Blockchain

Hello everyone, today we will be briefing about yet another popular technology- Blockchain.

“A blockchain, originally block chain, is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (generally represented as a Merkle tree).”                                                           -Wikipedia

Simply, Blockchain is the technology that covers digital currency (like Bitcoin, Litecoin, Ethereum, and others). This technology allows digital information to be distributed, but not copied. That means each piece of data can only have one owner.

Why Is It Called Blockchain?

A block is a record of new transactions. When a block is completed, it's added to the chain.​​​​​​​​​​​​​​ So , Blockchain is a way to save data and make it immutable. That sounds great, but the big question, of course, is: how does that work?

The need for Blockchain?

• Blockchain will enhance the reach of a businesses

• It will ensure swift transactions

• Blockchain highly restricts frauds

• Blockchain is reliable and transparent

• Immutability

• It is Cost effective

The distributed ledger technology used in blockchain offers multiple benefits to businesses that make a difference when implementing a solution that requires a high degree of trust for business transactions.

Blockchain can process transactions faster because it doesn't use a centralized infrastructure. The distributed nature of blockchain provides a huge level of trust. The unchangeable property of blockchain and its public availability among its users, whether in a public ledger or a private one, provides transparency. Any user of the system can query transactions on a real-time basis.

In short, by adopting Blockchain people across the world can say goodbye to the middleman, dependence on banks, legal agencies, and hackers.

Uses of Blockchain Technology-

• Payments: Cross-Border Payments

• Unconventional money lenders/ hard money lending

• Your car/ smartphone

• Blockchain Internet-of-Things (IoT)

• Smart Appliances

• Blockchain Healthcare-Health care providers can leverage blockchain to securely store their patients’ medical records.

• Blockchain music

• Public value/ community

• Blockchain Identity

• Passports

• Birth, wedding, and death certificates

• Personal Identification

Future of Blockchain

The future of finance could be dominated by blockchain technologies. The future of security is in the blockchain because the current methods of keeping the data are not reliable enough. Blockchain is the revolutionary tech of the future, for future security aspirants, it will be the best for them to understand the working of blockchain.