Perhaps the most primitive version of blockchain are double entry ledgers followed by spreadsheets interlinked with LOOKUP function! Yes, to a technical person, this might sound stupid or naive but that is the only way to help a layman visualize blockchain. In reality, the solution has been in development ever since the birth of inter connected computers with its application and use cases restricted only by the capabilities of Technology.
Those who know Moore’s law, every once in a while IT hardware makes a quantum leap pushing the human race through something I refer to as the hyper-lapse. And this decade has already started to seem like another such point in time with the processor transistors drastically reducing in size from 10+ nm (nano meters) to 5 nm (nano meters) with tech innovations from Apple and AMD subsequently realized by manufacturing revolutionized by player such as the TSMC (Taiwanese Semiconductor Manufacturing Company). Moreover, with 5G connectivity just around the corner speed of information is achieving new heights!
First we need to understand why do we need so much power for Blockchain! Of course you understand the basics that such technology relies on data which needs to be processed, stored and transmitted. But, let us understand this with the centuries old Japanese theory that says every man has three faces: one for himself, one for his close ones and one for rest of the world. Usually these three pieces of information are mutually exclusive and are unavailable at a single point, although you can try hiring a private eye to do so.
Similarly, in the modern world there are too many perceptions associated with each person or item – but there have been limitations on accruing these independent pieces of information together. Software developers have tried their best to solve this for their clients, especially governments, through inter-linked and often inter-dependent databases. For instance, your social security, much like the Aadhar in India, is the unique identifier that links you to multiple databases including tax, offenses, health and so on. However, the technology utilized to do so has been largely independent software trying to have dialogues through multiple nodes and database compatibility.
Well for a layman, this may seem pretty much sufficient. But the underlying problem is that with this technology the information collected is a bit limited. For instance, the technology today can process the flow of money through every individual and entity but what they cannot identify is which issued dollar is possessed by whom. But with blockchain and the introduction of token, systems will identify the journey and current location of each dollar or rupee issued by the central bank. Sounds Sci-fi, but that is soon going to be reality and in fact this method will simplify the job for developers as the free flowing token should remove the complexities of juggling databases.
Since there are no free lunches, this technology uses way more power!
Economics
Current fossil fuel technologies pose critical challenge to climate concerns whereas, the renewable energy sources are not quite suitable for this purpose. When we talk about power issues, it is not just the power to operate those computers but also the air conditioning required to cool the computers. Another technological leap, or rather policy shift, can help accelerate blockchain adoption in this decade. And that shift is Nuclear Power! Although the safety concerns have been a subject of debate, when it comes to reliability and power density, no other source known to mankind can surpass the benefits posed by Nuclear Power. Moreover, the last decade has been a hit and miss with renewable sources.
Perhaps it is just a matter of time that the general attitude of public and policy makers shift to Nuclear Power. Over the last few decades, designers and operators have learned their lessons from accidents – just as Air Travel, once considered the most dangerous is the safest transport today, Nuclear power may soon power another revolution.
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Header Image Photo by Maxim Hopman on Unsplash
Savvy Munshi 