WHAT IS BLOCKCHAIN TECHNOLOGY?
Blockchain is one of the fastest emerging technology in the field of data and computer technology. So, it is obvious that you may have searched for the definition of blockchain. But actually blockchain is more easier to understand than it sounds.
Blockchain is all about records of data in digital form in which digital data are stored in blocks in series so forming chain as suggested by its name. When we discuss about blockchain the term 'value' gets attatched automatically. Blockchain Technology is used on something more valuable like money, land and other property information.
Blockchain is a data structure technology in which records can only be added. In blockchain technology no records can be deleted or amended. The records includes the information can be like time, date, user and amount are stored in the blocks. Each block contains information about only a single transactions or record and for the new one a new block is created as the previous blocks can neither be deleted nor can be modified. In this way the series of block containing records forms a chain. But before adding records to each of new blocks the record must be verified and get a unique ID so called hash. Hash verifes the record in every possible ways and then only store that in the block. No matter that it all happens within seconds.
There are three basic types of blockchain, ie,Consortium Blockchain, Public Blockchain and Private Blockchain. Also, blockchain make the use of three systems for its fuctionality. They are Private Key Cryptography, Peer to peer network and main program or protocal.
There are three basic types of blockchain, ie,Consortium Blockchain, Public Blockchain and Private Blockchain. Also, blockchain make the use of three systems for its fuctionality. They are Private Key Cryptography, Peer to peer network and main program or protocal.
HISTORY OF BLOCKCHAIN
Blockchain makes its public debut from the Bitcoin in 2008, though its cryptographic development was started from 1991. Bitcoin crypto currencies has emerged as one of the biggest technology sice last decade. The development of blockchain is progressing along with bitcoin technology. The concept of bitcoin was introduced by Satoshi Nakamoto,in 2008 whose true identity is still unknown. He released whitepaper of Bitcoin whose make the debut of blokchain technology globally. Though it is not known yet that Satoshi Nakamoto is either a person or group, they are the one who worked on Bitcoin Technology, the first application of Hyperledger Blockchain Technology. Bitcoin was offered to the open source community in 2019.
APPLICATION OF BLOCKCHAIN
The major and most popular application of blockchain technology is bitcoin. But, blockchain isn't restricted upto bitcoin only. It can be used in various fields.Some are listed below.
a. Bitcoin
Bitcoin is the digital currency which was not only the first application of blockchain technology, but also blockchain technology was introduced by bitcoin back in 2008 by the unknown person or group with alias Satoshi Nakamoto. Bitcoin has very high value in the current market and can be used like real cash for different purposes without any mediators like banks. The major reason behind popularity of bitcoin is its anonymity. Bitcoin transactions are recorded in public logs, but only the wallet id of users revealed, never the name address and so on. Blockchain doesn't have any central government, so it overcomes the foreign transaction difficulties.
b. Real State
Real state business is all about deals of land and properties which have very high value. So, the real state business can be carried out over blockchain. This will help to solve all the land disputes as all the records on blockchain are non erasable.
c. Banking
Banking is all about deals of money means something valuable. So, implementation of blockchain technology in banking make themmore secure. Also, there will be less chance of bank hacking since the records can't be deleted so if hacked can be easily restored the details in natural states.
d. Online World
Before sometime the system of youtube was hacked and all the stats record of popular videoes were ammended. If youtube had used blockchain technology no records would be either erased nor ammended. Likewise blockchain can be implemented by all big companies like facebook, Amazaon and so on which deals with big data so that the data and records of usrs and clients would remain safe.
In short, blockchain is a protcal in system and software development which can be applied for any purposes. So, there are no limitation in application of blockchain technology.
a. Bitcoin
Bitcoin is the digital currency which was not only the first application of blockchain technology, but also blockchain technology was introduced by bitcoin back in 2008 by the unknown person or group with alias Satoshi Nakamoto. Bitcoin has very high value in the current market and can be used like real cash for different purposes without any mediators like banks. The major reason behind popularity of bitcoin is its anonymity. Bitcoin transactions are recorded in public logs, but only the wallet id of users revealed, never the name address and so on. Blockchain doesn't have any central government, so it overcomes the foreign transaction difficulties.
b. Real State
Real state business is all about deals of land and properties which have very high value. So, the real state business can be carried out over blockchain. This will help to solve all the land disputes as all the records on blockchain are non erasable.
c. Banking
Banking is all about deals of money means something valuable. So, implementation of blockchain technology in banking make themmore secure. Also, there will be less chance of bank hacking since the records can't be deleted so if hacked can be easily restored the details in natural states.
d. Online World
Before sometime the system of youtube was hacked and all the stats record of popular videoes were ammended. If youtube had used blockchain technology no records would be either erased nor ammended. Likewise blockchain can be implemented by all big companies like facebook, Amazaon and so on which deals with big data so that the data and records of usrs and clients would remain safe.
In short, blockchain is a protcal in system and software development which can be applied for any purposes. So, there are no limitation in application of blockchain technology.
FUTURE OF BLOCKCHAIN
Current era is the beginning era for the blockchain technology. So, it is implemented in limited fields only. But, in future every database and softwares can use the blockchain as their backbone to boost thei security. Blockchain plays important roles to secure the highly sensitive data, so blockchain will soon be implemented by government and armies to protect their sensitive informations and records.
But the future of the biggest application of blockchain till now, ie Bitcoin is unknown.Nobody knows the future of bitcoin neither it is predictable.. It is hard to understand where the bitcooin market is going. Since it doesn't have any central government, noone has control over it. Bitcoin is not legal in all countries, as bitcoin transactions doesn't yield any taxes for the government. So, increase in number of bitcoin transaction can be the big headache for the governments around the world.
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