in.
  70. Blockchain guarantees authenticity and provenance.
  71. These problems are solved with the leaves of Blockchain
  72. and nearly all industries that benefit.
  73. As you can imagine, these benefits lead to many applications.
  74. Blockchain technology has the potential to revolutionize nearly every
  75. sector of the United States and the world.
  76. Everything from financial governments to education will be affected.
  77. The benefits are great and the applications are nearly limitless.
  78. The benefits and applications discussed already are only the tip of the iceberg.
  79. As far as the potential of this technology goes,
  80. fans of art will see their favorite
  81. artists compensated as they should be consumers at
  82. a restaurant will know a certainty where the vegetables in their salad came from,
  83. immigrants sending money back to loved ones in their homeland.
  84. Will avoid delays in large fees.
  85. In countries like Saudi Arabia where women have
  86. fewer rights than those in Western nations.
  87. A fashion magazine can be published by a woman and viewed
  88. by people all over the world through the use of Blockchain,
  89. citizens who are fed up with the lives and lack of accountability
  90. of political leaders will benefit from Blockchain
  91. because of the transparency of the technology.
  92. Someone who uses social media values their privacy and believes
  93. the data they create is worth something will benefit for Blockchain
  94. every day.
  95. Innovators are constructing applications based on the
  96. Blockchain that serve these very purposes.
  97. Industry leaders,
  98. as well as everyday people will benefit from Blockchain technology.
  99. A more prosperous society will be the result of its utilization.
  100. Blockchain is the technology likely to have the
  101. greatest impact in the next few decades.
  102. As did the first generation of the internet,
  103. Blockchain promises to upend business
  104. structures and revolutionized industries.
  105. So just as many people relate to the party with the dawn of the internet and again,
  106. with the emergence of social media.
  107. When it comes to Blockchain technology, don't get left behind.