Blockchain is a value-added service that rides on traditional TCP/IP protocol stack. Blockchain 1.0 – as it’s labeled prior to 2005 – is a core promising foundation mechanic for bitcoin technology that’s rapidly being adopted across financial institutions, a finance-driven technology gaining momentum.
It is a backbone for cryptocurrency where distributed databases chained to manage, monitor and maintain cryptocurrency mining, trading and logging every transactions, and also link-state chain of databases synchronized autonomously. In blockchain 1.0, each cryptocurrency transaction and its records are called encrypted blocks updated in a chain called hashed-blockchain.
Today, Blockchain 2.0 is mostly focusing on smart contracts, whereas Blockchain N.0 – as it’s called for year 2025 and beyond – is an enlightened evolutionary version of Satoshi Nakamoto. Blockchain N.0 is not limited to cryptocurrency, assets and smart contracts only; it’s also applicable to each business sector.
Blockchain N.0 defines smart services that are in a human, readable language where the policy, rules, regulations, quality and compliance files are embedded in executable computer files and coded. Eventually, it is expected that Blockchain N.0 will completely replace conventional systems.
Blockchain N.0 allows developers to invent programmable APIs that are secure, reliable and integral sources for programmable distributed or decentralized chained databases management systems. Decentralized chain of database servers are the architectural backbone shared among trusted parties and highly tamper-proof.
As data of data are called metadata or big data, individual systems’ blockchain databases driven by specific policy and methods interconnected to share common interests are called mega blockchain databases. They are spontaneously driven by blockchain programmable applications or interfaces.
Individual blockchain database systems are created, operated and maintained by individual owners such as government, community or enterprises.
Cross-connectivity and sharing blockchain databases will completely replace current RDBM. Data manipulation and mining techniques, such as SQL, are expected to be enhanced with sophisticated algorithms. Applications and programs will be built based on fuzzy logics and AI with blockchaining databases at the core. Interlinked mega-blockchain databases will be an ultimate backbone and powerhouse to serve Internet of Things (IoT) communities.
In an example futuristic view, let’s say the Department of Motor Vehicles (DMV) stores all driver licenses details and securely manages them via a chain of blockchain databases servers. Each license profile has an assigned computer hashed value. Only DMV authorities or robots who could update the licenses details are part of the authorized process.
A driver’s details can be accessed and shared by multi-trusted parties such as a police department, credit bureau and bank whenever needed, wherever required and accessible from anywhere. Since the driver’s license details is a public profile, there is a risk of exposing authentic personal details. A privacy invasion may seem imminent; however, drivers’ profiles can only be made available to requested and trusted third parties by the DMV with advanced cyber security measures.
As for the potential of application and blockchain interactive processes, let’s say for instance, you may be stopped by New York Police Department personnel while driving and scanned by a barcode reader. Through the networks infrastructure, the programmed application will instantly and securely communicate to the DMV blockchain database to access the driver’s details and return verified findings back to NYPD. The programmed application will search the recorded events of the particular driver on the police record servers (its blockchain database) securely, efficiently and effectively.
Practically, a person may not be required to carry a license in his or her wallet in the future. A digital device, a barcode tattoo or a micro-chip embedded in a body part will be the person’s identity could be scanned by the requested party, and the details verified by programmed blockchain interfaces.
Due to global jurisdictions along with security laws and regulations, it would be challenging to have common global police department blockchain databases. But certainly these blockchain databases can be shared in global government interests.
For example, America’s interstate police department could have mega blockchain databases that can be mutually shared with European government and partners. If there’s a suspect in question, European authority could instantly make a search via authorized blockchain programmed application that uses highly trusted, secured search capability to conduct a thorough check across blockchain databases of two separate blockchain systems separated based on two different jurisdictions.
In addition, a community’s ecosystem could be digitally run in a secure manner that is most effective and efficient so everyone within the community shares common interests and values and enjoys the benefits, quality of life and profits. A small town can run their own blockchain database system and infrastructure determined by various interactive interfaces or applications either residing on premise or in the cloud.
For instance, a blockchain of databases is defined to transform community policies, rules and regulations files into programmable code or executable files to turn into smart contracts. The smart contracts are tagged with hashed value (bitcoin) to represent blocks on blockchain domain. The smart contracts are automated, self-enforcing and embedded with digitally-signed certificates and assurance levels, intended for encoded law to trade or exchange goods.
To identify or recognize specific types of goods, digital tags are applied with hashed marked price. They can be exchanged between peer-to-peer (P2P) and paid with micro-payment. Smart contracts or files can be community defined or inherited from foreign chain of blockchain technology adopters such as federal chamber of commerce, a quality assurance body, government or lawyers’ association. The smart contracts or files can be verified and validated referencing the various blockchain databases.
An Object Oriented Programming (OOP) methodology integrates executable files and codes by adopting modular basis programming technique that further enhance smart files. OOP or modular programmed interfaces conveys as:
A policy defines terms and conditions for trading methods, such as upon goods delivered, the goods’ cost and delivery charge can be paid by cryptocurrency. Delivery is still similar to a conventional supply-chain method, but it is P2P and transparent. A smart policy can be inherited from government databases or other community policies and modified to fit for the specific community by programming interfaces to interact with the blockchain system.
A rule defines conditional situations that the goods can be traded within communities or foreign buyers based on community- (or state- or federal-) marked prices. A surcharge, delivery cost and tariffs are applicable based on jurisdictions. Requested supply has to be delivered to the authenticated customer’s door or can be traded in community-specified stalls or local market stations by tagging goods with RFIDs. RFID maintains tracking goods securely from start to end by utilizing blockchain technology as in real-time monitoring.
Smart rules are applicable to establish reliable, trustworthy business development, quality products are required to be delivered and maintained and feedbacks or ratings are to be updated via blockchain interfaces that gets reflected to the seller’s webpage securely by maintaining data integrity.
Regulation specifies prices for goods or supply based on market value and is well-maintained to reflect commodity value. Regulation also defines an organization or government, not allowing monopoly or sole influence over market value, and it monitors illicit activities. All regulation files can be integrated into computer programmable executable files called smart regulation.
Perhaps smart regulation allows goods exchanged with commodities such as petrol, gold, silver or cattle. Smart market prices and trading process can also be defined and regulated by a community or government’s pricing feed data or market data backed by blockchain databases. Smart market data may vary based on a state’s rules, taxes, resources, supply-chain and other conventional system factors, however, the data maintained across various sources of distributed blockchain databases and transparency is regulated and preserved.
Overall, community-owned blockchain N.0 technology that performs secure cyber or digital business should be primarily based on smart contracts, smart rules, smart policies and smart regulations. And relying on various blockchain programmed interfaces or API technologies can provide tremendous benefits for P2P business transparency, security and prosperity.
Blockchain N.0 is certainly a new technology that will upheave organized and systematic business systems in a transparent, revolutionary way. It is considered one of the greatest technologies that will connect billions of people by 2020 and advance block-chained digital economy. In the near future, expect Blockchain N.0 to enhance the globally distributed supply chain, boost individual confidence on digital business and transform digital community efficiently and effectively.
Article written by Bip Khanal
Image credit by Getty Images, Blend Images, John Lund
Want more? For Job Seekers | For Employers | For Contributors
