Tuesday, 19 April 2016

BITCOIN IS BITCOIN BECAUSE OF THE BLOCKCHAIN. PART 2

The underlying technology behind the success of bitcoin is the blockchain. What then is the blockchain?

I will explain it in the simpliest way that I can. You and me are the blockchain. How? Simple, As long as you have bitcoin and the software running on your system and you are also involved in mining of some sort then you are part of the blockchain.

The blockchain consist of group of miners ranging from 2 to as many as possible connected in a peer to peer manner.

Miners are the ones that bring more bitcoin into existence but that would require them to successfully confirm every transactions and the process of confirming every transactions require the solving of complex mathematical   equations with the help of their computer power. When this process is completed, there are rewarded with bitcoin. This is the process called mining.

What features make the blockchain so unique

  1. It is technically impossible to hack.
  2. It has no central authority.
  3. Every transactions are recorded in a public ledger for every one to see.
  4. It is trustless and yet every transaction are legitimate.
  5. It has so many uses and application yet to be deployed apart from the area of money. Eg bitcoin.


Money is one the most prominent application of the blockchain that we are all used to. For example, Bitcoin is able to function as money on the internet and accepted as money on the internet world wide because of the properties the blockchain has.

Well, it is not only money that the blockchain can be used for. Let me tell you another use of the blockchain.

The voting system
It is strange right but it will work if properly implemented.

We have all heard of rigging, stealing of ballot boxes, manipulation of results, tampering of election materials, bribing of voters to secure votes and every form of negative vices characterized in a typical election period.

If the blockchain technology is implemented and used for election purposes, all this vices mentioned above will be eliminated totally. There will be no need to go to court to file an appeal, there will be no need to spend so much money on election materials and so on and so forth. Infact the cost of running a successful election will be reduced from a 100% to about 20% if not less. Thereby saving the government of any nation a lot of money.

Dalemat you are very funny. How do you think this will work?

Well, this is my theory of how it will work.

  1. Firstly, a certain amount of  digital token is created just like bitcoin with no value of course.
  2. One token is  issued to all eligible voters with their token address either on their mobile device or online wallet. This can be confirmed on the blockchain just to make sure every eligible voter has only one token.
  3. The candidates say governorship are also issued their own token address without any token in it.
  4. A QR code can be generated for each candidate for easier voting.
  5. On election day, the voter simply scans the QR code and sends his or her token to the candidate of choice address. If you don’t have a phone it can also be done on the online wallet with the candidates details there to choose from and cast your vote.

With this, voting , collation and result can be concluded in less than 2 hours all in the comfort of your house.
No need for long queues, there will be no harassment, no bribing and all that. You can get the result and know the winner immediately all on the blockchain.

This is an amazing technology if you ask me.


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