Blockchain

Understanding Blockchain Technology In and Out

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Blockchain is, without doubt, one of the most creative inventions in human history. With this being the case, it is slightly ironic that its creator has so far decided to abstain from taking credit and instead, has so far refused to reveal his/her identity. Blockchain was created in 2008 by a person, or potentially a group of people, who go by the name Satoshi Nakamoto. Its purpose was to be used as a publicly available transaction ledger for the now popular cryptocurrency Bitcoin. 

The Future is Now

When a new technology is shared with the world, it usually makes a lot of things easier and at the same time, introduces a large number of unforeseeable problems. Since the internet began making its way into our homes in the 1990s, it has transformed almost every aspect of human existence. It has changed how we access information and data, and ultimately how we interact with the physical world, with people, and with life itself. The list of benefits associated with the internet is almost endless, but it would also take a naive individual to say that it hasn’t created a large problem for humans.

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Blockchain has a similar potential to transform humanity as we know it, but instead of altering how we interact with the world, it will change what goes on behind the curtain, what actually happens within all of the systems that make up the internet.

Systems of Belief

As humans, we have a deeply ingrained emotional connection to both the banks and the various intermediaries that run the global financial systems. Despite this connection, the level of trust in these banks and systems is at a record low. This is in no small part due to the financial crisis of 2008, and despite the fact that the current coronavirus is a naturally occurring disaster, the ongoing financial crisis will only further fuel the level of public mistrust in the centralized banking system. 

We have all witnessed the power of the high visibility vest, often referred to as “hi-viz”, in either prank television shows or various social experiments. There is a deeply ingrained association of authority with a vest of this nature. It is only natural to assume that when we see someone wearing a high visibility vest, with a walkie-talkie in hand, that they are either on their way to fix something or that they are somehow in charge of something, somewhere. To put it simply, we trust them. For the most part, the same is true when it comes to traditional banks. The concept of a central bank is so culturally ingrained in our psyche that we automatically presume that they are worthy of our trust, despite the fact they have failed us on multiple occasions. 

A Matter of Trust

On the flip side, it is only natural that many people are wary when it comes to putting their faith in new technologies such as blockchain and bitcoin, especially when they are still without the rubber-stamped seal of approval from the traditionally established parties. A large part of this is that for those of us who are not technologically savvy, the idea of something like blockchain is an incredibly daunting concept to even begin to understand. 

Of course, there are a number of ways to make this process easier. In many ways, the online gambling industry has led the way on how to make people feel safe when dealing with new technologies such as cryptocurrency and blockchain. The industry has introduced numerous rules and regulations, as well as verified websites, such as Thebestbitcoincasino, in order to find reputable bitcoin casinos, which has assured a level of trust in cryptocurrency and allowed the industry to boom.

A Very Brave New World

Humans are renowned for sticking with what they know, even if what they know is not working out the way they want or expect it to. It is why so many of us make the same mistakes over and over again without changing our behavior, or repeatedly fall back into the same unhealthy patterns. It might not be what we want, but it feels far safer than the uncertainty of the unknown. Many would profess their mistrust in the centralized banks, but without a proper understanding of the alternatives, the risk appears too great to jump ship, so they opt to stick to what they know. It will take time, but once trust is established on a global scale, the decision to pick up your life and move to the blockchain won’t seem like such a disconnecting move after all.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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