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Blockchain Technology: What it is all about?

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Blockchain, one of the hottest topic in the industry, has been able to create a hype as well as discussion point since more than a decade. Yet, it still remains a topic that most people are not clear about. This article is totally dedicated to answering the queries of common people as well as tech enthusiasts.

Blockchain, comparatively, is a new concept yet quickly increasing segment of foundational technology like cloud computing, bitcoin, etc. Blockchain’s primary design idea was first mentioned and described in the original Bitcoin white paper written in 2008 by Satoshi Nakamoto.

Blockchain is basically a chain of blocks which can be accessed by anyone with an appropriate access. Therefore, all the data/ records are always safe and have not been interfered with. These collections of data/ records ‘Blocks‘ are collected and kept in a linear chain. It is really hard to find uncomplicated clarification of blockchain technology, as it is a new concept. It is like asking the simple solution to the nursery children. A technical description for blockchain is a bond of consecutive blocks. It not only records financial transactions but also everything that can be practically priced.

Reason behind blockchain getting lot of admiration :

  • Multiple organization have gone into block-chain technology
  • Cryptography is the key feature of the block chain technology, therefore providing high security to the users.
  • Data/ records cannot be changed in the block chain
  • It is transparent so anyone with appropriate access can trace the data/ records if they wish.

What new applications will Blockchain propose to us?

Blockchain gives web users the capacity to produce worth and verify digital information. Outcome from Blockchain to new organization are:

  • Reliable Sharing Economy
  • Reliable Storage
  • Smart Contracts
  • Crowdfunding
  • Protection of Intellectual Assets
  • Transparent Governance
  • Supply Chain Auditing
  • Identity Management
  • The Highest Degree of Accountability
  • No More Human or Machine Error
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