It will be an understatement to say that the blockchain technology is one of the most innovations of this century. Whenever we think of it, we automatically associate with the cryptocurrencies, and primarily bitcoin. However, that notion is changing at a rapid rate. More and more people are seeing that the decentralisation and transparency that comes along with the blockchain technology has the potential to shake multiple industries to its very core. One of the main uses of peer-to-peer network is file sharing, also called torrenting. If you are to use a client-server model for downloading, then it is usually extremely slow and entirely dependent on the health of the server. Plus, like we said, it is prone to censorship.
However, in a peer-to-peer system, there is no central authority, and hence if even one of the peers in the network goes out of the race, you still have more peers to download from. Plus, it is not subject to the idealistic standards of a central system, hence it is not prone to censorship.
Immutability, in the context of the blockchain, means that once something has been entered into the blockchain, it cannot be tampered with. The reason why the blockchain gets this property is that of cryptographic hash function.
In simple terms, hashing means taking an input string of any length and giving out an output of a fixed length. In the context of cryptocurrencies like bitcoin, the transactions are taken as an input and run through a hashing algorithm (bitcoin uses SHA-256) which gives an output of a fixed length.
A blockchain system runs without the concept of “human trust”. “It assumes that any insider or outsider can compromise the system at any moment and hence it is independent of “human ethics”.
There are many more blockchain applications than just cryptocurrency and can affect way more sectors than just the finance sector. Another need for the blockchain technology is the need for crypto currency. With cryptos, one can make payments for goods and services and you know what that means. It means ease of transactions, high transaction speed, worldwide capacity and many more. Most people fall under this category and am not an exception. I particularly use bitcoin in gambling at
Vegas Casino where I do go to make money and unwind at most times and most importantly, because of their 225% bonus. So as you can see, the reason why we need the blockchain technology is endless.
The need for the blockchain technology is important because that’s the only way we can enjoy those beneficial features of blockchain and fully optimize it. One major way to improve the blockchain technology is the introduction/creation of more ICOs with solutions to existing problems as well as increasing the publicity level through ICOs.
when coming to blockchain technology it is developed in recent year and people are always like this kind of development at anytime that's why blockchain Technology will made a important place in our society blockchain Technology will be the future for all over the world If this technology will going to downwards then the development of future will be in different way especially that technology development will based on the online money earning so blockchain will be very important for our future.
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