The Trust Protocol
The internet gave us email, World Wide Web, social media, video platforms, big data, cloud computing and many life altering technologies. But it has serious limitations for business and economic activity when it comes to reliability. This limitation hindered the utility of internet in many ways. The concept of Blockchain – the trust protocol, was introduced that opened myriads of opportunities by taking us from internet of information to internet of value.
The key value that it offers is DATA INTEGRITY. Integrity of a blockchain network is encoded in every step of the process and is distributed among all participants of the network rather than in any single entity. The double-spend problem was resolved through intermediaries while transaction.
Another novel value that blockchain provides is DISTRIBUTED POWER. Blockchain brings the concept of democracy to internet, it allows people to control their data without fearing misuse or leak.
Vitalik Buterin, a 19 year old created the world’s first decentralized smart contract platform. The USP of Ethereum is Smart Contract, it’s a computer code running on top of a blockchain containing a set of rules under which the parties to that smart contract agree to interact with each other. A sum of $7.8billion was raised in digital currency by 1200+ companies in the year 2018.
Two most important aspect for enterprises while considering blockchain are it can be both permissioned or permission-less. A permissioned blockchain is the one where the user require consent from the creator of the blockchain to participate in the network. In a permission-less network, user doesn’t require consent to join the network, they can join and leave at their will and is often considered as truly decentralized.
According to an estimate by World Economic Forum, around 10% of global GDP will be stored on the blockchain by 2025. That means in next 5 years the world leaders are preparing for a huge shift and are ready to embrace it for the next era of internet technology.
Blockchain has been used extensively worldwide for various fields and purpose. Few references are cited below:
Blockchain’s value proposition for Governments can be well described through transparency in functioning, accountability for the decisions, zero leakages without tampering and decentralized cost effective network.
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