Can blockchain be a part of government and industries’ headache?
Blockchain has shown promising results when we talk about business and related subjects. But first we should ask ourselves, how does it works? To start talking about the process we need to talk about cryptocurrency. “In cryptocurrency a block is a record of new transactions — that could mean the location of the cryptocurrency, medical data, or even votes — Once the block is completed it’s added to the chain, creating a chain of blocks: a blockchain”, says Jacob Kleinman, software developer at IBM.
All the transactions made in a block are encrypted, which means that there will be complicated Math issues when you try to solve problems in a blockchain and it can get harder as the blockchain grows. If you’re able to crack this problems, you will be rewarded with transactions(BitCoins for example). To better understand the real work of a blockchain we should explain that if you are a part of the blockchain you will have two passkeys, a private and a public one. With the private passkey you have total access to all of your transactions and you will be able to configure what will be showed to other people, such as name, location, value and who is on the other side, therefore you can make things more classified and leave no traces behind.
Although blockchain has been used for amazing purposes, it can cause a really bad headache when it comes to government and some industries’ segment. For example, with blockchain we do not need a third person to certificate the transaction, because other people will be responsible for that, and if the data do not match all the other blocks in the chain, the users will reject the block and it will certificate that no other block is invalid, if that happen the chain will proceed normally but, if not, all the chain will be reloaded and the block will be removed. What is amazing about blockchain is that the connection is P2P, which means more safety about your data, but it can cause some problems for the government because, with we use blockchain for everything that we do there will be no data for they explore, and companies can lose statistics purposes. So, yes, blockchain can cause a really bad headache on government and industries’, but with we continue using the way we are, it can be a amazing tool that provides a lot of data security and storage.
Written by the reading of: “Blockchain Double Bubble or Double Trouble?”- Jude Umeh