Understand the basic fundamentals of what technology truly is….
Technology is the utilisation of knowledge, tools, ideas, principles, techniques, and processes. Scientifically speaking this can refer to either inventions, or methods….. or even to both.
To apply said “technology” into a working system in order to create change should ultimately achieve increased efficiency and effectiveness.
The importance of technology……
1 – Without it modern day life as we know it would cease to exist.
2 – The main contributing factor to the development of anything in today’s world.
Based on the above information, technology is constantly evolving along with human creativity. It’s no longer a case of simply developing technology in order to give solutions to our everyday problems, these days some of the technology on offer is able to WOW us in ways that most of us would never even dream of, left to our own devices…..the emphasis is definitely more on the COOL factor in modern life as opposed to practicality.
But not always!
Blockchain technology is biggest thing since the inception of the internet in the early 90’s.
Without getting into the technical workings of the Blockchain itself, essentially it is a digitised method of record keeping, however fundamentally it’s really no different to any other method we have witnessed in times gone by.
IS IT COOL?……YES!!!
BUT IS IT PRACTICAL??……ABSOLUTELY!!!
To break it down, if you were to incorporate Blockchain technology into your business, for example, to record all your daily transactions. You would simply replace whatever method you used previously (Excel spreadsheet, notepad/pen, etc…) with the Blockchain platform. Data is entered into the system, the information is then encrypted for security purposes, and then it’s just another block in the chain. It’s history!
The beauty of Blockchain technology is that once the data has been entered it cannot be moved, altered or deleted in any way or by anyone. And because the Blockchain is easily accessable to anyone with an internet connection it means that as long as you have the necessary information corresponding to whatever it is you are seeking to verify then there simply is no hiding place!
If you are more interested in reviewing an item or product’s history than the transaction itself then it’s the exact same process. It’s impossile to manipulate once the Blockchain sequence has begun. Trust and credibility go through the roof and the possibilities of being sold something under false pretenses evapourate overnight.