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Today Mauritius is determined to become Ethereum Island. They are now welcoming the concept of blockchain and digital currency to transform their nation as a whole. To understand how a country can be transformed with crypto, let’s understand the rudimentary concept of a blockchain.
To put it simply a blockchain is a network of data stored in small nodes or nodules called a block. Information like transaction details fills in the blocks. Every cryptocurrency has its own blockchain. For example, you transacted 4 bitcoins to a friend in Europe, the details of this transaction are stored in a block of the bitcoin blockchain. Similarly, there are loads of transactions adding up as blocks in this network. The important factor to understand is each block is linked to the previous block by a reference number and hash code or ID. This linkage is secure by very strong cryptography. So hacking seems next to impossible. But even if a hacker had to hinder one block from this network, he would have to do it for all the blocks, which would be time-consuming and never-ending. Hence cryptocurrencies are a highly secured payment system.
So it is believed that blockchains are the new technologies to transform the nation. There is a common buzz about how a blockchain can destroy the business of Uber. How? In the future, there is going to be a way where a driver can fill in their service details in a block, and eventually, it’s going to be a network of drivers that won’t require to connect with a central third party like Uber to reach out to their customers. Likewise, customers can also reach out to drivers via a blockchain.
As there is no supreme authority in blockchain to look at, transactors and investors solely trust one another in a strong network. Now, imagine taking a huge jump from centralization to decentralization, be it currencies, services, or even an E-commerce site! Got any clue? Here are a few ideas that would sum up the picture.
- Revolutionizing E-commerce: Imagine being able to pay in bitcoins or ethereum on E-commerce sites like Amazon or eBay. A cryptocurrency that is backed up by blockchain technology will provide better and faster transactions. There can be low costs as there will be minimal to zero parties involved between you and your seller. Moreover, blockchain provides secure transactions as mentioned above.
- Agriculture: Partnering with IoT, blockchain can help agriculture with quality data analysis. A simple system of field sensors can constantly capture information like soil quality, crop growth, and the behaviors of the land when placed under certain weather conditions. This data further can be stored in the blockchain and can algorithmically yield quality analysis that can be accessible to farmers, retailers, and researchers.
Countries around the world have started to make use of cryptocurrency. Hopefully, the day shouldn’t be far from where we can address ourselves as “crypto India”.
