What is Blockchain?
Blockchain works similarly to a digital accounting ledger, it stores financial transactions and it records what comes in and what goes out. How it differs from a ledger is that when you use blockchain technology it is far more security and there are no middlemen involved. In blockchain technology a block will contain transactional data and an encrypted hash of the previous block. Two parties can use it to record transactions securely and permanently. Blockchain is managed by a peer to peer network and right now it offers the safest way to transfer digital information.
The Evolution of Blockchain
The technology was originally created for Bitcoin and it initially faced criticism and rejection, but today blockchain is hailed as revolutionary. As it turns out blockchain technology is a practical way to store digital data more productively and securely. Here is a look at how blockchain will change money and business.
The Benefits of Blockchain
Here are just a couple of the benefits that come with blockchain technology.
Transparency: Those in tech believe that blockchain is the fact that it is so transparent. Each block is recorded and they are added chronologically, if you are participating in the blockchain you have the ability to keep track of the transactions.
Authentic: Since information is stored in blocks and they cannot be controlled by one person. There is less of a chance of failure and it allows the technology to give you the reliable space for various business transactions.
Tamperproof: As transactions happen and they get verified each time they go on to the next block the chances of error or someone interfering with them is reduced to almost nothing. It is the process that actually protects data from tampering and it allows the technology to be user friendly and highly efficient.
Quality Network: If an irregularity should happen then the blockchain technology makes it easier for the affected party to find out what happened. They can trace the transaction back to the point of origin. This makes it the perfect technology for the financial industry where crucial details are necessary for those involved.
Saves Money: What makes Blockchain so cost effective is the fact that there are no middlemen involved in the process. This makes the technology affordable for start-ups and established organizations.
Blockchain technology has huge potential in the future, it allows for faster transaction. The system doesn’t have to go through a huge verification process making it faster and easier for all parties.
When it comes to new technology it is constantly changing, innovation can come in the way of improvements to existing technology or sometimes it is something new and revolutionary altogether. What makes it hard to predict is which new technology will be embraced by the public and which we won’t remember a year from now. So what new technology will dominate this year? Let’s have a look.
5G networks are expected to be launched sometime this year, there are already telecommunications companies all over the world testing the network. 5G will bring with it speeds of up to 10Gbps, it will also use far less power and let several users to connect to one device simultaneously. The cost of 5G is going to be higher for consumers than the 4G LTE service that is currently available. It may be a slower roll out than previous network upgrades.
Remember those old flip phones from back in the day, it looks like they are making a comeback in a new and improved way. Phone manufacturers like Samsung and ZTE are developing a foldable smartphone, with Samsung saying they expect to bring them to market this year. This technology has been in the works for more than 2 years. So what does that mean for the consumer? They are expected to have an even better display, bigger screen sizes and less worry about dropping and cracking your screens. Hopefully they will be compatible with the new 5G networks.
It seems every year at the Consumer Electronics Show a new technology for televisions is being introduced and this year it is OLED TV. You can watch TV in extra high definition color and all of the leading manufacturers are expected to introduce their lineup of OLED TV’s to the market. Home entertainment is big business so it will be interesting to see where this technology goes.
AI (Artificial Intelligence)
The concept of AI is not new, science fiction has been writing about it for decades. Now the technology is in place to make it finally happen. In 2016 Google released Google Home, Apple and Amazon both have assistants available. All of the tech giants are investing heavily in this technology and AI is slowly making its way into our lives already. Chatbots are a part of many businesses strategies for sales and customer service. This is just the tip of the iceberg, the potential for this technology is huge.
Technology changes so fast it is hard to keep up, but more often than not innovation comes in the way of improvement to existing technology. Once in awhile something completely new comes down the pipeline and it is exciting.