Since the first industrial revolution, human error has always been the issue when it comes to literally all the economic crushes that have always taken place.
The double entry registry was a great way of keeping certain transactional records and we’ve experienced issues with this mode of keeping records.
In 2008, the economic crisis was brought about by the big financial institutions manipulating the double entry records and that has been the issue with centralizing instead of decentralizing power.
The birth of Bitcoin was the savior from this centralized to a new decentralized ledger that we can use to send needed transactional records, peer to peer, without the need of having a third party to make sure there is no double spending.
The blockchain computer architecture isn’t just here to disrupt the traditional way of conducting business, but through this new computer architecture, we will increase security by moving away from saving all your personal data on a centralized ledger, to the new decentralized base security architecture where you keep all your information and only use the information needed to conduct a certain transaction.
The blockchain computer architecture is timestamped, meaning every transaction that will be approved by consensus in-order to be added onto the blockchain, will be immutable. It’s like your DNA – It cannot be changed.
The continued fall of big data due to high running costs has also made it possible for the blockchain computer architecture to be a better alternative.
When Google was adding the speech recognition application, the company doubled its capacity. These big data machine companies, like the one in Oragon in the U.S.A, where all the websites we access via the google search engine are located, are not cheap to run.
Running centralized systems like Google Big Data centers is expensive. These factories are always built close to a dam so that they can use cheap hydro-electric power and also the water for cooling.
With the new computer architecture, distributed nodes in the network become cheaper to run and operate, hence way superior to current centralized architectures.
About Peter Oduba
Currently he is the C.E.O & Founder of Giants Capital.
Giants Capital is a company that deals with futurism and the future of humanity. Beyond that, it also consults on how to invest in start ups that are using the block chain technology as their base technology.
Peter has currently invested in 51 companies that are being powered by the blockchain technology.
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