What is Blockchain?

We are living in a virtually revolutionizing world. And in this world, one threat is constant – the threat of data leakage.
And to solve the world from that problem, we now have the required technology. Slowly and steadily, we are moving towards this space. Blockchain is the most reliable and secure technology. It is a decentralized system that can’t be tampered by a person or system. The technology stores data in blocks. And all these blocks are connected, either directly or indirectly.

History of Blockchain

In 1991 a research paper about the storage system was introduced. Then nearly after 17 years, the concept came into existence. In 2008, Satoshi Nakamoto launched the world’s first cryptocurrency – Bitcoin. It serves as a public storage platform for various transactions in the network. And it became more secure and non-tamper able for the public.

How do Blockchain works?

Blockchain works on connecting blocks in a chain. Every block contains transaction data, a unique hash, and the hash of the previous block.

The hash is according to the data in the block. The hash gets changed on changing the data. But the information in the next block remains the same. And due to tampering in the block, the rest of the blocks are considered invalid. The only way to change the data of a block and make the other blocks valid is by calculating all the later blocks in the system. But this would be nearly impossible for anyone. And that is why it is impossible to hack into this technology.

Usage and Benefits

Using the blockchain, you can create a public, permanent as well as transparent ledger system to reserve the data of an organization or a group regarding payments, transactions, or any other.

Due to the transparency of the technology, you can easily track down the data whenever needed only if you have permission. The enhanced security method keeps it a hand forward from other platforms. All the nodes in the system reject the malicious activities in the server. By using blockchain, companies can reduce the costs associated with 3rd party vendors. There is need of no to less interaction to invalidate the data. And this further removes the basic need to spend money. This is an industrial benefit that blockchain has and it improves the efficiency and speed. It reduces human error with the help of automation.

Future of Blockchain

Many organisations are now opting blockchain. It will soon be blooming as a better system in its sector. Estimations say – by 2030, this foundational technology will cover up more than 30 percent of the customer base globally. Various sectors are slowly adapting the blockchain technology as it has the power to revolutionize the world.

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