Technology is taking over the world – literally. From the blockchain to self-driving cars, it seems that the only job that has a long and prosperous future is anything that involves developing and fixing new technologies.

Let’s take cryptocurrencies as an example. Who would have ever guessed that people will someday accept and use a decentralised digital currency? In fact, there have been several attempts (like Digicash) that did not see the light of day. But this guy, Satoshi Nakamoto, came from nowhere and made a solution that works. Care to know more?

The First attempt

The initial idea with digital currencies was to create a peer to peer electronic cash system to replace the traditional methods. But that failed terribly because it was a trust-based – something that can never work in the real world. At this point, the idea seemed like an April fools joke, and everybody forgot about it – until Satoshi came up with a master ledger.

Blockchain

The blockchain is a fancy word for a complicated ledger that keeps records of accounts, balances, and transactions online. But before you jump to conclusions, this ledger is not editable. In fact, if there is the slightest error in recording the transaction details, everything is lost forever – but that is highly unlikely.

This ledger eliminates the chances of double spending. And you don’t have to trust anybody with your hard-earned cash. However, there’s a tiny window of opportunity for hackers to cheat the system just before the confirmation of a transaction.

The future

Undoubtedly, cryptos have a long and bright future ahead. It’s almost like they had an overnight success story. In that, the value of Bitcoin shot from a few pounds to its current price of £4,700. Today, there are specialised digital currencies for almost all the major sectors from health to real estate and everything in between.