Blockchain Technology is still a vague term to the majority of people and for those who are familiar, we will surely admit that it is the future and revolution in Information technology. So, let’s jump into everything about blockchain technology.
Before blockchain technology came into the news, the cryptocurrency known as bitcoin, took a lot of attention and is still in use. Satoshi Nakamoto published an article in 2008 on Bitcoin. It was about peer-to-peer electronic cash Systems. Since then, bitcoin has gained authorization in top countries like the USA, CANADA, AUSTRALIA, and EUROPEAN UNION. Blockchain technology follows a similar architecture to Bitcoin.
It first came into existence in 1991. In recent years, there has been drastic development in blockchain applications and various sectors have initiated this technology.
Block is a list of digital records. In Blockchain, these digital records are linked together in a chain that uses cryptography.
Blockchain technology is decentralized and distributed. So, there is no central authority. In a blockchain, data is accessible to everyone, and they can access it.
The information that is stored in a blockchain is shared with everyone. The stored information is not confined to a single location, rather it is hosted by many computers. It is accessible to every public therefore, the information can be easily verifiable and one cannot tamper with the data without any medium.
Decentralization which is one of the very important features of Blockchain helps to store data from being stolen or theft. The decentralized file system means the sharing and streaming time is faster.
Smart contracts can be programmed to perform simple functions. For instance, a derivative could be paid out when a financial instrument meets a certain benchmark, with the use of blockchain technology and Bitcoin, enabling the payout to be automated.
Internet of things means controlling electronic related things over a network such as A.C, CCTV, etc. Smart contracts enable the use of machines via a remote system. The Smart Contracts feature of blockchain technology enables to exchange of data between objects and mechanisms which improves efficiency, and less costing charge.
Data Management is one of the important aspects of BlockChain technology. In the future, you will be able to sell your products or services without any third medium. The data used in social media can be used to sell.
Blockchain technology is very significant for keeping publicly accessible ledgers. Land registration tends to fraud and there is a high chance of mistake or corruption. The use of blockchain in this field will drastically improve the land registration process, preventing fraudulence.
Blockchain technology stands by its three major principles:
Like I have discussed earlier, in blockchain technology, the information is accessible to everyone. There are millions of computers where data is accessible to everyone. So, there is no nay server or central authority to control the data or information.
Transparency means when a person performs a certain transaction, you won’t find his name or any identity like “Smith sent $800 to john”, you would rather find “rebgj1324gnsdjk8” sent $800 to “23bfbbsb”. This level of integrity has never been introduced.
Immutability means the information that is stored in the blockchain that cannot be tempered. Even if small changes have been introduced there will be a drastic change in the hashing code which makes it impossible to hack.
For more information, feel free to leave your comments about any query about BlockChain Technology.