Entry {5} - {The Blockchain Today and Future Expectations}

The Blockchain Today and Future Expectations

     The technology behind blockchain and, quite frankly, the blockchain itself, is still very primitive. The number of potential fields and ideas to which blockchain could be applied to increase efficiency, productivity, etc., increases every day. Today, blockchain is widely thought of as existing to act as a vehicle for dealing with the big name cryptocurrencies like Bitcoin and Ethereum; however, the proof of work methods and complete ledger transparency that makes the blockchain so unique have the capability to innovate and better every corner of the world, not just technology. A logistically superior future is very possible, and widespread adoption of the blockchain is the first big step in the right direction.

     One key pull for blockchain adoption is the voter fraud. Especially following our most recent presidential election, the lack of clarity and cybersecurity make true opinions fairly ambiguous. With blockchain's proof of work, these insecurities are eliminated. The public ledger proves that one party voted, and it prevents tampering with election results, for the node consensus when creating the next block would detect the attempted manipulation. In addition, the decentralized aspect of the blockchain and cryptocurrencies that use them helped in tacking the Syrian refugee crisis. Ethereum co-founder Gavin Wood paired with big data companies to administer cryptocurrency-based vouchers to over 10,000 Syrian refugees over the course of 2017. "The opportunity to bypass bureacracy and international uncertainty with Ethereum technology not only gives refugees direct access to donations...," (1). By avoiding the time and boundary limits of government infrastructure, the existence of the blockchain and cryptocurrencies helped to feed people in need.

     Yes, blockchain will be fundamental in the innovation and change of finance and computing, but widespread adoption will allow humans to improve and become more efficient in fields such as health care, sports, gaming, and real life welfare.

Infographic

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Relation to Computer Science

     The blockchain and its general concept relate to computer science in that it has the potential to alter some of the traditionally fundamental approaches to computing and IT operations. For example, mass adoption of the blockchain would make the practice of utilizing multiple computer for power more practical. "The decentralized nature of blockchain should make it ideal for massive scale processing systems," (3). This statement is important, for in the future the blockchain would allow us to publicly access decentralized supercomputers without being locked into any form of agreement or contract. The limit for individual productivity would increase exponentially.

     File storage, too, could be impacted by the employment of the blockchain. The InterPlanetary File System (IPFS) program is focused on core components of storage itself as well as communication between computers across networks. "While the HTTP protocol downloads a single file from a single machine at a time, IPFS downloads pieces of a file from multiple decentralized machines simultaneously," (3). By gaining the ability to easily share and manage huge sets of data between multiple computers, the speed at which we can navigate through the Internet, complete programs, play games, etc. will surely intensify, changing the way by which we currently use computers to handle file storage.

References

1. https://www.huffingtonpost.com/entry/beyond-bitcoin-4-ways-that-blockchain-technology-is_us_5a03de4ee4b0204d0c171468
2. https://www.postscapes.com/blockchains-and-the-internet-of-things/
3. https://techbeacon.com/how-blockchain-will-disrupt-traditional-computing