Renato Zamagna

Subtitle: Many people perceive the terms blockchain and cryptocurrencies as synonymous when in fact there's much more to the technology than just a payment option. Title:What is blockchain and how is it changing the world What is blockchain technology? A simple definition. Picture a literal chain of blocks. Now let’s get abstract. Each block is a record (or a collection of data), and they’re all linked together in a peer-to-peer network of “nodes” which are machines connected to the network. The entire network (or machine community) can autonomously verify the integrity and authenticity of a record via self-auditing. This means that public and verifiable data can be shared across a non-centralised network, transparently yet securely, protecting the integrity of information or other forms of data as it cannot be corrupted by retroactive alteration. It’s like a write-only database. You can append data to the end, but you can’t go back and edit anything. And, as everyone has a copy, it’s a way of crowdsourcing verification or authentication for things – everyone on the network is witness to it.At its core, this technology allows for direct trading, with no middlemen (such as banks and organisations) required to guarantee transactions take place as they should or other platforms and intermediaries to facilitate trades. These transactions (whether they’re financial, informational, or the transfer of anything else of value) can be automatically verified by the entire network as it is logged in the blockchain with its own unique digital signature. You don’t have to place trust in the middlemen not to tamper with, delay, or charge you hidden fees for your transactions. ( Is blockchain technology the new internet? By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet. Originally devised for the digital currency Bitcoin by Satoshi Nakamoto, the tech community is now finding other ingenious uses for the technology. TRANSPARENT- Data is embedded within the network as a whole, by definition it is public. Transparant and incorruptible INCORRUPTIBLE- Altering any unit of information on the blockchain would mean using a huge amount of computer power to override the entire network which is practically impossible. Blockchain technology enables the coding of simple contracts that will execute when specific conditions are met without human intervention. Samart contracts Governance Full transparency to elections or any kind of poll taking. Blockchain technology provide an easy way to certify the backstories of the things we buy are genuine. Supply chain auditing File storage Distributing data through the network protects files from getting hacked or lost. Smart contracts can protect copyright and automate the sale of creative works online, eliminating the risk of file copying and redistribution. Protection of intellectual property Examples of blockchain technology applications unrelated to financial transactions Neighbourhood energy microgrids Blockchain technology enables the buying and selling of the renewable energy generated by neighbourhood microgrids. Identity management Blockchain technology offers enhanced methods for proving who you are, along with the possibility to digitise personal documents potentially eradicating identity theft Any doctor or hospital anywhere in the world connected to the network would have instant access to medical records, enabling proper diagnosis and treatments. Medical records Data managemnt Real state In the future, users will have the ability to manage and sell the data their online activity generates. Blockchain technology enables full transparency regarding property titles, transactions log and historic value. Conclusion- We are witnessing a complete paradigm shift in regards to conventional wisdom. Life as we know is changing and the world is taking notice. Post offices, financial institutions, all the way to governments around the world are developing projects to implement blockchain technology in their operations. The application possibilities of such revolutionary technological innovation are endless and beyond the imagination. Life is about to become a lot more easier, safer, and fairer for everyone. Are you ready for a radical change? Follow us