The art of technology is traveling very promptly if you’re still standing behind with the old methods of java codes and power builder means perhaps you are residing in past and you are in the rear end of technology. Ideas are built up in a new way and the things around you are changing rapidly. You need to head start with these technologies as you are planning to sustain your business. One of the leading ideas you should know is Blockchain technology. It will change the whole economy as digital.
It initiated it move in late 2008, by a mystic emerged as an unknown brilliant called Satoshi Nakamoto. His paper proposed the peer to peer economic system which can be operated as a digital cryptocurrency method called bitcoin. This technology is the base system for blockchain and now it resulted in an outstanding breakthrough with ramifications that go far beyond the cryptocurrencies.
Blockchain is the trendsetting invention designed as a decentralized technology and as a distributed ledger system from the centralized method authentication and storing data. It only allows the digital data as a block that can be distributed but cannot be modified or copied.
Blockchain is the steering wheel of the future economy and it already gained more popularity around the world. It is the compelling technology behind bitcoin and cryptocurrencies. Blockchain is smart and it’s all set to proceed its action beyond the crypto world and also brings the innovative clarification for all the current problems.
What is Blockchain technology?
Blockchain is the public register of data that is circulated and shared with the thousands of systems around the world all are interconnected within a network. It is a continuously updated register about the authenticated information and it is open as a decentralized database of any transaction in any method that occurred on the particular network.
Whenever someone made any kind of transaction, it broadcast the data about the transaction to the network. This transaction detail is authenticated and verified by proof of work done by the miners’ network of the network by executing the complex cryptography algorithms. It should nearly take 10 minutes to authenticate the details. Once the algorithm is solved and approved by the miner’s network then it created as a block with the unique ID or otherwise like a unique hash key. Each block may contain the bizarre hash key like a fingerprint.
Inside each block, it contains a peculiar hash key, the transaction details and the hash key of the previous block and so all the blocks are interconnected and build as a chain.
This chain of the block such developed is called blockchain. The very first block of this blockchain is called the Genesis block and is created by the miner’s network. Once the particular block is created by the miner’s network then the information inside the block cannot be deleted or modified. Each block is chained with the consecutive block and so anyone of the block is removed or altered by the hacker it can easily affect the other block of the chain. And also, each time it takes 10 minutes to run the complex algorithm to add the new details.
When a block is interconnected with the blockchain, the information inside the block is stored permanently across the network of computers and anyone inside the network can make sure about the authenticity of the records that are verified by the entire community developing an automated trust. If anyone of the block is altered by the hacker, all the members inside the network will automatically get to know the hacker’s move.
The blockchain is distributed and accessible to millions of users and so it is impossible for anyone to come inside and do some changes or control the network and that assures the high-level security and transparency among the users.
Blockchain and Economical strength
Money transaction is part of the trade and we can’t avoid the financial exchanges. The year passed this trading has been controlled by a third party or the middleman to give assurance and approval of money as a transaction. The middleman role was carried out by governments, banks, accountants and some notaries.
The situation unfolds, A wants to transfer some amount to B for their business purpose. They both have a bank account and they both used their online banking app to do their transaction in between, that is A wants to send his money from his account to B’s account through the app. Here the middle man is the bank’s ledge.
The bank open’s the A’s account and check about the account balance and successfully transferred it to B’s account. Here the bank’s register has entered all the details of the transaction like ‘from account’, ‘to account’ and the amount they transferred.
There was no direct money handed in between, there were only the entries were done about the amount transacted from A to B and both the parties have full trust in the banking system.
Now, Blockchain technology is coming up with its action that there is no need for any third party to control your transaction. It is saying that the transfer of money needs only an entry in a register. It is possible to do the same transaction with the same output without having a third party. This transaction can be maintained by the internet between the participants of the network. This register is not under any single man control, it will act as public in between the blockchain network that can access to everyone.
In blockchain technology, if you have a certain amount of cryptocurrency it’s very easy to make any transaction without any involvement of the third party to check your balance.
Cryptocurrency is the new form of currency, the digital currency that can be used for purchases, transactions like the same we are doing in our everyday use. It is still in progress and the chances are there for cryptocurrency in our routine life
Why Blockchain is essential?
This new technology is very optimistic with the influence that connects far beyond the cryptocurrencies, it is probably interference for some industries but it has already attracted by many companies and the millions of dollars are invested with a large number of projects under development.
Blockchain technology will make everything in transparency with its programmed and open features to completely rebuild the systems in many aspects. It totally reduces the level of administrate involvement and made the process significantly more efficient with accuracy.
It prevents the entry of intermediaries, fraudulent and paved the smooth way for stock exchange, asset management, for insurance claims and digital payments, recording the trading orders with proper method of security. Many banks have already invested to develop their transactions using blockchain systems.
Blockchain with IOT
The IoT is substantial where the blockchain has a huge connection and impact on it. The millions of devices are connected together and the security of this data and the authentication of every device is a real issue. Whereas blockchain can help this situation to control the massive amount of data from all these devices giving protection of the ownership and privacy of data and the foundation to develop new services like automatic supply chain service.
Blockchain and cryptocurrency have made the dramatical change, the innovation of this technology may build the new revolution of rocket science that will be effective in almost every sector.
The possible uses of this technology are enormous that it is the best time to learn the new technology that is going to change the world the same as the early days of the internet.
We are providing the advanced study material with the UpToDate information of blockchain technology. It is to be sure that in a few days we can possibly see the changes in our old methods in a new look.