Block Chain, as the name suggests is a list of records called ‘Block’ that are linked using cryptography. It is one of the technologies that have a sky-high futuristic scope for organizations functioning in different spectrums. When you come across Block Chain, you will also come across certain concocted terms like Crypto currency, Bit coin etc. It is important that we comprehend what these terms stand for in the Block Chain technology…
Crypto currency is the secured way of financial transactions, cryptography being the mode of securement. Crypto currency is also about controlling the creation of additional units and verifying asset transfer. Bit coin is a digital currency- a scripting language used for decentralizing networks like Block Chain. Bit coin was the first of its kind and is the first to use a technology like Block Chain.
As larger demography started shifting to the internet world and people started accomplishing their work and personal objectives with the power of web. People are expecting the internet to handle their purposes in a decentralized pattern- web users intend that their control over the internet should not be scrutinized by internet experts or giant companies in the field, but by a decentralized agency. This request from the web users arouse with the intention of protecting their personal details, tracking of operations, exposure to inspections, other user data information that the web users think they are vulnerable to!
A decentralized variant of the internet that works in conjuncture with the open source Block Chain ledger network is one solution that is put forth. Block Chain is capable of decentralizing the internet to realize its potential in this regard and is expected to clear the barriers associated with its operations once it is decentralized.
Decentralized systems can set currency standards. D-Apps are the decentralized apps that run on a P2P (peer-to-peer) network rather than a single computer. D-Apps will have the package right from the back-end to front-end. D-Apps run on distributed computing system. D-Apps are smart contracts that can connect the Block Chain network and mostly widely used D-Apps include Distributed Book Technology (DLT), Ethereum BlockChain etc. that creates arbitrary rules for ownership and transaction formats. This functions in contradictory to the traditional way of website functionalities.
In the near future, incorporating the BlockChain technology with the decentralized Web 3.0 is inferred to be innovative and an integral part of the internet. D-Apps have been around since the advent of the P2P system. They are a programming program designed to exist on the Web without any single entity constraints. D-Apps are preferred to scattered applications in the BlockChain technology in the current plot. BitTorrent, Popcorn Time, BitMessage, Tor are some traditional D-Apps that run on P2P instead of on the Block Chain inP2P system.
In the case of Bit coin, D-Apps cannot be defined as the basic contract to send cash from point A to point B, but can be used for transaction involving multiple points. There are certain protocols, rules, governing policies and procedures that the internet has to follow and is under the control of several top companies and management. These hurdles can be surpassed if the Block Chain technology allows a self-monitoring decentralized agency to control its operations. It has certain added advantages like reduced cost, less expense on problem solving etc.
If Block Chain based network products like Blockstack attract millions of customers, there will soon be emergence of parallel Block Chain contributions. Chances exist that there can be possibilities of customer isolation and customers will have adverse effect from this decision.
Imagine that a friend of mine is using a Facebook-like site on Blockstack, and I am using a similar page on another Block Chain based web platform like Andrena. Will my friends and I change from one Block Chain to another to keep in touch? Or do we have to keep a lot of records on different sites on different platforms? Countless such web versions will remain connected, but will definitely lack trust and credibility! Although this idea seems feasible and promising, there are some difficulties associated as well. The biggest problem with decentralized Internet based Block Chain is to cluster the network in an isolated platform.