Revolutionary Blockchain Technology

Revolutionary Blockchain Technology

Blockchain technolgy was invented by Satoshi Nakamoto in 2008. This technology is a culmination of pre-existing technologies; this culmination makes it efficient and highly secure. Blockchain is a concept of a series of encrypted information linked together as blocks. This list of blocks is dynamic and can be altered at any point in time by anyone. Primarily, there are various types of blockchains which are divided on the basis of their access authority. The types of blockchains are public and private; these blockchains come in use in different sectors of networking. Public blockchains are used by crypto-currencies however; private blockchains are used by businesses and corporations. Each of these blocks contains identification, timestamp and a transaction data which are encoded. It is like an open and distributed ledger that keeps in check transactions between two hosts in a verifiable manner. This technology changes how we look at data security. As this the blocks are not hosted on a single central server hence, it practically becomes incorruptible and provides security from hacking.

Blockchain is a technology beyond human error, machine error and other mismanagements as it is a complex system of information that is regularly updated for all users.  It is safe from manipulation and third party interference. The network of computers is a blockchain and each computer is a node. Every node of this link is an administrator and joins voluntarily. These nodes receive incentives for participating in the network. Blockchain would change the working of traditional commerce and finance. It can be used to keep different databases such as land records, bank records, client details and employee details. The network is secure as it lacks central administration and hence, a single point of vulnerability for hackers to attack. The concept of username and password has been eliminated, and a generic lengthy number is assigned to every user.  Every user is addressed on the network as by this number which is known as the key.

Blockchain technology has a great potential and can be implemented on multiple pre-existing industries to flourish and revolutionize their role. This technology can be used for smart contracts, eliminating the need of a mediator between two parties. Further, the concept of shared economy can be transferred onto blockchain technology eliminating centralization such as Uber and Air BnB. This will allow parties to send and received authorized payments without the interference of a third party. An example of peer to peer payment is OpenBazaar which is like Amazon implemented on blockchain. Crowd funding initiatives like Kickstarter and Gofundme are doing the advance work for the emerging peer-to-peer economy. Moving on, this can be used in Supply-chain auditing, governance. Lastly, this technology will revolutionize file storage and sharing, as distributing the data across the network makes it incorruptible. Data will be divided into small parts and will be sent to different users, all of these users will have access to sharing and receiving this data.

The future for blockchain technology is broad and bright. This technology makes it possible to solve complex security and administrative issues. Implementing this technology will ensure authorization of data and incorruptibility.

Nazim Farhan Post on: 27 / 09 / 2018

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