The 21st century illiterates are not those who do not know how to read and write but they are those who do not want to learn, unlearn and relearn.
Learning have made people who they are today.
No matter who you are, you must always seek to learn everyday, unlearn what have v been inscribed into you from birth and relearn new things that will impact your life meaningfully.
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I'm talking about...
How Blockchain will help!!!
This technology called blockchain is an emerging one that's going viral in today's society. And If we don't position ourselves for this future, we might be left behind in the race. Blockchain was invented by Satoshi Nakomoto using the Bitcoin technology as the first recipient of the technology. Without bitcoin, there wouldn't v been blockchain. It's just like saying the idea behind Bitcoin gave rise to the use of blockchain. Hope you understand, Blockchain is a continuously growing list of records called blocks which are linked together and secured using cryptography.
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Cryptography is the use of encryption and decryption in communication. Putting simply.. Use of codes In communication to avoid 3rd parties interference, Soldiers use this especially.
There are many types of Blockchain....
But there are 3main ones. These are
- Public blockchain
- Private blockchain
- Federated blockchain
Public Blockchain was what Satoshi Nakomoto invented using the bitcoin technology that operated as a P2P payment system, eliminating the use of a trusted 3rd party. He made payment system very easy. It aimed to eliminate the use of bank and be your own bank.
I love that part, I once worked on it and it was fast and efficient ooo
Public blockchain is transparent. Everybody can see what you are doing. You can run a full node on it n start mining. Eg Bitcoin, Dash, Litecoin etc.
Moving to the second type. Yeah.. Fast n efficient. You don't have to wait even if you are sending money from Nigeria to Canada. It'll be delivered in minutes or at most due to congestion, hours😀. Unlike Banks that takes 7working days.
Private Blockchain is the opposite of the public one.
It was crafted from the original blueprint,and it is not open to everyone except d owner of the blockchain. It deals with privacy and you have to take permission before you can open it.
You can't run a node on it. Everyone may not be able to see the transactions performed on it. An individual can own it or a group of friends.
A federated blockchain is owned by a large company, government or a consortium. So the government or companies decides who gets permission and who does not. This aspect is what is really troubling the industry.
As we all know.. Every new invention.. The government have found a way in making sure that they hijack it and use it to their benefit before allowing for mass adoption.
Blockchain is not really adopted now worldwide because the government of the world have not yet found a way.
When you think of electricity, airplanes, internet, computers. Etc. Like that.
Blockchain is just 9years January 3rd 2009 and still counting
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Blockchain and how it will help
This new technology will help in governance, Crowd funding, smart contracts, data management, file storage, sharing economy, protection of intellectual property etc.
There are many ways
😀😀we continue in our next lesson
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