What is Blockchain Technology Explained And How Will It Change The World?

What Is Blockchain Technology And How Will It Change The World?

Are you here after hearing the “Blockchain” word several times? And wanted to know about this newly emerging word thoroughly?

Good. Your choice is excellent!

Today we’ll be discussing tip-to-toe Blockchain Technology. And, we’ll make sure that after reading this, the word “Blockchain” will get crystal clear in your mind. So, stay calmed and keep reading.

As technology is emerging, we are also changing the way looking at different things. Whenever we go out to buy something, we first check the reliability and the brand. And then finalize it for purchasing that product. We all do this. Agree? We all choose security and reliability over the price.

And, Blockchain does serve us the following –

  • Provides security
  • Glassiness of the method
  • Holds all the records
  • Decentralized system (Open to anyone)
  • Reliability (Way safer to use)

Firstly, we’ll be looking deep into the history of Blockchain. To get a better understanding of how it came into existence.

History of Blockchain:

blockchain technology explained
blockchain technology explained

The blockchain system was described late in 1991 by two peers Stuart Haber and W. Scott Stornetta. Their main intention was to create a system that holds all the paper documents record in digital format, which lasts long and remains unaffected. They even developed one such method with the help of cryptography which could store documents with accurate time.

Later they evolved their project and introduced Merkle Trees into it in 1992, which increased the proficiency of their project to keep several data documents into one single block. Every block was affixed as each came one behind the other in a row, which made it much easier to keep a check on the data added and old data.

In 2004 Hal Finney, a computer scientist, introduced some changes in the existing project. He introduced a prototype for digital cash, which worked by exchanging tokens instead of currency from one person to another. He also designed a server that helped its users to verify those tokens.

And in 2008, Satoshi Nakamoto designed a solution to add blocks to the Blockchain by the authentication of trusted parties. And this solution of Satoshi Nakamoto become the stand of cryptocurrency and Blockchain Technology. And, with it, he created the cryptocurrency Bitcoin, which is one of the trending names nowadays.

What is Blockchain Technology:

Blockchain Technology
blockchain technology meaning

Blockchain is the fastest-growing network in the industry today. Blockchain is a set of records that keeps all the transaction history made by its customers. We can also call it a ledger (a book holding all the entries).

Blockchain consists of several blocks, of which each accommodates specific data. Blockchain makes it easier to keep the records unaffected from any outsiders keeping the data safe and secure. I’ll be further explaining to you all the things. But for now, consider Blockchain to be a ledger and you to be the owner of that shop.

Every block has a unique previous hash and its hash which uniquely identifies the block. And to change a single block of data, one needs approximately 10 minutes. But, changing one block does not affect the chain as it is with all the other network members and needs to be authenticated and verified by half of the network, which is about too impossible.

Secured Network:

Secured Network in Blockchain

Blockchain ensures the security of oneself data. Not only this, but it also holds all the records of data modified. Blockchain supports transparent work, so it’s the most effective and reliable system to lean on. The data stored in the blocks is immutable, so it grows almost impossible to change or delete any data from the database.

Accessible Network:

Accessible Network in Blockchain

We are leading towards a digital world and an advanced lifestyle. It is much faster as we require lots of procedures to do any particular exchange in banks. But in the case of Blockchain Technology, by introducing some code, we can do any transfer of property or currency directly, which saves us lots of time and extra charges from the banks.

It works on the principle of cryptography. And, it is a decentralized network, which means you are directly connected to the services and does not require you to request any third party to get the information you want to extract, and that to all with security. And also, it helps in creating intelligent and reliable contracts. All the data in the blocks is verified and is evident to all, which keeps it confidential. And cryptocurrencies like Bitcoin, Ethereum, Tether, and more depend on this principle of Blockchain technology.

Areas where Blockchain Technology is notably helpful:

  • Digital contract – With the help of blockchain technology, you can keep a check on the influential records between two nations, between two organizations, authorities, or even your property papers. Once the data added to the block, then it cannot be removed or deleted. As the data is immutable, one cannot change the influential papers, making the policies and terms more secure and reliable.
Digital Contract
blockchain technology uses
  • Digital documents – It is an essential expect of today. As we daily get to see news of duplicities and cheating all where. And, this is where Blockchain technology could help us eradicate false peoples from scamming innocent peoples and help build a wholesome country and the world. By providing access to the original and trusted data only to all.
Digital Documents
  • Cryptocurrencies – We can see the broader use of blockchain technology in cryptocurrencies. Blockchain helps them to keep the hold of all the records of transactions safe and secure. It not only makes it easier maintaining the accounts but also maintaining the transaction history of every customer. Due to the linkage between every block’s hash number, it is impossible to make any changes in the data, which makes it more reliable to use.
Cryptocurrencies
  • Medical reports – Despite all the others use of blockchain technology. It could be proven extremely helpful in the hospitals to maintain their patient’s data. All the patient’s data could be stored securely without any difficulty with the help of Blockchain. And, that too unaffected, which would further improve the data management in big hospitals and research centers.
Medical Reports
  • Managing company data – Blockchain is a great option to keep track of all the companies around the world. With this, we can have a healthy record of all the Top companies and active companies working and handling all the stocks-related data and the company trend market. If you are searching for Stock Market then must read- A complete guide for beginners in Stock Market Trading.
Managing Company Data

There are several ways and several fields in which we can use blockchain technology. It is one of the fastest-growing and trending technology, from verifying simple insurance policies to keeping all the transaction history data. In Future It will use for Cybersecurity which prevents unauthorized access to data during transit.

How Will Blockchain Change The World?

It is a broad question that how blockchain technology can take over the world? And help build the world efficiently in terms of data management.

See, Blockchain technology is an excellent form of working with data. And today also it is attracting the attention of Big companies like Facebook and IBM. There’s no doubt that early all the great power will use blockchain technology, as it will make it easier for them to keep track of all the data.

Blockchain technology is reliable and secure to use. It will take time to implement it in all the systems. As currently, it is still building its importance in the industry. But it is going to help our system become more efficient and trustworthy. It helps to get uniform records of all the transactions and appended data which further helps in tracking all the data added. If we place the whole world and Blockchain together. Then we’ll get to find that we will gain good progress in the coming 10-20 years with blockchain as it is a technology that is open to all and is secure from hackers.

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