Abdullah Altamir

Mr.Bubrow

Writing for Engineering

12/4/2024

REINFORCING TRUST: HOW BLOCKCHAIN IS THE WAY TO THE FUTURE

Slide 1: What even is a blockchain?

• A blockchain is a sort of “digital ledger”, which we call an electronic recorder. This is beneficial for us because it creates a list of records which can’t be changed, mitigating risks of fraud. Users personal details are not shared and stored privately.

Slide 2: Who created Blockchain?

• Funnily enough, nobody knows! A person, or group, named Satoshi Nakamoto, published a white paper called Bitcoin: A Peer to Peer Electronic Cash System.​
• This paper established the foundation of blockchain as well as the concept of it. This was in from 2008-2009.​
• In 2014, other branches of blockchain were explored, which led to the creation of Blockchain 2.0.​

Slide 3: Blockchain is Everywhere!

Slide 4: The two graphs signify current and future projections of blockchain usage. The graph above is representative of how many people currently have blockchain wallets. As shown by this graph, there has been a significant growth from 2012 to 2022, with a high of 85 million users. The graph below shows the projected usage of blockchain technology with a jump of 3x the usage from 2025 to 2027. This shows that blockchain is projected to be used more and more as the years come, creating a safer technological experience for all. 

Slide 5: Here’s a great example of Blockchain use!

• The figure on the right shows us the complicated process of money transference. The first user sends the the second user, but it can’t be done just yet. Multiple requirements, which we call nodes, must be fulfilled before the action performed. For example, the first user must have enough money, the second user must have a legible account…etc. After it is approved, the transaction goes through, creating a blockchain. Thuis blockchain ensured a record of the transaction, which helps against fraud and scams.

Slide 6: PROS AND CONS

• PROS: 
• Creates a record of everything
• Blockchains cannot be disrupted nor changed.
• Blockchain data is always available.
• Everything is tracked! A lot of companies switched to blockchain due to legitimately everything being able to seen within the blockchain.
• CONS: 
• Can take longer due to additional transaction steps.
• Verification and signature is always required, compared to centralized databases.
• Blockchain is still an ever growing application, so there’s bound to be some faults with it, such as rare privacy hacks.e 9: Bitcoin Wallet users every year

Slide 7: Lets Look To The Future…

• In the future, Blockchain will become an integral part of society. The picture on the left shows 6 of the many benefits that come from blockchain. Many people will get jobs; Many people will have more security; Many people can have a fast and reliable banking system.

Slide 8: Sources Cited

• “Top 13 real-world applications of blockchain technology.” (2023, October 10). iTechnolabs. https://itechnolabs.ca/top-13-real-world-applications-of-blockchain-technology/
• “What is blockchain: History.” (n.d.). ICAEW. https://www.icaew.com/technical/technology/blockchain-and-cryptoassets/blockchain-articles/what-is-blockchain/history
• Team, Chainalysis. “What Are Blockchains?” Chainalysis, 2 Jan. 2024, www.chainalysis.com/blog/what-are-blockchains/. 
• Niranjanamurthy, M., et al. “Analysis of Blockchain Technology: Pros, Cons and SWOT – Cluster Computing.” SpringerLink, Springer US, 19 Mar. 2018, link.springer.com/article/10.1007/s10586-018-2387-5.