Blockchain and cryptocurrency as we know it today wouldn't exist without open-source software. Open source development has enabled companies and consumers to use blockchain for various commercial purposes throughout the globe. Let us take a look at what Open Source and Blockchain are before we delve into the details of how Open Source has supported the latter.
What is Open Source?
Open Source is software that has been developed by tens of developers from different parts of the world. Its code is accessible by anyone and at no cost whatsoever. Unlike most software, Open Source does not have an individual owner.
This software makes up a vast portion of the code used in blockchain. Thereby, a group of developers is always on standby to detect and resolve any flaws or suspicious exploits.
What is Blockchain?
Blockchain is the technology that gave birth to bitcoin, but over the years, it has developed to include other economic commodities in the digital world. It is a digital registry that can record not only financial transactions such as trading on a Bitcoin exchange but also other valuable information. This registry has been reproduced across a web of computers that update it regularly.
Because it does not have one primary location, it is nearly impossible for hackers to tamper with its data. All blockchain records are available to the public and can be verified.
How Open Source Supports Blockchain
Here are some ways that open source has continued to support blockchain technology:
Broaden the Possibilities of Technology
Open Source guarantees efficiency for every company that chooses to integrate blockchain into its operations. It provides flexibility and diversity of technology that cannot be found anywhere else. Who knew it was possible to provide safety for millions of transactions by using open software?
Security and Transparency
Open Source has enhanced cryptocurrency transactions and their overall safety. Every user is required to use two cryptography-generated keys to gain access to their wallet. There is a public key familiar to everybody across the network and a private key that is known only by the user.
The technology has also played a crucial role in bitcoin's popularity today. The fact that bitcoin is not centralized has enabled millions of people to transact with it without the limitations that would otherwise be imposed by states or institutions that felt they had a right to it. Users can trust blockchain and one another during transactions.
Open Source provides a public and transparent way to store records. Anyone can access them, and its decentralization makes it close to impossible for it to be hacked. These features make blockchain a force to reckon with as superior technology and provides unique verifiability.
It has been suggested that blockchain regulates other aspects of everyday life, such as elections. Blockchain records are updated as they change, and the security against tampering would ensure free and fair elections and do away with allegations of foul play.
Open Source has provided blockchain with a decentralized technology, which has proven very beneficial. It creates a form of democracy where users can choose what currency to use, how to use it, and access all information they require about it. There is also an open room for innovation and improvement.
Compared to the possibilities that can be realized with blockchain technology, we are currently using the very basic of its abilities. We can only hope that governments, companies, and consumers will seek to utilize this fantastic technology more wholesomely over time.