Blockchain Technology

We've all been here for a while, of course, as we often say 'On the Blockchain'. But what is a Blockchain really? Do you know the answer? Most people will not really know the answer to this question. To me that is not surprising, the word "Blockchain" is a concept for many. But not everyone is interested in learning the technology behind it. Or even thought about what exactly a Blockchain is.

Blockchain is more then Bitcoin

What Blockchain has become known for is of course BITCOIN. But Blockchain is much more than just Bitcoin. In fact, there are a lot of Blockchains. Hive, for example, is also a Blockchain. Solana is a Blockchain. Polygon is a Blockchain, Terra is a Blockchain. I can name many more. But what is a Blockchain then? Quite simply, a blockchain consists of a large network (a chain) of computers. These computers are called “NODES” in Blockchain terms. And these nodes are needed to verify the transactions that are made. For example, they check whether someone indeed has enough Bitcoin in his / her wallet to perform a certain transaction.

The moment a transaction is approved, it is added together with all other transactions approved in the last 10 minutes time, (Bitcoin blockchain), in a block. This block is then hashed. Hashing is that it is converted to a code (the hash), which ensures security. The Bitcoin blockchain adds a new block every 10 minutes, but our very own Hive blockchain, adds a new block every 3 seconds!

All blocks are placed in the blockchain in chronological order. Each block has the code of the previous block stored in it. This ensures that all blocks are connected to each other like a kind of chain. And that also provides extra safety.

Each node has a copy of the entire blockchain stored. The moment the content of a block changes, the hash of that block will also change. That means there will come a time when a hitch will occur. It will be noticed by all other nodes, after which the edited block will no longer be considered 'truth', and thus rejected by all other nodes.

This is a security that is built in so that no one can change anything in the blockchain. If something happens, it will be stored in the blockchain forever. It is possible to change something, but this will have to be done in a new block. An event can therefore NOT be undone.

A blockchain is literally a continuous 'chain of blocks that follow each other in a chronological order.

^{That just as a short explanation for people who are now reading here, but don't actually know or really understand WHAT a blockchain really is.}

Blockchain in daily life

Then on to a part that I was just thinking about. Because blockchain technology is well known within the crypto world. Everything that Cryptocurrency has happens on a blockchain. Regardless of whether it is its own blockchain, or whether the currency is developed on a blockchain such as Ethereum, every cryptocurrency needs a blockchain. But I wondered, are there things that work with Blockchain technology in our daily lives outside of cryptocurrency? Or might do so in the future. Because let's be honest. Blockchain technology has many security and advantages.

When I started searching on the internet, Presearch is my best friend, I came across that blockchain technology is already being used extensively in daily life. It's not happening in the future. It's just a daily reality, and the expectation is that it will also grow enormously this year. I can honestly imagine a few things about that.

But let's take a look at what it is already being used for NOW, and then look at what role this technology could play in the future.

• Cryptocurrency

Of course I mentioned it before, so it won't be a surprise anymore. The number 1 that Blockchain technology is used for is Cryptocurrency. That is the most famous function of the Blockchain technology, and also the very first function of the Blockchain. No surprise here for us, right?

The next feature I came across is;

• Decentralized Apps (dApps)

More and more developers are choosing to develop their applications on blockchain technology, these Apps have been DECENTRALIZED by this development. The big difference with centralized apps, such as Facebook, is that the data of a dApp is not stored on a central server, but on a blockchain. With a dApp, not ONE body has full power, which is the case with Facebook, for example. Ultimately, the data is stored much more securely. You can't just change something just like that.

The next feature, also known to most here is;

• Smart Contracts

We all know it, Smart Contracts offer a lot of possibilities. Take Cubdefi Kingdoms for example. This works entirely through autonomous Smart Contracts. A very nice example of technology made possible by the Blockchain. There is much more possible with the Smart Contracts, they can be used very widely … but I will not go into that further today. The fact is that this is only possible because of, yes… the Blockchain technology!

And another possibility I came across is;

• Data retention

There are currently several developers that make it possible to use the blockchain as a cloud! This certainly has advantages because you no longer have to entrust your data to ONE company (think of OneDrive or Google). Because it is stored on the blockchain, no one else can access your files, only you under normal circumstances and assuming you have handled them safely yourself. This gives you a lot more certainty about your privacy and security that not if your data ends up on the street, as has just happened again with a dizzying number of linkedin accounts.

Now we have talked about what is currently happening with the help of Blockchain technology. But what impact will the same blockchain technology possibly have on our daily lives in the future?

Gradually the role of Blockchain will increase

Let's put it this way, the role of Blockchain technology on our daily lives is already quite big. But I certainly expect it to get much bigger. Not that this will happen all at once, but gradually the role of blockchain in our lives will increase. The technology will have to develop further, but then I expect that all companies and governments will start using blockchain.

^{What I write here are not certainties, but things I can imagine will happen in the future, when I look at the possibilities of the blockchain.}

• Perhaps in the future we will go 'Vote for elections using blockchain technology.

The advantage here would be that everyone could vote anywhere in the world, the advantage would be that no more fraud can take place, the advantage would be that the result is immediately known. This could be done, for example, by giving every citizen an NFT. The citizen can then send their NFT to the party of their choice and the party that has received the most NFTs is the winner. However, it should still be developed that this runs via a certain detour, so that citizens can remain anonymous. But the development is not standing still … and it is certainly a bit out of the time when we still have to go to the polls, and then have to wait a long time for all the votes to be counted. In my view, that is really not of this time anymore.

• Knowing where products REALLY come from.

When you buy clothes, make sure that they are not made by children's hands. Don't you accidentally support "Child Labor". Don't you accidentally support “Slave Labor”. A producer can say that it is a “Fairtrade product”, but is that really the case? It is now virtually impossible to control.

With blockchain technology it is possible to store every step in the production process. From start to finish, every step is stored in the blockchain. This would allow you to check on the blockchain when a product was made, from which country it came and in which factory, by which employee it was made.

This would allow you to see much faster whether it is indeed a "Fairtrade product", or whether they are trying to cheat you a bit. If every step can be checked by the consumer, a producer will also do everything to ensure that the product is made as fair as possible.

• No more copyright problems

Stories about copyright infringement are not unknown to me as a photographer. I had to deal with it myself not too long ago. And then I thought, “How can this be prevented?”

The answer actually lies, “In the blockchain technology”.
When you take a photo, the EXIF ​​data does contain a date, your name if you set this, and a number of other data that should help protect your photo. But the fact is that this EXIF ​​data can be extracted from your photo by a bit of a handy person. And you can have an original file, but there is so much possible with manipulation that it is always a difficult story to prove that it is really your photo.

If you were to add this same photo to the blockchain as NFT at the time it was taken, there would be nothing left to manipulate. This option already exists, of course, but is still far from being used by everyone. I certainly expect that many more people will use this in the future.

And I'm not just talking about photos, but this can be applied to many things we encounter on a daily basis. By using the blockchain, a copyright is automatically recorded, and copyright infringement becomes virtually impossible because everything is stored in the blockchain and can therefore be checked by everyone.

But more practical things are possible with blockchain. Think about;

• Healthcare data available everywhere

Here in the Netherlands we have a GP in the village, or city where we live, and if you move house, your old GP must forward the file to your new GP. The files are now digital, but it still takes extra time and actions to get your patient data to that new GP. When I go to a hospital, my data is stored on the hospital's server, but when I go on holiday abroad and I need medical help… there is no doctor who has or can see my data.

How easy would it be if every healthcare institution could have the data they need. The blockchain could play an important role in this. The data is stored securely, and can only be read by those who should have access to it.

One could even make a distinction. Because a dentist does not need to see if you did an STD test at the doctor last week. But that same dentist would like to know what the doctor saw when you came there and said you had a toothache. All these things can be achieved with blockchain.

At the moment there are already many things happening with blockchain technology, but still I have to say, more things are happening WITHOUT blockchain technology. And partly understandable that it is still the case.

The examples above are just a few of the many possibilities. You could argue that the list is actually infinite. Until this becomes a reality, much remains to be done. Blockchain is still in its infancy and cannot yet be used for everything. That is precisely the reason why few companies and governments have switched to the use of blockchain.

And besides the fact that the entire technology is still in its infancy, the image surrounding blockchain will also have to change. Most people, mistakenly, only think of Bitcoin when they hear "blockchain".

While in the meantime much more is possible with blockchain than just running Bitcoin.

Wishing you a happy Sunday!

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