I begin to explain to you what Blockchain is, first, I would like to touch on Bitcoin, as there is a myth going around that Bitcoin equals Blockchain. Well, that is incorrect. Though, it is often referred to as the same thing. Bitcoin is cryptocurrency, digitized money, that is allowed and kept alive due to the technology called Blockchain. When Blockchain technology began to exist, the first application that was tested on the platform was Bitcoin. Because Bitcoin was the first application on the Blockchain technology, one might say that Bitcoin is Blockchain, and that could make sense. However, Blockchain is not Bitcoin. I hope that makes sense. Blockchain is so complex that still there are very few human beings who understand each part of it. In fact, Blockchain is so complicated that we (as humans) keep on finding more and more ideas that this technology can solve every day. We could say that Blockchain is solving problems. Nevertheless, for some large Financial Organizations, it’s causing certain issues. Some of these matters are getting addressed, and if you keep up with the news, you realize that more and more companies are beginning to use Blockchain Technology for many purposes. The Blockchain is truly revolutionary, as it’s not for solving just one issue for some people, but can fix many problems for everyone. It has re-invented the financial institution, and the proof of that is simply because Blockchain is running and has existed for 12 years already, beginning in 2008. The Blockchain is a globally distributed database that is completely decentralized, meaning it has no boss, or someone that we could blame or award. It is running on all computers, and it’s unstoppable. The Blockchain is built up from multiple blocks that are unreplaceable. Therefore its chain system represents the single source of truth. Once there is a new block created and added to the existing Blockchain, it replicates itself on its system, which resides on the internet, then just synchronizes the same details on all the computers that are running B lockchain. This replication is what makes it un-replaceable. Therefore, it provides full transparency in all administration. Because there is no human intervention in the process of adding and further expanding when new blocks are created every 10 minutes, it exhibits an efficiency that no person has ever achieved. Because each time a new block becomes visible on all computers in the world, it allows full accessibility to all human beings. Where Blockchain stands right now, I mean in 2020, is more like where the internet was in 1993-1995. What happened back then is most people said, “its nonsense,” or “what’s the point of it?” Granted, at the early age of the internet, there were only a few personal computers, very few websites and the network was slow. In fact, it was so slow that if you wanted to download a one-page PDF document, you would probably go out for lunch, come back and you still had to wait another 20 minutes. The internet (Interconnected networks) seemed like a dumb idea to most people, even for those that had power in politics or others that already had existing large retail infrastructure. They believed that it was just background noise. Slowly, the internet grew and became bigger and faster. And once local support opened on the internet, everything changed. When you think about Blockchain, don’t assume that it will not have the same power. Currently, we are innovating in large scale and technology grows with such a high speed that no human can keep up with it. Blockchain will change that dramatically, so instead of continuing to talk about the future, let’s take a step back and understand the history of finance.
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