Blockchain na di first innovation wey come to open our eyes to di fact say we fit dey in charge of our moni and do business without fear and tori for moni wey we send give person.
I wan use this article take explain to you wetin Blockchain be, how e dey work, how we fit use am and the future of Blockchain.
As people no come dey trust di traditional banking system where you go dey pay plenty charges to get access to your moni, with plenty delays for transactions, and di trust wahala, daily transaction limits, and oda gbese.
Some developers come introduce Blockchain technology to create anoda system of transaction and operation wia everibody fit know wetin dey happen with dia moni, business go dey move sharp sharp and the charges on each transaction go be like small pikin tears.
Wetin b Blockchain
Blockchain na just computers wey dey connected in a way wey be dey everi and any transaction dey register for all di computers and the aim na to stamp transactions in a way wey nobody fit go back to correct, adjust or change anytin wey don already happen.
Blockchain na digital ledger, wey contain transactions, transaction hash and di hash of di previous block, meaning sey di only way wey you fit change anytin for Blockchain na to change the information in di entire system which no dey possible.
Research Sha tell us say dis Blockchain don dey since 1991 but na 2009 na em Satoshi Nakamoto come use Blockchain technology to create the first digital currency wey b Bitcoin.
Some features wey dey Blockchain
Di fact say you get di receipt to sometin or proof of ownership no mean say sometin no go fit happen to di receipt tomorrow, and if di people wey sell dat particular tin for you no dey in business again, proof no dey again say na you get dat property or commodity, wahala no too much?
Make I show you some of di features of Blockchain wey we dey talk about.
1. Distributed ledger: unlike our normal banking system, Blockchain dey use public ledger where everibody on d block fit see wetin dey happen for dat Blockchain.
Some of dI advantages of dis feature na transparency, and no room for favors or changes.
2. Immutability: Mean sey, dey no fit change anytin for di system, na dis system make Blockchain technology completely trustworthy because nobody fit hack di system or erase any transaction wey enter di chain.
If businesses decide to use dis technology, nobody fit steal information or go from backyard to change figures or erase any business wey don happen.
3. Decentralized: anoda awesome feature of Blockchain na say e no get any govment or one chairman wey dey decide wetin go happen, na everybodi for the chain be oga.
Di activities dey run on a group of computers wey dey connect every computer together, na why di technology get high level of trust and you fit access am from di web or apps.
D chances of scam for Blockchain na zero percentage, except you carry your security details go give bad people, di system dey completely transparent and no need for middle men, na you and your transaction and money anytime and any day.
Decentralization no mean say Blockchain technology dey scatter scatter oh, di system dey completely organized and no failed transactions, no hacking, no story, no wahala, nobody go fit give you withdrawal limit or days or say dey want use weekend go rest.
4. Security: nobody want hear story about money and failed transaction and na one of di problems wey dis technology solve like dis.
Blockchain security dey use cryptography which na very complex mathematical algorithm wey nobody till today don hack or manipulate.
Di Blockchain technology dey in a way wey e dey very easy to notice any manipulation or strange tin for di system because e dey very organized.
Everybody wey dey lose money for Blockchain na because dey go store their security details for wrongs places online.
5. Speed: every operation na sharp sharp, and confirmation no dey take time at all.
Fast transaction na anoda sweet feature of dis technology because of how di blocks take dey connected, verification no dey take time and nothing like network problem.
Using your banks to run transaction means your bank go inform di bank wey you dey send money to and dat bank go inform the reciever bank say money don enter, all dat process no dey Blockchain because na you dey in full control of your money.
Di hope of Blockchain in Africa
Dis invention don really carry us go far, people dey transact with people wey dey never meet before without currency and geographical barriers.
One mistake wey people dey make na to think say Blockchain na all about bitcoin and cryptocurrency but no be true.
You see dis technology so, fit serve different industries for Africa and di whole world, di technology na all about running a very transparent system, wey no get any business with bad govment.
Wia we fit use Blockchain technology
1. Health sector: we don hear how people dey take shift medical aids from abroad or govment for dia selfish interest, all dat one no fit happen for Blockchain because e go dey clear how many tins dey send and di Blockchain go account for how dey take disburse am.
Nobody fit lie for health sector about documents, supports or transaction wey don dey stored for Blockchain, imagine di level of corruption e go reduce.
Also, for authentication of medical equipment, to know drugs and equipment wey no b original if all di original ones get a hashtag wey we fit in seconds verify for Blockchain before we buy am.
2. Real estate: court cases wan plenty pass land owners and all dis na because people dey resell land wey no be dia own or wey dey don sell for anoda person.
If real estate dey use Blockchain technology, nobody fit deceive you when you want buy property and e dey easy to verify if na di rightful owner dey sell for you.
3. Election: if di number of eligible voters dey the Blockchain, how person go take vote twices or rig elections, di introduction of Blockchain fit go a long way to help reduce di plenty corruption wey dey our system, reduce favorizm and make verification very easy.
4. Entertainment: di level of piracy wey dey on ground don make many good artist broke, because person fit sell dia content for anoda country or media dey make beta money we no dey reach di artist.
Dis technology go make am easy to verify contents wey already dey di Blockchain and to track piracy and unauthorized publications.
Blockchain technology no b just for cryptocurrency, e fit do oda beta tins for different industries for Africa and di world.
Na di simple remedy to slow transactions, corruption, manipulation and di plenty lie lie wey dey our banking, heath, real estate and many oda system.
I go like hear your opinion for di comment box if dis article help you understand wetin Blockchain mean and di tins wey e fit do for us and no forget to follow our community to dey enjoy correct crypto updates and news for pidgin.