Blockchain- The Most Important Ledger Technology Ever Developed

We often hear that Blockchain is an important technology that will change the world. But, what is it from a practical perspective? The answer to that is that blockchain is decentralized ledger technology that allows transparent and immutable record-keeping.

But what are these damn ledgers and why are they so important for mankind?

Ledgers or records are the most important invention of the human mind. Without it, there will be no organized farming, no recorded history, and no scientific process as we know it. Records are the foundation of every human subject from humanities and arts to mathematics and computer science. Much of the development of the world is owed to the right kind of record keeping. A record-keeping that is free from tampering and easily accessible around the world.

Before the internet, we had physical records that were susceptible to fraud and their information wasn’t readily available and guarded jealously. With the age of the internet and Information Technology, the records have become widely available but the tampering and falsification have increased to unprecedented levels. This holds especially true for financial records of banks and financial institutions which if tampered can have devastating effects on the world economy.

Enter Blockchain Technology!

Blockchain technology is a decentralized, transparent and secure record-keeping approach initially promoted by the Bitcoin Network and later updated and promoted by several useful blockchain projects like Ethereum. The technology envisions a new paradigm shift in record keeping. Instead of keeping records on a centralized server that can be hacked and have its contents adulterated, blockchain relies on a network of decentralized servers (also called nodes) who continuously tally the record with each other and help make it safe and secure.

While the idea is relatively simple enough, the astronomical change it can bring to our world cannot be understated. From government food silos whose records are corrupted to the ever-complex supply chain systems being adopted around the world, there is a place for decentralized ledgers everywhere.

Blockchain technology can help break monopolies, increase competition, help in the ethical sourcing of food and drinks and even help achieve better yield from crops. Ledgers are everywhere even in our daily lives and will be transformed with the help of this disruptive technology in the near future.

There is a reason why companies from Facebook. Amazon, Walmart, IBM, Carrefour, and others are working on blockchain-based projects and why Bitcoin, the premier cryptocurrency backed by blockchain technology is worth $180 billion. All of this is because the new alternative provides an immutable, publicly accessible and universally verifiable approach to a millennia-old problem.

Bobby Singh- Cryptopreneur, Innovator, and Proponent of Disruptive Technologies

My name is Bobby Singh and I love everything blockchain. I love cryptocurrencies, I love programmable ledgers and I definitely love the decentralization philosophy overall. Let me tell you a bit about myself.

Rather than resorting to the generic magical storyline involving $1000 magically converted to $1 million through some magical trading techniques, I will tell you the truth. I didn’t stumble into blockchain technology, but rather blockchain technology found me. I was initially introduced to blockchain technology and cryptocurrencies through our managing director at Barclays Investment bank. Bitcoin initially seemed like a seasonal fluke that comes and goes but on closer inspection, I saw that cryptocurrencies and blockchain itself are straight from the future. They can help global commerce in an entirely revolutionary step. The centralized third party approaches will be replaced by peer-to-peer public networks of these cryptocurrencies and thus help remove borders and other barriers in a borderless economy of tomorrow.

Moreover, blockchain technology will be in a symbiotic relationship with other modern advancements including those done in the Internet of Things (IoT), machine learning and Artificial Intelligence (AI), genomics, Virtual Reality, Robotics, and even space exploration. Blockchain-based systems are essentially the underlying foundation or operating system that is needed to advance in all these futuristic endeavors of mankind. I always knew that I was meant to pursue a line of work that excited me and was positively impactful. So, I left my generic corporate banking job that guaranteed everything in life from a very comfortable lifestyle to money in the bank in pursuit of this new innovation with all my heart.

As Albert Einstein once said:

“The world as we have created it is a process of our thinking. It cannot be changed without changing our thinking”

Enter the blockchain paradigm.

The world is indeed being transformed right in front of our eyes and this time, it is not relativity or some hi-fi scientific equation and experiments in CERN, Geneva but through Fin-Tech and disruptive economics. Since I connected with the technology on a personal level, I immediately started pursuing it. The ability to do secure transactions without a centralized intermediary or guarantee is a revolutionary concept on its own and I liked it to my core. I have met top crypto innovators from around the world including Joe Lubin, the ex-co-founder of Ethereum and co-founder of Consensys, Brock Pierce, a former partner at EOS and Block One, Sunny Lu, founder of VeChain, Justin Sun, founder of Tron and all the top minds in the business. I picked their brains and what I learned made me commit myself to the industry ever so strongly.

What’s important is not just the technology itself but what this innovation stands for: a global paradigm shift from data silos and monopolies to interoperability and interconnection. This new paradigm will not just change how we exchange money or conduct commerce, but it will also impact how we exchange value in realms of finance, commerce, government, and real-world assets.

I invite you to support my journey and let’s positively impact and innovate our world at large.