Blockchain is revolutionary!

The problem with central ownership!

In today’s era, data is everything. Whoever owns the data has the ultimate power. The central authority to data has started bringing us all kinds of evils such as data theft, data manipulation and unauthorised usage. The centralized world is failing us on data privacy and control.

The big giants(such as Facebook, Google, Amazon, etc.) are controlling the data and using that data to target us with ads and recommendations. We have seen what are the drastic implications of data misuse because of such central authority. The recent such incident with the application FaceApp. In this article, the University of Sydney describes how Faceapp could be misuse user’s data.

How Blockchain can solve this!

I think blockchain can solve the problem of trust, security and ownership. At its heart, a blockchain is a record of transactions, like a traditional ledger. These transactions can be any movement of money, goods or secure data — a purchase at a supermarket, for example, or the assignment of a government ID number.

Blockchain is designed to store information in a way that makes it virtually impossible to add, remove or change data without being detected by other users. In the centralised internet, transactions are verified by a central authority. Blockchain applications could replace these centralized systems with decentralized ones, where verification comes from the consensus of multiple users. Blockchain usage algorithms based on cryptocurrency to solve these problems.

Many countries have started using blockchain-based application which provides peer to peer trust, safety, security, no single point of failure and no centralized authority over customer’s data. InstaDApp is a good example of how DApps are gaining popularity. Blockchain will be to businesses what the Internet was to communication. This is going to be the next big thing.

Thanks for reading. Feel free to connect with me on Twitter for any conversations on this.