Blockchain is a distributed database that is used to maintain a continuously growing list of records, called blocks. Each block contains a timestamp and a link to a previous block. A blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. By design, blockchains are inherently resistant to modification of the data. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks and the collusion of the network. Functionally, a blockchain can serve as “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. The ledger itself can also be programmed to trigger transactions automatically.
Imagine a world without middlemen. Funds are transferred from peer to peer without a bank. Song writers sell music instantly to fans without going through Apple Music, Joox or Spotify. A home owner rents out his room without paying a single dime to AirBnB. A housewife sells her surplus electricity generated by her solar roof directly to a guy next door without going through an electricity authority.
Imagine a world without centralized power. A world where people manage their own destiny rather than major corporations and organisations do it for them. That world is happening now. Welcome to Web 3.0 enabling by Ethereum network.
Blockchain has started to slowly gain acceptance in the Thai business community and government. The Bitcoin idea has been thrown around by Thai authorities but this is just a start of the next big thing, the upgraded version of Bitcoin, the “Ethereum”.