A Magic Pot The term blockchain technology, is generally mentioned concerning Bitcoin and different crypto-currencies but signifies more… LOL, basically a decentralized and distributed digital record-keeping system that has powers to disrupt many fields with its features grab as transparency security efficiency, etc. Amin Gurukiran from grain. co discusses the fundamentals of blockchain and its promise for 2018 button With Type Jun 12·4 min read
What is Blockchain?
To rephrase, a blockchain is just the collection of these blocks with one or more transactions inside each. These blocks are then linked together using cryptographic hashes to ensure the immutability & security of data. The most profound distinction between blockchain and inherited databases is the one of decentralization. A blockchain is not a centralized thing many computers, referred to as nodes, come together like an unfortunately necessary team in some annual corporate bonding exercise validating transaction after transaction and recording them on the ledger. A new transaction is broadcast to the network when it awaits all other nodes, who are responsible for confirming its authenticity The transaction, once receiving consensus, is included in the new block and then added to the chain. In the context of cryptocurrency, this is known as mining and by performing it one can make too sure that once a block gets added into the blockchain no-one manipulates the information present within. This immutability is something that makes Blockchain technology an extremely safe platform by design in the first place. And although blockchain technology has first and foremost earned recognition due to cryptocurrencies, the
Scope of its application is much broader
1. Blockchain Applications Finance and Banking Blockchain: The banking industry is more organized with the help of (more) pry… Traditional banking systems rely on these types of intermediaries to execute transactions, which creates delay and cost. Blockchain allows practically instantaneous and low-cost peer-to-peer transactions by eliminating intermediaries. In addition, blockchain allows for quite speedy and cost-effective cross-border payment processing compared to common methods of international money transfer
2. This is because the technology allows for a real-time record and visibility to track goods, which can revolutionize the supply chain. All of the blockchain is written in every step of the supply chain, so it forms a permanent and transparent record anywhere: Imagine a log book showing how this product has come from the factory → warehouse → retailer. This reduces fraud, waste, and abuse as well but also ensures product integrity.
3. Healthcare: Can utilize Blockchain for decentralized storage of patient data. Blockchains can store medical information, which allows the health of individuals to be cross-checked while only those who possess that private key will have an authorized party. This facilitates greater care coordination, reduces medical errors, and in general greatly enhances patient confidentiality.
4. Could: Have a major impact on the whole voting category by providing secure, transparent ways of recording votes. The blockchain recording function can save the vote in a way that cannot be tampered with, providing certainty for the fair and transparent conduct of voting during elections to earn trust from people when it emerges. The capacity that allows for smart contracts to be automatically deployed when predetermined parameters have been achieved, absent third parties, and at a reduced chance of fraud due to being based on blockchain technology. Smart contracts are useful in the property, insurance, and legal services industry.
Challenges and Future Opportunities
The technology is tremendously powerful but also presents many challenges which need to be overcome if we are going to see any significant reuse of blockchain yet alone adoption. But the scalability problem, is a major issue because as you will add more and more transactions to your blockchain the overall size of it grows so much that this can multiply processing time for block-rewarding (and along with that: transaction-confirmation-time) substantially & also require increasing storage. Lack of Regulatory Clarity Governments around the world are meanwhile fretting over how to regulate businesses based on blockchain technology (and when we say that, you immediately think of cryptocurrencies). They should have advanced and constant rules that support chaos free development of blockchain. With the recent lightning-in-a-bottle success in finance, Blockchain is set to do for those other industries from healthcare to supply chain mgmt. that it has already and will continue as such within finance. And, as technology develops further in the potential new era of the digital golden age (#2), it affords us an unprecedented level of transparency with one another something that never existed this way before.
Conclusion
Blockchain technology is revolutionizing the way we understand trust, transparency and decentralization. When done well, it is a massive game changer and as in demand of new opportunities. Blockchain had the chance to revolutionize several industries and give us more autonomy than in this era digital age its own potential is unlimited.