Bitcoin accidentally, unleashed a concept, which can be aptly marked as next phase of Industrial Revolution. Blockchain along with its Consensus has potential to open floodgates in almost every sector, public or private.It’s an idea, not a technology or framework or library, Can be implemented in different ways.
Blockchain fits in scenarios where trust is low, immutability, security and visiting root is a prime requirement. For example, when buying a car, knowing how and where it was manufactured, list of previous owners & garages it has visited can be useful,
Provides a secure failsafe mechanism to verify all data contained in it. When and who added or modified.
Best part is it does not require extensive application or database or database servers or Java/C++ Programming languages.
If designed and used correctly, no need of heavy weight brokers or intermediary, no replication overheads, minimal manual processes and administrative
Based on requirements for collaboration, it can be configured for, Public, Private and Consortium use. It’s provides failsafe platform for collaboration, tracing and tracking between corporates or agencies or within various departments within an organisation.
I feel, one impedance in its adoption, is lack of understanding of components and basic cryptography which forms its basis.
Fortunately, seminal books, Mastering Bitcoin & Mastering Ethereum by Andreas Antonopoulos are good starting point. Frameworks like Hyperledger makes it fun to experiment and tune it for intended use case.
AWS’s Managed Blockchain service eliminates the overheads required to create applications. Makes it easy to manage and maintain your blockchain network.
I could setup a network from ground up in 2 days, learning of platform included!
Though its effective in every industry and domain, Identity Management and Law Enforcement can immensely benefit, Expedite issuing Passports , Visa & tracking Criminal records of an individual,
Of course bring nations close!