Since the introduction of first Cryptocurrency, the world had changed dramatically. Bitcoin, the first Cryptocurrency started its journey a few years ago in 2009. Currently, Bitcoin is trading around 6 to 10k USD. But, in the year of its introduction, Bitcoin was cheaper than a street Candy. According to a claim, a man bought two Pizzas for 10,000 BTC, costs nearly 60-100M USD today. Those might be the most costly pizzas in the human history. Strange things do happen in the world. Today we are discussing one of the strange inventions or you may say technology in the digital world: Blockchain, without which the success of BTC and other Cryptocurrency was not possible. We have an article on Blockchain, which you may read by CLICKING HERE. This article specifically deals with Blockchain Governance.
What is Blockchain?
The Blockchain is kind of a record book, which contains the list of records that are linked and secured by the use of cryptography. In technical term, the record is called as Block which is connected with the previous block by a cryptographic hash function. Originally designed by Satoshi Nakamoto, the mind behind the invention of Bitcoin, this technology is used to secure the transaction of Bitcoin. Blockchain works on the principle of Peer-to-Peer network transmission. That means it is not under the influence of any third party to validate the transmission of data.
What is Blockchain Governance?
This is million dollar question. Everybody connected to the Cryptocurrency world either directly or indirectly wants this question to be answered briefly and correctly. The success of BTC is also the success of Blockchain Technology or Blockchain System. Hence, many of the healthy minds are thinking to extend the Blockchain Technology to other areas to serve the humanity better. As the data once saved on Blockchain can’t be altered easily or in other words alteration in stored data is practically impossible and the data is safe as well, many technical revolutionaries want Blockchain to introduce in a much broader area. They don’t want Blockchain Technology just to deal in BTC and Ethereum. According to them, Blockchain may be the answer of future technology. The blockchain is decentralized system, no one can have the supreme authority, and everybody on this network is a part of it. It is fair and reliable to all users connected to it. In other words, Blockchain Governance is Governance by the network, where everyone is part of it but no one can have the full control over it.
Is Blockchain Governance good or bad?
Blockchain Governance is a totally new concept and this question is itself debatable. We can’t say good and bad at present because a lot of homework is yet to be done in this technology. Let me tell you that “Changes are the rule of nature” but Blockchain thinks differently. Its soul lies in unalterable data. That means data once stored can’t be changed after. You can only store new data and can make the old data invalid by changing some set of rules in the upcoming software. But this leads to a more complex problem of total invalidity of the previous data. But yes, it can replace corrupt and fallible social constructs with imperfect technology. There is no one who can use it for one self’s benefits.