One of the buzzer words nowadays is blockchain. Many IT guys are looking what is blockchain. initiated by Satoshi Nakamoto who wants to create a peer to peer system that cut a middleman in a transaction named Bitcoins.
Mr Muhaimin Iqbal said that this technology will be the next revolution in our life after the internet era. I am a bit doubt in the beginning because it seems an illusion and very hard to be true. I try to digged up and learn more about this technology. There are some interesting points regarding this.
- It peers, meaning it will be distributed to other people node(computer, laptop, server and so on). Therefore if we join a broad network eg Etherium Main Network, it will cost a lot of many. because we keep everything. not only our data but also data’s people in the world who joining Etherium.
- It might disrupt Banking. I think this technology may replace bank functionality as exchange middleman.
- Transparency, No doubt, by technology, we may write down the transactions and tell the members of our network. Hence, everyone in our network will monitor the flow of the *money*.
- Everyone can create their own “currency”. Smart contract ( in this time is Etherium) can help us to create our own “Token”. the token can be the rate of the US dollar, the rate of gold, rupiah, or anything that you think is fair enough.
- No manipulation. Blockchain helps us to lock the cycle of the transaction. If a fraud happens in the middle of the transaction, we could see that the “hash” will be inconsistent.
Because of the time limitation. I will continue the learning on the next post. thank you for reading my blog!