Digital data transactions and open source technology have been changing our day-to-day lives. And one of the most significant sectors that leverage open source is blockchain. Blockchain technology is spreading its usage in every digital sector, including cyber security and Bitcoin transactions. On the one hand, many people are unaware of what open-source in blockchain means and why it is essential; many enterprises are wondering how to learn blockchain to implement it into their workspace.
Hence, in this article, we will be looking into open-source blockchain and its need in the blockchain sector.
Table of contents
- Understanding open source software
- What is the importance of open source and blockchain?
- Unleashing the full potential of blockchain technology
- Facilitates security and transparency
- Streamlining decentralized ecosystem
- Closing Thoughts
Understanding open source software
Open-source software is an advancement that can produce, share and publish digital data in a transparent manner. Furthermore, it works for the public good and not for a central authority or business.
When anyone creates an open-source project, it will not include any checkpoint in its development process. Also, no central government, individual, or group has the right to own, sell or control the software.
Similar to the Bitcoin network, where no company controls its transactions and circulation. Instead, every single process takes place with global network members’ agreement. Members of a blockchain network are the sole driver of the entire platform.
This type of operation is known as a decentralization system. Further, this type of framework brings so many advantages to the public. It has the potential to revolutionize the traditional system of data sharing, transactions, and storage.
To better understand the potential and nature of open-source, you can opt for blockchain technology training programs that extensively describe all the aspects of open source in the blockchain.
Also, it would be good for you to get familiar with popular open-source operating systems like Linux.
What is the importance of open source and blockchain?
After a brief exploration of open source, you must be wondering why it is so crucial for blockchain technology? Also, you might be worried about the security of data let travels in open-source networks.
In the blockchain, every member has access to all the data that float on the network, making it vulnerable to attacks. However, this framework makes the security more stronger by providing transparency on each and every activity over the network.
Moreover, the IBM organization is introducing blockchain-as-a-service, which works on the basis of an open-source network of hyperledger fabric. Further, using the service network, users can create their own secure blockchain networks. It is opening more possibilities for speedy virtual transactions to anywhere and anyone in the global spectrum. Also, IBM claims that this service has an extra layer of security that can protect sensitive data of enterprises.
Here are a few reasons why open source technology is crucial for blockchain:
Unleashing the full potential of blockchain technology
The core reason to implement an open-source technology is to discover the maximum efficiency of the network system or framework. Hence, with multiple entities involved in common networks, the possibility of robust application generation rises. Aside from this, technology gets more space to spread its usages.
One of the examples of open source technology is “good faith” patents by Tesla. Here anyone has access to the patents of the company if they want.
The business world collectively gasped when Elon Musk announced that Tesla was opening up its patents in “good faith” to anyone who wanted to use them.
This initiative shares the exact spirit of open source technologies. Hence, its giving rise to the idea of the development of more programmatic areas.
Some people in the community believe that by implementing open source technology for Tesla electric cars, Elon Musk was making sure to enhance the progress of technology.
Facilitates security and transparency
Open source in blockchain technology means it is all open for the public and transparently stores the records. Further, it eliminates any chance of modifications or revisions of the data. For this, the system uses proof of work mechanisms.
Aside from this, open-source blockchain can also be beneficial in many operations of government, for example, elections. By implementing blockchain technology in the voting process, the government can make elections entirely transparent for citizens. Furthermore, it will eliminate the possibility of any kind of temperament of information, vote counts, and final results.
The application of blockchain is already in use in some aspects of government, for example, blockchain governance. With this app, the boardroom enables a transparent decision-making process within the organization. Moreover, it can make company governance completely authentic.
Streamlining decentralized ecosystem
Decentralization can bring a democratic environment within the block-chain network for the decision-making process regarding currencies transactions and data. Furthermore, decentralization shows that no source of information gets corrupt or biased.
Open source in blockchain can eliminate any kind of political influence within the network. Further, this system can be very beneficial for regular people and can offer them permissionless services. It allows every average person to experience the evaluation of a new economy where they can own their capital free from approvals of any third party.
Open source technology is an essential aspect of block-chain. However, there are numerous private and permissioned blockchains that are not entirely open to their processes with their users. Many argue that these are not block chain systems at all as they do not maintain complete openness.
Despite the conflicting point of view of members, blockchain, open or private, comprises the full potential to grow and reshape the online data transaction and storage space. Undoubtedly, we will experience a lot more changes in the digital area with the advancement of blockchain technology.
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