Why is Blockchain Technology becoming so popular?

With the recent rise of cryptocurrency, blockchains, the backbone of cryptocurrency, have grown in popularity. They seem to be the future of data storage and transfer. But why? Why has it gotten so popular?

Security

Blockchains are secure. The reason for this is that it is decentralized. There is no one authority controlling the data. Normal databases have a lot of information stored in one places. This brings up 2 main problems. The first problem is the database authority has all of the power to change and look at the data as they wish. Secondly, if the database crashes for any reason, all of the data is gone. These are the main flaws with our current system. On the other hand, blockchains are decentralized. Blockchains are hosted on a p2p(peer-to-peer) network of nodes(computers). Each node has a copy of the blockchain stored on their computer, and if one node has a different blockchain than the others, it resolves itself by obtaining the most recent copy. This makes blockchains immutable as well. Another good thing about blockchain security is that your name or personal data is not stored unless you want it to be. Only your hashed ip is stored, making it so that you are untraceable.

Versatility

Blockchains have a variety of uses. Currently they are mainly being used for cryptocurrency but in theory they could be used for anything. Car registration, travel manifests, you name it. They are the future of data storage because of the high amount of security. Also contributing to versatility is Ethereum. Ethereum is the base of the popular coin Ether. Ethereum is one of the most versatile use of blockchain to this date. With Ethereum, you can create tokens, which are basically coins but you can use them for everything. Currently there are Ethereum tokens dealing with healthcare, such as RoboMed, and advertising, such as BAT. Basically, blockchains can be used for almost anything.

Conclusion

To sum it up, blockchains are becoming extremely popular due to their security and versatility. Blockchains are much more secure and versatile than their centralized counterparts making them the better choice for the future, and slowly, the world is figuring that out.

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