What is the Blockchain..?                    

 

 

 

 

 

 

Blockchain, refers to the new connected decentralized technology.

In this article, I explain how the blockchain works, I discuss its interest as well as the criticisms that could be reproached to this system of a new air.

Starting from the current observation, the Internet revolution remains in the unlimited sharing of information with the whole world. Today, it is clear that we mostly use centralized systems, whether for money transfers, with banks and payment providers, like paypal, but not only, I can take the example of a platform like uber for transportation services.

The progress in the blockchain is marked by decentralization. The management system is managed, controlled by the entire community.

Imagine blocks connected by chains in which the transactions between users are permanently noted. For these transactions to be validated, they must go through the control of the entire community (minors). That's the blockchain!

Here is an image of the difference between a centralized (1) and decentralized (2) and (3) system.

 

No obligation to go through a central point with the blockchain, we are connected in a direct way, the trusted third party becomes the whole community.

The advantage of this technology is that it goes without this intermediary too long perceived as necessary.

 

Henceforth, there is no need for banks to carry out a currency transaction as shown in the bitcoin scheme.

 

 

But not only, imagine a world that no longer needs all that we believe today, indispensable. These "monsters" that we create by the mere fact of being registered gives them an undeniable power, on the policy of use, prices, commissions. We could also talk about our private data that they resell to their partners.

The blockchain is nowadays used for other domains than the transfer of money, thus making it possible to do without actors like uber, to order a service of transport in real time, that is what zooz develops with its original name. In Honduras, we refer to parcels of land with the blockchain, this shows that we will be able to spend tomorrow notaries. It (the blockchain) could very well be used for insurance services.

The company STRATIS with its currency of the same name offers businesses to use the blockchain in their activities, it now has customers such as Microsoft. Logistics companies today announce that they are about to use the blockchain to manage their fleets. Business schools code degrees to fight against fraud with the blockchain system.

There is also this browser BAT (Basic Attention Token) created by the founder of mozzilla firefox who uses the blockchain to pay users, bloggers, and content editor. We will spend tomorrow from Google, Facebook will be dethroned by a project like steemit that also pays its users.

With the blockchain, we stop being cash cows to GAFA profits, we become more free against banks and corrupted states.

 

 

But what can be blamed on the blockchain?

 

In theory this system is inviolable, it remains the safest to date, each fraction of unit emitted is coded and the units in their overallities are limited. Transactions as explained above must be validated by the entire community before being complete.

Only if a user takes control of the majority of the network will he have the power to manipulate the transactions (this is the 51% attack). This requires a great power of a computer (we say that only a quantum computer could be capable of such a thing in ten years)

The main risk on a daily basis is the use of passwords that are picked up by fake websites using the interface of the sites on which you enter your codes without even taking care to watch if the url is the right one. pishing "very widespread unfortunately on the entire Internet.

I recommend using double identification, this means that in addition to entering your password a combination of numbers will be requested, it will be visible on an algorithm programmed to change this series every 30 seconds (on smartphone or tablet). In general Google authenticator remains the most used and the safest.

Double authentication can also be a validation by SMS, but in case of loss of the phone this solution remains less sure.

 

The stability of a blockchain system

 

It seems important to me that all this works thanks to anonymous people who leave their machines available to validate the transactions, and search for new fractions of cryptocurrencies according to the coding provided by the initial program.

 

These people agree to do it according to the remuneration, (commission by validation, value of the currency on the market). Most of the time, we have to do to enthusiasts eager to help change the world by passing banks and other giants by alternative means.

 

This technology remains young, it offers a lot of hope in the possibilities that it brings, in different fields. Today we are at the beginning of this real revolution. Its saving of time, money, anonymity, and especially freedom will inevitably seduce the greatest number. As the internet, I am convinced it will touch all the layers of the micro and macro economy tomorrow.

 

I will conclude with a quote from Idriss Aberkane, lecturer, known for his works in the economics of knowledge and neuroscience. Which I recommend conferences!

"All major innovations in society go through three stages, at first ridiculous, then dangerous and finally obvious." At what stage are we with the blockchain? I leave you to this reflection, hoping that thanks to this article you better understand what the blockchain is and how it works.

 

Remaining at your disposal for any questions.

 

 

Sina

 

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