🔗 Blockchain technology 🛜

Blockchain is the key infrastructure that powers the whole crypto industry. Let’s see what problems blockchain is aiming to solve. Ever wonder why in this modern age we are still relying on paper-based documents for important matters? Examples of these documents include physical copies of our passports, identification documents, and certifications.

That's because we have yet to find a good way to make sure that information shown digitally is not tamper-proof, until the advent of blockchain. Blockchains basically ensure that the information depicted is accurate and that the data is not compromised.

Historically, it has been costly to prove ownership to an asset because of all the regulatory red tapes, middlemen, and processes involved in recording who owns what at a specific time. With blockchain, anyone can launch a network and distribute ownership of that network to millions of people globally at a fraction of the cost. This is a bit abstract but imagine owning a part of the Internet where value is accrued to the owners this would be pretty impressive.

With cryptocurrencies, people can imbue ownership rights in the form of digital tokens that can be easily transferable. As such, multiple projects chose to fundraise globally, distribute tokens as rewards to early adopters, and as a token of commemoration. Thousands of tokens have been released since then. Even though most of them fell into oblivion, some of them managed to capture enough value that they are now worth billions of dollars.

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