Do you recognize the names Stuart Haber, Scott Stornetta, or Stefan Konst? Probably not. But I’m sure you’ve heard of Satoshi Nakamoto, the faceless creator of blockchain technology. This technology, which was reintroduced through Nakamoto’s 2008 white paper, has become well-known through cryptocurrencies like Bitcoin and Ethereum. However, its influence extends beyond just digital coins. Blockchain has given rise to numerous companies, from Coinbase to Chainalysis.
But blockchain’s true power lies in the programming world. Let me show you how these code warriors work their magic.
Smart contracts are like pinky promises on steroids. They are created by programmers to specify conditions and outcomes. These contracts operate based on predefined rules and only execute when those rules are met. For example, if Person A sends cash, Person B will receive a digital goodie. No cash means no goodie. It’s as simple as ordering a cup of coffee.
Remember pinky promises when growing up? Smart contracts are like that but on steroids. So, what moves them?
Code cowboys work on these contracts specifying conditions and outcomes. And like the James Dean of tech, these contracts are fussy enough to operate by their own predefined rules and only budge when those rules are met.
Picture this: Person A sends some cash, and like magic, Person B gets a shiny digital goodie. Condition? No cash, no goodie. Yes cash, yes goodie. It’s as straightforward as ordering your morning coffee.
With perks like this, it’s a no-brainer why you’ll see many companies using blockchain technology nowadays.
Tokenization of Assets
If Andy Warhol were to rise today, he would be more surprised than Derek Zoolander. Why?
Four of his paintings are now on the blockchain, thanks to super-smart devs who are turning real things, like art or property, into digital versions called ‘tokens’.
What are these tokens though? They’re digital stickers that say, “This belongs to you.” By turning these real-world goodies into digital tokens, it becomes easy to buy, sell, or trade them on the internet.
Decentralized Apps (DApps)
You’ve heard of a new game and all the hype that comes with it. You pick up your phone to download it. Where do you go? Often Google Play Store or Apple Store. But that’s not the deal with DApps.
These bad guys run on a decentralized network of computers. This means no more big brother setting the big rules. All data and operations strut across a network, helping these rebels of the tech world to give the cold shoulder to censorship.
And as for glitches? They’re as rare as a hiccup in your grandma’s trusty vintage radio. Why? Because there’s no single point to trip over; no central server playing spoilsport. And when it comes to being open and honest? They outshine traditional apps, offering a level of transparency and security that’s simply unmatched.
With these serious advantages, it’s no wonder there are many blockchain companies out here already.
Digital Identity Verification On Blockchain
Take a seat. Now, think about a world where proving who you are doesn’t involve sifting through a mountain of paperwork or remembering the maiden name of your third-grade teacher. Welcome to digital identity on the blockchain! It’s like having a digital twin that vouches for you, without the drama.
How? Crafty programmers set this up on blockchain platforms. They then securely code in your identity details, and when verification is needed, the system checks the blockchain, not some easily forged document.
Say you’re signing up for a new service online; the system can quickly confirm “Yep, that’s you!” without you