The most revolutionary thing of Blockchain is to be a useful tool that can be implemented to solve many problems.
The biggest advance after the Internet
Much has been written about Blockchain and the revolutionary nature of its technology, as well as the great expectations it generates in terms of trust, decentralization and applicability, but we still can not imagine how far the implementation of this technology could take us in all spheres of life.
For Blockchain experts, it is comparable to the emergence of the Internet, and although this brought with it a technological breakthrough greater than expected, it was not smartphones, social networks, virtual reality, or autonomous cars that constitute the biggest breakthrough in technology after the Internet, it is Blockchain. Many agree that the impact of Blockchain will be similar or maybe higher than the Internet, because the same benefits of technology could even affect the functioning of the web.
The origins of Blockchain
Blockchain is the technology behind Bitcoin, it arose in response to the challenge of making Bitcoin a digital currency that works under a secure protocol that provides security features to the database and guarantees decentralization of information, trust and greater protection against cyber attacks. Blockchain made Bitcoin the first digital currency to operate without a central authority and without revealing data about the identity of those who make transactions.
This proves that the objective was achieved by generating a technology that allows the operation of a shared and decentralized database, thanks to the existence of copies of that database in millions of computers in the world, which are secure because those copies are protected cryptographically, they can not be attacked, banned or deleted, and if there is a discrepancy in the registers, a consensus mechanism acts as the central authority and allows to detect which is the correct one. Blockchain works as a shared database among multiple users, and can only be updated with the agreement of most of these. It’s like a transparent accounting of all the transactions that have been made in the history of Bitcoin.
Information management revolution
The most revolutionary thing of Blockchain is to be a useful tool that can be implemented to solve many problems, with countless fields of application that include any activity that can benefit from a decentralization of data storage. It represents a solution to the serious limitations for the economic activities that the Internet presents, due to the absence of a way to verify the identity of the participants in a transaction without the endorsement of a third party, who also stores our data for profit or security purposes.
With Blockchain these systems are changing because without the need for intermediaries, direct and secure monetary transactions can be made without the participation of third parties, and it is also possible to maintain the security of the information handled in the development of the transaction, trust is an intrinsic characteristic of this system. And these characteristics are what give it the category of revolutionary technology, because it opens a new world of possibilities to be able to house any type of legal document without any state, person or company controlling them, from birth and death certificates, deeds and clinical records up to votes, source of food and anything that can be coded.
The “protocol of God”
Blockchain is the trigger for a technological revolution that has its early origins in 1981, when experts were trying to solve the problem of information security represented by the Internet through cryptography. With the creation of eCash, by the mathematician David Chaum in 1993, it began to be glimpsed that it was possible to achieve the development of effective and secure protocols for conducting transactions over the Internet, the difficulty was that online buyers did not worry about this matter back then.
The search for security for network transactions became an intense crusade for researchers, to the point that one of Chaum’s partners, Nick Szabo, wrote an article entitled “the protocol of God”, paraphrasing the expression “the particle of God”, with which the Nobel Prize winner Leon Lederman referred to the importance of the Higgs boson in modern physics, to reflect on the creation of an ideal technological protocol in which God was the reliable mediator of all operations: “All the parties would send the information to God, God would handle that information and return the result. Since God is the sum of discretion and confidentiality, neither party would know about the others more than they know about themselves. Blockchain is the closest thing to what Szabo described as “God’s protocol.”
With this feature Blockchain has stimulated, amazed and definitely captivated the imagination of computer scientists, an effect that has quickly spread to businesses, governments, privacy advocates, social activists, media theorists, communication and journalists, to mention just a few areas.
Trust without intermediaries
The economic exchanges are based on trust, but the complexity of commercial transactions brought about by the push of technology made it necessary for institutions to verify the information provided by the participants. Examples of this are the registration of “intellectual property” before a state authority or the verification of transactions through “stock exchanges” administered by third parties, which function as institutional mechanisms to establish certainty about transactions, with a reason of being, to reinforce the confidence, necessity that has been remarked by the state activities of control and verification.
As a revolutionary technology Blockchain could put an end to this institutional structure, since it has opened the door to a new era of technology that is expected to revolutionize the way to verify personal and social information in a very short time.