BLOCK CHAIN TECHNOLOGY Essay
A block chain is generally a structure of data that represents a financial ledger entry depicted in various transactions. It is a computerized bookkeeping platform or rather a digital ledger that cannot be corrupted by any chance hence. In the block chain, each transaction is digitally signed to enhance authenticity and limit mishandling in order to ensure integrity and transparency. The essence of a block chain is that a chain of computers connected to the block network must all approve any transaction before it is recorded to avoid duplication. Block chains technology is a demonstration of the progress attained in the revolution era which is premised on advancing the way transactions are performed with the principal desire of attaining security, swiftness and at a limited cost.
Additionally, blockchain enhances the transfer of value between Bitcoin wallets. A group of transactions is recorded and verified through the consensus of both parties involved and added to the blockchain as a block hence it is stored permanently and bared from alteration or deletion. A distributed ledger in blockchain is usually updated and all other associates maintain an identical copy of the ledger to allow for more records in the database upon consensus from both parties involved. The distributed ledger then enables the users to capitalize on the manipulation and extraction of value from a database rather than simply concentrating on overseeing the data. Furthermore, blockchain records are distributed to all the parties involved for verification to determine any discrepancies. The Application of Block Chain among Users The block chain through a distributed ledger mechanism enables the users to enter into smart contracts.
The contracts are arrived at after careful consideration and consent from both parties, for example, a derivative will only be paid out after a financial instrument meets a certain benchmark hence blockchain technology and bit coin will automate the pay-out. Blockchain further facilitates the economy sharing through enabling peer to peer payments including opening door to direct interaction among business partners. There is also a file benefit derived from decentralization mechanism of the blockchain. The essence of distributing data across a wide network helps protect data from being hacked or getting lost. The revolutionary process keeps on evolving from time to time and is based on a trajectory that shapes the innovative pathway to develop a system that initiates better methodologies of creating value in the market (Kostakis, Roos, and Bauwens, 2016, 84).
The revolution slowly takes traction and keeps on evolving as it gains popularity in the market in which the benefits change the way of doing things. Carlota Perez's theory of technological revolutions and techno-economic paradigms offers a significant overview of the progress the world should expect together with the impact on the economy (Perez, 2010, 189). The trajectory of each technological revolution according to Carlota Perez takes the form of a structure which often relies on a model that initiates the need for people to identify the numerous opportunities in enhancing economic growth. The social and economic progress pegged by technological revolutions could be better understood through an analysis of the impact it has on society (Schuelke-Leech, 2018, 267). For instance, the third revolution involving the development of heavy engineering introduced globalization which allowed countries lagging behind in economically developed to realize a significant potential through international trade.
In 1908, the revolution introduced the age of the automobile, oil, plastics and mass production in the industries as a game changer on the economic, social and political development. The fourth technological revolution has created a number of problems around the world that countries are dealing with currently but more significantly led to the transformation of life for people (Perez, 2010, 193). The world has been positively enhanced through the solutions and facilitation of economic growth to solve the problems of humanity by the new level of industrial process to ensure production keeps pace with the growing population. The social, economic and political problems have been reduced through the fourth revolution which stands out as the foundation of the fifth phase bringing on board the age of information technology and telecommunication.
The pattern of propagation from past historical revolutions is evidenced in the blockchain technology from the installation period that is currently on but advancing on the turning point in several global jurisdictions. The deployment period is slowly taking shape in which we expect to experience substantive shifts through to maturity of a system that will take the society to a new level of global transactions (Perez, 2011, 23). The golden age coupled with the maturity of blockchain requires the system to deploy a framework geared towards making it possible to link both the interests of society and business that will develop sustainable synergies across the world. The direction for advancement of the blockchain depends on the efforts put in place by different governments in tilting the playing field to allow the revelation define the future of prosperity.
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