In the blockchain technology, bitcoin is the best-known implementation of the blockchain. There is a lot of development and the direction is based on the premise of what blockchain does to enable Bitcoin to happen. We can learn and expand how it can spread into so many different areas.
The blockchain technology fixes three things that the Internet was not designed to do. These three things are:
- Value
- Trust
- Reliability
Value
With blockchain, you can actually create value on a digital asset. The value can be controlled by that person who owns it. It enables a unique asset to be transferred over the internet without a middle centralized agent.
Trust
Blockchain enables to securely assign ownership of a specific digital asset and be able to track who actually controls that asset at a time. In other words, blockchain creates a permanent, secure, unalterable record of who owns what. It uses advanced hash cryptography to preserve the integrity of the information.
Reliability
Blockchain distributes their workload among thousands of different computers worldwide. It provides reliability because if you have everything localized in one location, it becomes a single point of failure. But, its decentralized network structure ensures that there is no single point of failure which could bring the entire system down.
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