Blockchain is basically an internet technology that links a list of blocks containing data, using chains of cryptographic hashes, these records are managed by a group of computers not owned by a single body or organization. Having resistance to modification as a key feature it is of course an ingenious invention. The blocks or ledgers in this technology are absolutely distributive, open and transparent. The digital information can be shared but can neither be corrupted nor plagiarized. The block chain network has no central action! It is completely democratized. the very transparent nature of Blockchain is by the openly shared information and account ability of everyone involved in the action.
What makes Blockchain so special and unique?
•Democratized or decentralized system helps to eliminate the intermediate authorities.
•Immutable and impenetrable digital information.
•Hacking made harder! The need to hack every single links with cryptographic hashes is tedious.
•Highly secured system with private and public keys.
•Transactions between any two parties are completely safe and automated.
The earlier internet dealswith abstract information, the modern internet deals with assets and values, even mails and messages are turned out to be an asset these days. The need for secure transaction of data has hiked and several industries are trying to bring in Blockchain into their network to keep their information protected and ease the complete process.
This technology was initially conceived for digital currency and Bitcoin but now many other significantly potential uses are discovered by the tech community.
Discussing a few applications of Blockchain in the society
•Blockchain is playing a vital role in payments and money transfer.
•It has brought a major thrive in the area of networking and IOT.
•It is looking forward for hike in smart contracts and agreements.
•Cyber Security is the main reason for conceptualizing a technology like Blockchain
•Replacing paper ballot system. Companies use block chain technology and elliptical curve cryptography to make the election process completely transparent.
•Blockchain is also placing itself in fields like healthcare, music, military and many more.
•Identity Verification Service and Embassy are one of the crucial areas involving Blockchain.
Though this budding technology has a vast range of benefits and applications there are a few dark side of it! Like technical complexity, governance and many more. Penetration into the highly secured blocks might be possible in the future, as we know everything that’s closed will definitely have a way to be opened! Also, damaging a single block or record would mean to damage the entire chain. This awesome technology is cutting away the feeprocessing middleman, but it is being a serious threat to a few businesses like match making platforms because it eliminates them by putting forth no potential need of these anymore.
The transaction of currencies between two parties or companies traditionally relied on third parties, such as banks having a mediator. The dependency on the trusted third party(TTP) is not desirable, as the third party may fail malfunction or be destructive too! Hence a TTP damages a system to a potential failure. Involving a third party will add on to transaction fees and delays. The motivation behind the Blockchain technology(Bitcoin in specific) was to overcome these limitations.
The Trends To Watch!
•One of the promising blockchain trends in 2020 is BaaS, short for Blockchain as a Service a cloud based service that enables users to develop their own digital products. It is a new blockchain trend that is currently integrated with a number of startups as well as enterprises.
•To avoid that volatility of bitcoin,stablecoin came to the picture strongly with stable value associate with each coin.
•Blockchain interoperability is the ability to share data and other information across multiple blockchain systems as well as networks.