Thread by @peero007

Very Brief Introduction to the Blockchain Technology #Thread

Before I proceed, please note, I do not have formal training on the subject matter. The knowledge is from research and thousands of blockchain articles I have ghostwritten. Hence, feel free to chip in your bit. The world is tending towards disruptive technologies, let's join.

In recent times, particularly between 2009 and now, the blockchain technology has continued to attract attention. Let's go back to 1990 when the internet was made public, the truth is that the technology at the time was faced with a lot of criticisms & skepticism, to the extent

that there were a lot of predictions that the internet was billed to fail. But here we are, it's 2019, and the internet is alive and kicking. The advent of the internet, paved the way for the creation of a plethora of innovative/disruptive technologies. Like the internet,

the blockchain technology is also facing criticism, however, the adoption of the technology, is faster than that of the internet when it was created. To think that blockchain is not even a mainstream technology, yet so many have begun integrate it into their businesses,

even popular companies.

If you do not know, then perhaps you're probably wondering "What is this blockchain technology sef?" I'll try and explain it as simple as possible. Basically, blockchain is a distributed ledger technology that uses high level cryptography to keep data

and records safe- this definition is barely touching the surface of what the blockchain technology actually is or does. Here's the deal, everyday we play with data, records here and there, every nanosecond data is being transferred, companies, businesses and individuals are

storing records, and based on our traditional and centralized system, these records are mutable (they can be altered and manipulated), and you know what happens when some type people can have access to mutable records- endless fraudulent possibilities- yeah?

Part of what the blockchain does, is make activities transparent, and makes records immutable (once a record gets on the blockchain, there is no reversal, and no alterations). The blockchain technology is packed with amazing features that make it really adaptable to various

industries in any sector. Some of the features include:
•Decentralization
•Cross-platform Aplications
•Accessibility
•Scalability
•Time-stamping
•Cryptography
•Fungibility
•Security
•Availability
•API Inegration
•Customization
•Low Transaction Fees

•Cryptocurrency/ Tokens
•Transparency
•Diversification
•Irreversibility
•Programmability
•Peer-2-peer Connectivity
•Pseudonymous

Decentraliation: Almost every system is centralized- a central entity overseeing activities and processes in a system

so, if that central entity gets affected by her/his village people, boom, every business or individual dependent on that central entity will get affected. The blockchainis decentralized, there is no oga or boss to interfere with your business, once you get on the blockchain,

it's like you become the boss of you, you control your own actions, you let people in based on your volition. Let's not just be theoretical about this decentralization bla bla bla, let's take an industry, like the banking sector for example, we are well aware of the fact that

there are a lot of irregularities with the traditional banking system: it lacks transparency, it is centralized (remember Societe Generale Bank, African Continental Bank, etc? People lost fortunes), too many intermediaries- thus more charges and levies,

difficult cross-border transactions (of course with even more charges), too many paperwork to get access to loans (we know it's only the rich that get these loans easily), lack of security (hacks, thefts, fraud), and a whole lot more irregularities, and these have contributed to

having a lot of "unbanked" people, simply because they do not have faith in the traditional banking system. Have you seen that movie that starred Angelina Jolie and they could kill like 10 people with one bullet? (I can't remember the title now), anyway, watch how the blockchain

snipes the irregularities in the banking sector with just itself. Remember the traditional banking system is "CENTRALIZED", while the blockchain technology is "DECENTRALIZED" - are you catching the drift? Oh I forgot to mention that the blockchain tech is the life force of

cryptocurrency/digital assets (Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, etc.). So we have the traditional bank dealing with fiat currencies (dollars, pounds, euros, nairas, etc.), and we have the blockchain supporting both cryptocurrency and fiat currency.

Because the blockchain technology is decentralized, you are in total control of your transactions, there are no 3rd parties to pass papers around for approvals (saves a whole lot of time), because there are no 3rd parties who will get paid salaries, the transaction costs are

near-zero or zero in some cases, because there are no 3rd parties to approve cross-border transactions, cross-border transactions are seamless and quick too, blockchain transactions are transparent, you can see what is happening on the blockchain network, and choose to remain

anonymous, transactions are on a peer-to-peer basis (just between you and the recipient/sender) except in cases where an escrow is involved. With the blockchain technology, access to loans become very easy, again, it's a P2P (peer-to-peer) thing, but with the inclusion of

"Smart Contracts" (a topic for another day, but smart contracts act as your automated lawyers/brokers, with automated penalties if a party defaults in payment---saves you a lot of cost in hiring lawyers and brokers). That's just a tip of the iceberg on how blockchain can disrupt

the traditional banking system with just its "decentralization" feature. A lot of financial institutions were against the blockchain technology, however, at the moment, the banks are having a rethink, and are beginning to integrate the blockchain tech into their architecture

Some of the banks include: Australian and New Zealand Bank, AEON Bank, Bank of America, Bank of England, Barclays' Investment Bank, Bank of Montreal, Federal Reserve System, HSBC, JP Morgan, National Bank of Abu Dhabi, North Pacific Bank, Royal Bank of Scotland, etc.

Okay! I said it was going to be a brief introduction, so let me stop there. The blockchain tech has been discovered to be more than a life force for cryptocurrencies, and that paved the way for more adoption, and the creation of Initial Coin Offerings (ICOs), there are thousands

of them in the following sectors
•Banking
•Ridesharing
•Healthcare
•Academics
•Cloud Storage
•Car Leasing and Sales
•Forecasts
•Real Estates
•Entertainment/Music Rights IP
•Stocks
•Energy Management
•Insurance
•Loyalty Programs and Gift Cards
•Wills and Inheritances

•Retails
•Charity
•Food production
•Hedge Funds
•Voting
•Critical Infrastructure Security
•Internet Identity and DNS etc.

It's not just theoretical with the aforementioned sectors, several working applications have actually been created, and are functional

That'll be all for now... I'll advice you do some research on your own too.

Merry New Year!