If you are looking for a way to avert hacking and cheating in your system, “blockchain” is your answer my dear readers. So let’s start with a step by step guide of how this technology can enhance one’s trust. Let’s start with the in detailed what is blockchain technology? How it works? Why it is important for future?
What is Blockchain technology?
Blockchain also referred as DLT- distributed ledger technology, is a database that is shared among nodes of a computer network. Information is stored digitally and storage is referred as a ‘digital ledger’. Information stored together in groups which is called as blocks in technical terms.
Blockchain allows transparency in digital assets through decentralization. Transaction model is the one that describe how data is written in blocks.
Overview of Blockchain:
- It enables the transaction and tracking of the assets. The information is collected together in form of group known as blocks.
- Blocks have a limited storage capacity once filled, they are linked with the previous block and a chain of data is formed known as blockchain.
- Blockchain are more inclined towards cryptocurrency and have a huge hype among bitcoin as the information can’t be altered, deleted or distorted.
- Due to decentralization blockchain are inflexible which means the information can’t be altered.
Due to its secure, transparency nature it is an ideal preference by most of business networks as no third party is involved, information is kept between the involved parties.
How blockchain works?
Now, as you understand what actually blockchain technology is, its time to understand how it works.
This technology is still in its peer state and have the potential to become revolutionary in the future: so let’s start to delineate it.
Data are inputted by a authorized authority which are then certify by the authority.
- As a result of these blocks are created which signifies specific data. Blocks are than send to computer nodes.
- Transaction are verified by the nodes and blocks are added to the blockchain
- At last the transaction are finalized
How blockchain made of?
Blockchain consist of mainly 3 elements.
- Blocks : Blocks consists of three main elements,
- Data: It refers to the data added in the blocks.
- Hash: They are generated when a block is created by nonce which than generated a block header hash.
- Nonce: It is 256 bit number wedded to the nonce.When a block chain is created a cryptographic hash is created by nonce.
- Nodes: They are mostly in form of electronic device and have copies of blockchain
- Miners: New blocks on the chain are created by the miners.
Can anyone can develop Blockchain?? Yes well you can be a blockchain developer.
What blockchain developers do to make it more secure?
Blockchain developers are mostly responsible for making block chain protocols, centralizing and decentralizing data, designing front end designs and the list goes so on. They are mainly two types of blockchain developer:
Core blockchain developer: He is the one who lays the foundation of the block chain. He is the one who designs the security and the architecture of the system.
Blockchain software developers: They are one who uses core web architecture to create apps especially Dapps decentralized one and web varieties.
Look into good old days – How it all started?
Though it is still in its early buds but it’s holds an enriched history.
1991:Stuart Haber and W Scott Stornetta were the one to describe the blockchain for the first time.
1992:MerkleTrees was the one who introduced a system for secured block chains.
1998:Nick Szabo started working on decentralised digital currency known as ‘ bit gold’.
2008: Satoshi Nakamoto conceptualized theory of distributed block chains which ended up by making blockchain a backbone of cryptocurrency. He is said to be one of the brain behind blockchain.
And the rise has began and from the year 2016 it has started rising to fame and still to achieve many more accomplishments.
Know about the blockchain wallets?
It is a digital wallet that allow one to manage , trade and store there cryptocurrencies.
It is also coined as wallet service by the tech giant blockchain, founded by none other than Nicolas Cary and Peter Smith.
Through it one can manage there balances of bitcoin, ether and other cryptocurrencies. Also it is pocket friendly as one can create free e- wallet with it.
Blockchain wallet only allow six crypto currency assets for swapping:
- Bitcoin cash
- USD digital
- Stellar Lumens
It has many security levels to protect user funds from the hackers with features like, password, mnemonic seeds and a lot.
How blockchain technology helps in real time?
Blockchain technology is using in many industries and mostly used in healthcare industry. The decentralized technology enable secure transfer of data like medical records of patients and manages medicine supply chain.
Some major blockchain healthcare companies are:
- Akiri: It helps in protecting patient health data when transporting it. This system does not store information of any kind, it operates as both a network and a protocol to set policies. It ensures that data is shared among the involved parties.
- Factom: It create products which help healthcare companies to store digital records that are only accessible by the hospital and the administrator involved.
- Medical chain: Patients integrity and identity is protected from the outside source, but if needed doctors, hospitals and laboratories can request the information if it has record of origin.
- Robomed: It is a blend of AI technology. Various tools like chat box, wearable diagnostic tools and various sessions to gather patient information and later is shared with the administrators involved.
- Chronicled: It’s functions are quite different from above stated features. This technology helps Pharma companies so that there medicines arrives safely and are under the law.
It is a technology which results in quicker, cheaper and better patient care. and identify several issues even the dangerous ones in the medical field.
Essential Cryptocurrency blockchain projects:
Crypto currency is a major trending topic in the current world and block chain plays an immense role in it. But now blockchain is going beyond crypto and are impacting a variety of sectors . So let’s have a look into some major projects.
Bitcoin runs on the protocol of blockchain. The information on the blockchain is mostly regarding transaction. The blockchain used in it is diffused one, the records are secured from all illicit activities. Blockchain has curved out bitcoin in a new way and with this advance technology it is best to invest in bitcoin.
Honeywell is emerged as the of the biggest blockchain enterprise. It offers complete availability of aviation quality document to its customer. It also runs blockchain powered marketplace named Go direct place.
It covers block chain in a large scale. IBM blockchain is already creating a huge hype. The digital health pass projects which helps in verifying covid-19 test depends on hyper ledger fabric and IBM blockchain.
One of the world’s leading tech giant , is now not lagging behind. It has partnered with Ey for developing blockchain. It features the capabilities for managing content rights and royalties.
Samsung has developed various blockchain projects for airports, hospital etc. It’s major block chain project is one step medical claims processing service.
It employs the blockchain based food traceability initiative for detecting contamination alongside other issues for food safety. It covers a wide range of items.
The gradual interest in blockchain is one of the reason for growing block chain projects in present times. One of the key points is that block chain is open source in nature. It is now making an immense noise in prediction and information.
Also Read: What is demand draft?
It is a Trump card for Morden era: Pros of Blockchain
- cost thrifty: It doesn’t burn a hole in the pocket unlike others it reduces labour task like altering data and auditing process. Middle man is eliminated. Transaction can be done directly making the business more cheaper.
- speed: It can handle transaction faster than conventional method and it has been also proved, Walmart use this technology to trace the source of sliced mangoes In seconds (similar process has taken seven days earlier.
- Security structure: Records are created with end to end encryption, it shuts out all illegal activities and fraud. The data in the block chain is stored across a network of computers , making it impossible to hack.
- Decentralized structure: The digital assets and the transaction are secured and they are shared between the involved entities.
Apart from these features this technology is also facilitating some business some of them are:
Where decentralized and advanced technology is supporting in businesses?
There are many businesses which are adopting this advance technology, and we can make sure that in year 2022 we will see more and unbelievable growth in this technology.
Health care: Benefits of blockchain in health sector are countless whether it is drug traceability or profile privacy and it is helpful in recording electronic records.
Financial institutions: Blockchain is a life savior for finance because of features like data integrity , cost reduction and market reactivity.
Real state: We all know what real state is going through but blockchain has turned the game and has given a new outlook to health sector with features like tokenization, property sale, real time accounting etc.
Energy: This sector has received benefits from blockchain including environment sustainability and improved transparency.
Its not limited to these only, there are few more.
Now you know the advantage of this technology, you can decide whether to use this technology or not. It is a revolutionary technology. There is still a long path to walk but soon this technology can’t be avoided whether for good or bad. The future for blockchain is bright and promising
Ques 1. Is it safe to use to blockchain as it is prone to hacking?
Ans. Blockchain technology is constantly revived by the network which makes it difficult to hack.
Ques 2. Is bitcoin hypothetical?
Ans. It’s a myth that blockchain chain technology is short term and already in its prime era , it is not long-lasting. The market has started to me more flexible and new values are added every day.
Ques 3. Is it beneficial to invest in blockchain?
Ans. It’s now or never it’s going to become one of the finest technology of the future so don’t be late .