In week 3, my research on the blockchain technology was still going on. The concept of blockchain gained mainstream attention in 2017. In simple terms, blockchain is a technology that enables data to be stored and transferred on a peer-to-peer basis. It can also be compared to a bank ledger holding transactions. It stores information about the date, time, and amount of money, etc. It’s used in a ‘decentralised’ manner and eliminates the need for ‘trusted third parties’. The blockchain network doesn’t have any central authority. So, we can pretty much say that blockchain technology created the cornerstone of a new kind of internet.
The modern digital economy is based on the reliance on a certain trusted authority. Simply put, the online transactions we make rely on trusting someone to tell us the truth. For example, when we send an email to somebody we need the provider to tell us that the email is delivered. So, basically the point is that we live our life rather uncertainly in the digital world by relying on a third entity for the security of our digital assets. The bad news is that these so-called third-party sources can be infiltrated.