Dawn of blockchain technology
In 1980s there was a huge need for the decentralized system ,which could operate independently of there own without the interference of any government and can be used for the borderless transaction.Many technical papers have been published by the tech geeks for peer to peer transfer system at that time.
A guy named Satoshi published a peer-to-peer payment system in 1990s which came to know as ‘Bitcoin’ and he initially mined some of the bitcoins which he still holds.
And after that it is continuously improving .The main function that is current used by the blockchain technology is SHA-256 which is used for generate the hashes for the blocks and it is so cryptogrpahically encrypted that it would take millions of years to decry-pt if it is done from the conventional methods.
SHA-256 was initially used by the NSA (National Security Agency of America)
SHA-256 - Bitcoin Wiki
The main idea behind the blockchain tech was to make a system decentralized and encrypted such that it can operate on its own.The creation of bitcoin which also followed the TinderBall Effect Tinkerbell effect - Wikipedia.which made the people believe in this system and led to the this extensive usage.
Blockchain Addresses
The Problem Of Data Loss Due To Hardware Or Connectivity Issues
Have you or someone you know had a computer hard disk fail? If you didn’t maintain a recent backup, the result is catastrophic data loss. Corporate data centers commonly use so-called RAID drives (which stands for Redundant Array of Inexpensive Disks) to address this problem. RAID drives divide and copy portions of the data onto each of its several hard disks in a very clever way – if one disk should fail, there is enough information replicated on each surviving disk to recreate the original data lost on the failed disk.
Blockchain technology provides an analogous solution. However, instead of relying on multiple hard drives within a central RAID array, the data itself is distributed among the users, with no central, official repository.
Real-world usage of the blockchain
A completely decentralized internet, where ISPs aren’t need anymore. This is what Skycoin does with Skywire. They will soon provide their custom built 1Gbps antennas for $100, which have a range of 10 miles and provide high speed internet to 7,000 people and with their mesh network on top probably 20,000 people. You only need 2,000 antennas per European country to cover the whole continent and the data is stored on Skyminers.
Decentralized Storage. This is directly competing with Google Drive and Dropbox.
An near infinitely scalable and near infinitely decentralized payment processor. This will replace all banks, ALL banks. IOTA, Skycoin and Nano are that, it only needs to be seen which one can get to adoption the quickest.
Security Identification, so that you don’t show your passport when traveling anymore, because security identification is now all handled by the block chain (Civic, THEKEY).
Voting, so that it doesn’t happy through intransparent and insecure voting machines, but through the blockchain (DistrictXo)
cointr.ee/web3
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