Is Blockchain the Future?

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In order to understand how the future will shape up to be, we firstly need to see the type of technology that we have with us today. The direction we are headign in today will determine where we end up in the future.

So is Blockchain going to be the future?

Blockchain is a technology that is used for distributed ledgers and records. It helps ensure that the information recorded on it is immutable. 

The idea behind blockchain is that everyone who is a part of the system is responsible for maintaining it. The chain is decentralized, and there is no one person or body that has control over it.  This is a far cry from modern currencies.

Blockchain is used in cryptocurrencies, but it could be used in many other areas as well for arranging transactions and credit. It does not have to be a system for currency alone.

Are there any risks to Blockchain?

There are some issues with the way that the technology is implemented in certain systems right now, such as the risk of the network being ‘taken over’ by a group that has sufficient financial resources to contribute more than half of the processing power. You can read more on this here

Bitcoin is vulnerable to a ‘51% attack‘, where if one group of people controlled more than 50% of the processing power for mining they could fake transactions. This is something that will be worked out as the technology matures, but it is a potentially serious issue with the technology as it stands, and a barrier to adoption.

One of the reasons why the blockchain that Bitcoin resides on outshines all the other blockchains out there is because of how decentralized it is. It is almost impossible to own enough computers aka mining rigs in order to control 51% of the Bitcoin network.

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