Aware of the next-generation Internet?

There is a necessity behind every technological innovation. Yes, it makes things simple and easier. Would you believe if I tell you that, one such technology will rule the world for the next few decades?

The Internet has changed several things, but not everything. India has the second-largest Internet user base with 450 million people. But only 70 million people are supposed to be easy while transacting online. That is barely 15%. But why people are hesitant?

One simple answer, the TRUST factor!

This upcoming technology eliminates risk and creates trust among people to transact online. You might have already guessed it right.

Yes, I’m speaking about the BlockChain Technology which is considered to be the next Internet.

But what it is BlockChain?

Block-chain is a distributed database existing on MULTIPLE COMPUTERS at the same time. It is called a chain because each block contains a timestamp that links to the previous block. It exists as shared and continually reconciled.

Let’s understand with the example:

Banks generally have a single database where they store all the information of their customers like balance with each customer, loan pending from customer, etc. If this server is hacked by hackers, they can easily change the information about any person. The data of all the customers of that bank would be under risk.

That is where blockchain technology comes into role. Blockchain does not work under a centralised server. The data is stored in multiple computers of the customers of the bank. Even if one computer is hacked, the data is still safe in other computers. The only possible way for the hacker is to hack all the computers in the block which is quite impossible.

Let’s look into the benefits of BlockChain technology:  

·         Cuts the transaction cost.

·         Risk of loss of data is reduced.

·      Increase in the Trust factor draws people to make online   transactions.

·         It is decentralised.

·         Transparent.

Places where Blockchain can be replaced:

1. Voting System: The current technology used for conducting elections often fails to solve the purpose as people can easily tamper the data in the voting machine. Why would we believe if such a technology is used for voting? That is where blockchain can be used. Since blockchain creates a trust factor, it can easily be replaced with the existing system.

2. Banks: Blockchain technology can replace the major part of the banking system. With an increased number of the trust factor, current flaws in the banking system are erased.

3. Tax systems: People can easily calculate and pay their taxes without the help of an expert.

4. Online payments: Frauds happening due to online payments can be completely abolished with blockchain.

To conclude, BLOCKCHAIN TECHNOLOGY has already been used besides the Cryptocurrency. Once the infrastructure is viable, blockchain technology will soon enter India. After 10 years, Blockchain will be something important as the Internet is important today.