Blockchain Technology
What Is Blockchain Technology?
Blockchain is a secure database that can be shared simultaneously, where all the information is found through a network of participants. It is also known as a ledger or distributed database and DLT (Distributed Ledger Technology). In other terms, it is a process that records information that is difficult for the system to be transformed or exploited. It is allocated between the nodes of a computer network, both in the public and private sectors. One of the most famous public blockchain networks is known as the Bitcoin blockchain. If anyone wants to open a Bitcoin wallet, they can easily do so.
Blockchain can also record transactions through different computers or nodes. In blockchain, digital assets are circulated, and they cannot be transmitted or copied. It provides management solutions and transparency to all types of global industries, such as the food supply chain, gaming industry, healthcare data, etc.
Decentralization is the most important concept in Blockchain technology. Only the distributed ledger via nodes can be connected to the chain, while no computer or organization has control over the chain. The blockchain nodes also help save the networking working and sustain several copies of the chain.
Definition Of BlockChain As Per Wikipedia:
A blockchain is a decentralized, distributed, and often public, digital ledger consisting of records called blocks that are used to record transactions across many computers so that any involved block cannot be altered retroactively, without the alteration of all subsequent blocks
Use Case Of BlockChain
Some other important use cases of blockchain are in healthcare, cryptocurrency, accounting, cybersecurity, etc. One of the important use cases of blockchain is in cryptocurrency.
Cryptocurrency: One of the most important uses of blockchain is in cryptocurrency. Cryptocurrency refers to digital currency used to buy goods and services, such as Bitcoin, Litecoin, etc. Crypto uses bitcoin to work with both the public ledger and to improve the security system of crypto. The first cryptocurrency (Bitcoin) blockchain application occurred in 2009. Blockchain helps in cryptocurrency by providing security and enabling mobility, meaning crypto can be sent to any place in the world.
Healthcare: Blockchain also plays an important role in the healthcare industry. Here, blockchain is used to handle electronic medical records and clinical trials data. Blockchain helps to handle and capture all the relevant health records of patients that provide a consolidate system available to approve the healthcare providers. In short, Blockchain helps in Electronic Health Records (EHRs). It is also utilized to track the supply chain of pharmaceuticals, and it assure with the safety and authenticity by capturing their journey from individual manufacture to consumer.
Real Estate: Blockchain helps in property title and to capture the ownership records, this will decrease the possibility over the ownership of properties as well it hold the latest investment opportunities for particular institutions and individuals. It will also help in the verification and listing of property that means buyers and sellers can easily identified property data or the information. When you execute the blockchain technology in the real estate industry, it can be beneficial to decrease of fraud happened and some mistakes in real estate management and transaction. Blockchain is useful for the landlords as well they can utilized it to streamline the application and acceptance the process for securing resident privacy.
Insurance: It boost up the transparency, efficiency and security. Blockchain plays an important role in Insurance sector, the main reason of it is it helps to detect fraud detection and prevention.
Benefits Of Blockchain
One of the important benefits of blockchain is recording transactions as a database. The three most important benefits of blockchain in any organization are:
- Time efficiency
- Cost efficiency
- High-level security
Some of others benefits are as follow:
Data Integrity: This is very important benefit because due to this features it is difficult to corrupt the data and this features is also beneficial for industry as like supply chain management.
Enhance User Trust: Block chain has the transparent and tamper – resistance nature and due to this it enhance the trust level of user. In some methods, it’s important to build trust as like in voting system, financial transactions etc.
Decentralization: One of the important benefit of blockchain is decentralization that provide trust among the participants. It also helps to enhance the security because it decrease the risk of a single point of failure.
Conclusion: Blockchain technology is a process that records information that is difficult for the system to be transformed or exploited. It is allocated between the nodes of a computer network, both in the public and private sectors. We have taken the name of decentralization as a benefit of blockchain and it is the most important concept in Blockchain technology. Only the distributed ledger via nodes can be connected to the chain, while no computer or organization has control over the chain. The blockchain nodes also help save the networking working and sustain several copies of the chain.
