People became aware of the blockchain technology when Bitcoin was first introduced in the market. Today several cryptocurrencies run under blockchain technology and are revolutionizing the ways to do business.
Blockchain was the work of Satoshi Nakamoto, who also invented Bitcoin in 2009. Initially, blockchain was only a technology that runs bitcoin, but today it is being implemented in several sectors of different industries. The database distribution of blockchain keeps changing locations and is too complex for any hackers to break into. It makes blockchain the best security of today. The blockchain data cannot be corrupted and remains public. In case someone tries to steal a block from a blockchain, it will automatically destroy the currency value of the block, so it is worthless to try. Apart from the cryptocurrencies, blockchain technology is being used in other areas such as media.
How is open source important in blockchain
While the open-source may seem like the opposite of security as most of the security applications today demand investments for protection, it is actually its strength to be open-source. IBM has introduced its first program, “Blockchain as a Service,” that works with the open-source Hyperledger Fabric. This service will allow customers to create their own blockchain networks. It will offer new possibilities for value transactions for everyone. IBM has also added an extra layer of security to make it an attractive product in the market. While the technology is progressing today, blockchain was initially a completely open-source project that is shaping the future of security technology today. There are many reasons why open-source is important for blockchain technology.
Boosts the blockchain applications
Open-source technologies are meant to give more to the people due to is available to everyone. When people get the power and freedom to use open source to create their own blockchain, It can facilitate new ideas and development. It will automatically gain more efficiency as more people start using it. When blockchain is available as open-source for people, they can potentially boost the applications of blockchain and grow the technology.
Offers transparency and security
The meaning of blockchain being open source is that it does not need to be hidden from the public. It is available easily for the public to access without any kind of tampering or revisions by the operators. Data management becomes easier because of the transparency, while the person to access will need the right identity proof.
Decentralization can democratize currencies. Open source blockchain can facilitate the decentralization, which will prevent any corruption. Any decisions made by the government can impact everyone, including the decision-makers. Aside from the government perspective, open-source blockchain allows everyone to fulfill their need for currency. It can help people to reimagine their economy and elect their own currency. This cryptocurrency does not need a third party to keep track of the value and can be exchanged directly between two people. Blockchain has the potential to change our social and political structures when it is accessible to all.