With the help of a blockchain, several people can dabble in writing entries into a complete record of information, and a community of users can also control how the record of information is amended and also updated.
What makes blockchain technology unique?
Both run on distributed networks, the internet and Wikipedia is indeed built into the World Wide Web (WWW) thus making using of a client-server network model. A user required client entries stored on a centralized server that have permissions which are associated with its account is thus able to change Wikipedia
Whenever a user does access the Wikipedia page, they will indeed get the updated version of the ‘master copy’ of the Wikipedia entry.
Wikipedia’s digital backbone is rather similar to the highly protected as well as centralized databases that governments or banks or insurance companies do preserve these days. Control of centralized databases does rest with their owners, including the management of updates, access and also protecting against cyber-threats.
How does blockchain impact Wikipedia?
The distributed database created by blockchain technology has a fundamentally different digital backbone. This also has the most distinct as well as an important feature of blockchain technology.
In fact, the master copy of Wikipedia is edited on the server and all of the users do get to see the new version.
As far as a blockchain is concerned, every node in the given network does have the similar conclusion with each of them being updated for maintaining record independently. The most popular record is the de-facto official record in place of a master copy.
Why is blockchain so useful?
Transactions are actually broadcasted, and every node is also creating their own updated version of events.
It is this difference that does make blockchain technology very useful. It represents an innovation in information registration and also a distribution that does eliminate the need for a trusted party to be to facilitate digital relationships.
The blockchain technology is not new is not a new form of technology. In fact, it happens to be a combination of proven technologies that are applied in a newer way. It includes three technologies (the Internet, private key cryptography and a protocol governing incentivization).
This results in a system for digital interactions that do not need a trusted third party. The work of indeed securing digital relationships is very implicit as it is supplied by the elegant as well as simple, but yet robust network architecture of blockchain technology itself.
Know more about digital trust
In the digital world, trust involves proving identity authentication and also proving permissions authorization.
Blockchain technology also concerns itself with private key cryptography thus providing a powerful ownership tool that does fulfill authentication requirements. It involves possession of a private ownership. It facilitates the prevention of sharing more personal information than that would be required for exchanging and also exposing them to hackers.
Authentication is not sufficient. Authorization is also required i.e. having sufficient money and broadcasting the correct transaction type, etc. that requires to be a distributed. Also, the focus is on a peer-to-peer network as a starting point. A distributed network does reduce the risk of centralized corruption or even failure.
This distributed network must also be committed to the transaction network’s recordkeeping and security. Authorizing transactions is a result of the entire network applying the rules upon which it was designed (the blockchain’s protocol).
Authentication and authorization supplied in this way allow for interactions in the digital world without relying on (expensive) trust. Today, entrepreneurs in industries around the world have woken up to the implications of this development – unimagined, new and powerful digital relationships are possible. Blockchain technology is often described as the backbone for a transaction layer for the Internet, the foundation of the Internet of Value.
In fact, the idea that cryptographic keys and shared ledgers can incentivize users to secure and formalize digital relationships has imaginations running wild. Everyone from governments to IT firms to banks is seeking to build this transaction layer.
Authentication and authorization, vital to digital transactions, are established as a result of the configuration of blockchain technology.
The idea can be applied to any need for a trustworthy system of record.