The blockchain is transforming the foundations of our existing social and economic landscape and driving the transformation of industries around the world. While it may take years or decades for the blockchain to fully integrate into our lives, but the blockchain concept should definitely be known to everyone.
Simply speaking, blockchain is a new form of decentralized database. It can record transaction information for any type simultaneously, from physical assets to financial transactions, from contracts to supply chain information. Its main advantage is non-unitary entity records, everyone can see the detailed data of each record (or block) from the chain in public. The person who master the private key of the block can access this block, everyone can see the owner's modification record for a single block simultaneously.
Here are some knowledge to understand the blockchain:
1.the type of blockchain
There are three types of blockchain: private chain, public chain and alliance or joint blockchain
A private chain requires written permission from the central authority.
In the public chain, everyone can view information and conduct transactions without a centralized organization permission . These systems only require password verification.
The alliance chain is partly private and partly public. Both blockchains have benefits. Transactions occurring within the ecosystem are monitored by a centralized system, which also has cryptographic security attached to the system.
Blockchain-based identification can have a significant impact on more than one billion people worldwide. Microsoft recently teamed up with Accenture to create a prototype identity system for United Nations projects designed to provide people with legal identity and digital identity. This type of identity card is particularly helpful for refugees who have fled their homes without any official documents.This will enable them to have a decentralized digital ID that can be used for banking, health insurance or even travel.
The US government can use the blockchain to manage the wireless spectrum. The US government currently only distributes very limited broadcast spectrum to commercial broadcasters and amateur operators. Some of the spectrum is used in other areas, such as commercial cellular signals, government signals, and Wi-Fi at home.
According to Wired, blockchain technology can set up multiple spectrums to manage these radio waves as needed.Individuals and companies will be able to communicate their needs through a decentralized blockchain that reduces the cost of the spectrum allocated to specific systems and devices.
4.Internet of Things
The Internet of Things may expand rapidly due to blockchain. By 2020, Internet of Things devices are expected to reach 50 billion units. All of these devices need to be able to exchange information with each other while providing users with a certain level of security.IBM said that thanks to blockchain technology, its Watson IoT platform can track packages in the supply chain, update the location of package, and even store the physical temperature of packages Simultaneously.
The blockchain can balance the supply and demand of real-time transactions. With the development of solar and wind energy, the power market is facing increasing challenges in balancing supply and demand.In many scenarios, the power supply varies with wind and sunlight.
This creates a need for flexibility to be able to adjust power demand to better match supply, as well as to compensate for backup power that responds quickly in the period of a power shortage.
The blockchain manages the infrastructure in real time. Based on secure real-time data transmitted by sensors, blockchain can more effectively monitor and maintain the power industry infrastructure. If an anomaly is detected, the response time can be reduced by simple maintenance and payment through smart contracts.The blockchain adds a layer of security and coordination to current data, enabling fast, accurate data collection and communication between hardware vendors, utility maintenance and emergency response teams.
7.Instant secure payment
In the transportation area, blockchain provides opportunities to coordinate electric vehicles ‘ charging. It facilitates energy payment at the charging station, allows the electric vehicle driver to view a map of the charging network, and displays options based on each user's preferences and real-time pricing data.If a blockchain microgrid is set up in the area, the electricity price of each power station can be established by the grid and the residential power supplier, and the driver can use the blockchain wallet to pay immediately and securely.
Blockchains can be used to protect patents because it tracks and verifies the authenticity of patents.
Blockchain is easily to be attacked when its first online.
The blockchain will make some work obsolete, just like the Internet.But as the blockchain's transformation is growing, it will create new careers and opportunities that we can't even imagine.