What are Blockchain And cryptocurrencies?

Photo by André François McKenzie on Unsplash

Disclaimer: These articles may not be 100% technically accurate. These are meant to convey the concepts in broad terms as we could understand.

To learn/know further in detail, please do your research from credible sources.

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Blockchain technology provides what was not possible before, Decentralization.

If you want to keep records of data, transactions, then traditionally we have a centralized authority that maintains the ledger /record. But centralization has certain drawbacks like concentration of data/power, vulnerability(single point of attack).

Decentralization was not possible before because of the problem of “Double-spending”(duplicacy). Anyone in the network could duplicate the transaction.

That got solved with blockchain.

Most entities around us, be it organizations(private/public), institutions like banks, governments, companies, political parties all are centralized.

And the Internet also is centralized. Most of the data is stored/processed in a large gigantic handful of servers.

And as the internet has grown data control/access is not as democratic as it should be. A handful of organizations like Google, Facebook(meta) have disproportionate control over data and it's growing.

Blockchain provides a decentralized alternative to all of this.

As this is a fairly new technology, we are seeing new use cases being developed every day and experiments are being done.

Among all these projects most will fail. Many fake companies/scams will emerge. But that does not mean the whole space is a sham.

No doubt, Blockchain technology, and decentralization are here to stay.

Some of these present projects or new ventures in this space will create immense value for the ecosystem and early adopters/investors.

Don’t be foolish to think that you might have missed the rally.

This industry (crypto-economy) is just getting started and is at its earliest stage.

If you want to build something/ even earn a living from it, this is the time to start learning.

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Thanks

Kamal J. Sharma