“There are not more than five musical notes, yet the combinations of these five give rise to more melodies than can ever be heard. There are not more than five primary colours, yet in combination they produce more hues than can ever be seen. There are not more than five cardinal tastes, yet combinations of them yield more flavours than can ever be tasted.” ― Sun Tzu, The Art of War.
It truly is a fascinating and admirable thing, to be living in such a time to see the world shaping and evolving into its future self. We live in such an incredible time: the world has seen more innovation, advancement, information and interconnectivity within just the past 100 years than any other point in history, and it continues to move faster and faster forward. Truly, we are witnessing the future at one of its growth spurts in watching the unfolding of cryptocurrency and, more specifically, the blockchain tech which lies behind it.
BlockChain technology is one of those things which is currently playing a role in shaping the future of our economic environment. Aside from cryptocurrency, blockchain has a plethora of uses within it’s realm. This technology is incredibly diverse in its uses and potential uses and offers a great benefit to anyone using the technology. But what is “blockchain”? A blockchain is a database of information collected and stored in ‘blocks’ which make up a ‘chain’. When a block is full, the link to the rest of the chain in a chronological and an unchangeable manner. This happens, for the most part, on a decentralized network, most notably in the realm of cryptocurrencies, meaning that they are a “peer-to-peer” network which runs on a multitude of computers and nodes around the globe (privatized/ public “permissioned” blockchains are exceptions to truly decentralized networks). Blockchains are always updating, and with every computer or node a transaction passes through they are being verified and copied. They are also incredibly transparent and secure; anyone can look at a public blockchain, with encrypted transaction history that keeps everyone’s identity safe. With a chronological, immutable and transparent record of transactions, it’s very easy to detect fraud, theft or any sort of hacking.
This technology is being widely recognized as more than a network to exchange crypto. With such information storage, sharing and security, the blockchain is slowly but surely finding its way into many areas of the economic environment. It has the potential to eliminate middle men in a variety of fields, close the doors on financial institutions and ultimately make all transactions and contracts incredibly easy and beneficial for anyone who uses the technology.
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