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With technology becoming more integrated into our lives day by day, the fear of our privacy being invaded and our bank accounts being scammed increases as well. However, for every threat, there shall be a safety measurement. Blockchain comes in like the lock that protects our treasure of sensitive information and can never be destroyed. It’s a database that stores data in blocks that are chained together and are impossible to alter or destroy. It can be used in all aspects such as banking and finance, healthcare, records of property and so on.
The New Internet
Blockchain is going to be the next building block for bigger things in technology and specifically the internet. Just like IP was the beginning of the internet as we know it today, Ethereum (ETH) seems like the next thing taking over the internet through its TCP/IP blockchain version. ETH has developed the blockchain to operate in such a way that it could be seen as the new internet. To support that, ETH has several elements to build web applications.
According to Jack Chan an expert at Web Scalability and blockchains, a blockchain itself have a growing list of records called blocks that are linked and secured using cryptography. Just like Bitcoin, it has a store of value or a unit of measure. It’s not necessarily used to hold currency but used to power distributed programs. Also, it can run a programmable set of instructions called smart contracts compiled into WebAssembly byte-code, and deployed into a distributed ecosystem called Ethereum Virtual Machine (EVM). The apps deployed are distributed, hence called Distributed Apps (DApps).
However, for Ethereum to continue evolving it needs to be a platform that scales, otherwise it would lose its values and be of no use. On the other hand, to bring innovation and safety to this new form of internet is that the Ethereum blockchain technology cannot be hacked, defrauded or censored. However, it aims to be a free platform for the public or companies to use or change and share it with the community which brings in rapid advancement.
Resolving Security Issues by adapting quantum-resistant chains
Quantum-resistant chains are a powerful tool that can be used for solving security issues for financial institutions, corporations and governments. Researchers from CSIRO’s Data61 and Monash Blockchain Technology Centre co-created a new protocol that is secure against quantum computers and it protects the privacy of its users and their transactions. The protocol aims to address the pain points in the previous blockchain protocols like the complicated authentication procedures and its weaknesses towards cyber-attacks. Because of the increase in quantum computing technology, a huge threat is facing well-known cryptocurrencies like Bitcoin due to the technology’s ability to perform complex calculations that can comprise the security of blockchains much faster than other computers and that can lead to theft, fraud, and invading the user’s privacy. However, this new protocol ensures efficiency and safety due to its new key features.
The quantum-resistant chain is the shortest quantum-secure ring signature scheme to date, which authenticates activity and transactions using only the signature; a zero-knowledge proof method, which hides sensitive transaction information; and an auditability function, which could help prevent illegal cryptocurrency use.
Blockchain could have solved issues seen with the elections in the USA
Blockchain is also an answer towards preventing fraud and ensures having a fair voting system. With blockchain being already a transparent system that’s impossible to hack or modify it adds a strong point towards security. Using blockchain during elections wouldn’t only eliminate fraud, but makes it more convenient for citizens abroad to vote, maintain transparency, minimize the cost of conducting the elections, and streamline the process of counting votes to ensure that they are all counted. Due to the decentralization and encryption nature of blockchain, if a citizen makes a vote it will forever exist on the system and won’t be taken down because it doesn’t exist in one place only.
Before taking such a huge leap, blockchain needs to be tested among smaller samples first and there are several firms like Horizon State and Votosocial that do support such action. For example, when using Horizon, the participants will use decision tokens (HST) to cast their votes from a mobile phone or PC, which are then logged into an immutable blockchain and used to reliably verify the outcome of the election. There can be no manipulation, recording errors, or tampering. More than voting, however, this system will be useful simply for making decisions in an environment where resources and authority are shared. It will also encourage participation.
Blockchain is the next gamechanger
The bottom line is that blockchain is our next step towards safety and advancement. Just like how the Internet first started with being used only for the military now we almost can’t live without it. It’s our path towards an easier and safer lifestyle and will be our next big investment in improving lives.
Source:
https://medium.com/@jacksteroo/the-next-internet-protocol-is-here-a5b12f67c2c9
https://www.huffpost.com/entry/the-next-new-internet-ethereum-alliance_b_58b7423ee4b0ddf654246313
https://www.investopedia.com/news/how-blockchain-technology-can-prevent-voter-fraud/
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