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Blockchain technology decentralizes ownership and bolsters security: Mozilla Foundation

The Mozilla Foundation has released a new report that aims to help people understand what’s at risk and what they can do in the sphere of internet and emerging technologies.

Titled “The Internet Health Report”, Mozilla Foundation says that it is an open source project to document and explain what’s happening to this valuable public resource. The report focuses on a number of areas including open inclusion, digital inclusion, decentralization, privacy and security and more.

Focusing on decentralization, the report talks about a scenario where banking systems, social networks and public organizations are completely autonomous, transparent and without individual ownership. To that end, it said that this is the reason that is driving new generation of software developers to build broader applications for bitcoin’s underlying blockchain technology.

“Technologically, a new generation of software developers are dreaming up applications that build and reward decentralization. An example is peer-to-peer computer networks that employ “blockchains” –– the stuff that powers the cryptocurrency Bitcoin – for transactions of money, goods and services. And maybe someday, an Internet that doesn’t require Web servers”, the report said.

It describes blockchains as databases on peer-to-peer computer networks made of time-stamped entries called “blocks” that are encrypted and unchangeable, and describe transactions such as money transfers. No one person or system holds the entire ledger of transactions, and no one can falsify a transaction, because everyone in the network helps validate and run the database.

“In short: ownership is decentralized, and security is bolstered”, it said.

The report also notes Vitalik Buterin’s project – Ethereum – which was launched in 2015. Ethereum created the cryptocurrency, “ether”, which is now the second-most valuable after Bitcoin, and also facilitates the development of decentralized applications (dapps) that can be used for all kinds of automated transactions between people, or even objects, without an intermediary. These transactions are carried out by “smart contracts” that execute commands according to rules that are written and disseminated on the Ethereum blockchain.

“Decentralized applications could one day be a challenge to the concentration of information online, for the sake of “a more globally accessible, more free and more trustworthy Internet,” as the Ethereum Foundation describes their own mission”, it added.

By Shampa Mani
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