Hello everyone, Today, I want to talk about Bitcoin

Hello everyone, Today I want to talk about one of the 4th industrial revolution technologies that we need to pay attention to which can change our lives in the future. I’m sure most of you have heard about the bitcoin. I got to know about the existence of bitcoin a long time ago, but I was unaware of the technology behind it. I’m not an engineering major so If I can understand it, you can understand it too.

Bitcoin was established in October 31st by an anonymous named Satoshi Nakamoto. With only 21million supplies, bitcoin is currently successfully undergoing a peer to peer cash system used by people all over the world. Bitcoin was the first application of so called the “blockchain”.

Blockchain is a time stamped, linked data structure that makes it possible to create an immutable ledger of transactions and share it among a distributed network of computers. Simply speaking, block chain allows transactions between users without a middleman such as banks. The blockchain technology not only drastically reduces transaction fees but also makes it impossible to get hacked by hackers. Bank records can be manipulated by hackers by hacking through the central system but only the quantum computer can break through the blockchain system. And quantum computer doesn’t exist yet.

With strength in security and more reasonable transaction fees due to the absence of the middle man, starting from bitcoin, there are many different kinds of new application of blockchain that are being created. For example, there is a blockchain based Social Network system called “steemit” that has potential to become the next facebook. “SingularDTV” the blockchain version of “Netflix”. “Mobilego” blockchain version of google play store. As Chinese government is focusing more on the sharing economy, I think it’s a matter of time before everyone gets to know them.