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is Blockchain the future of the Internet - Let's Find out...
Scientists first proposed the Blockchain technology in 1991. The original motto of this technology was to store digital data so that not to get it modified. Blockchain acts as an open-source database.
Later a group of Computer Scientists adopted Blockchain technology to form a digital cryptocurrency named Bitcoin. Once a blockchain contains written data, it is hard to change it. This property enhances the security of cryptocurrency.
In this technology, each block represents a structural and functional unit. A block holds data, the hashed value of that block, and the hashed value of the last block. These blocks link each other similar to a chain.
If you’re just beginning to learn about blockchain technology, it can seem intimidatingly complicated — especially with buzzwords like “decentralized,” “mining,” “token,” "cryptocurrency"” and “smart contracts.” But don’t let these words and concepts scare you off, because the basics of blockchain technology are pretty straightforward.
Here, we’ll walk you through a simple explanation of blockchain (that doesn’t rely on you already knowing the buzzwords), followed by an in-depth look at what blockchain is, how it works, and the ways it can be used now and in the future.
At its simplest form, a blockchain is a digital collection of information about transactions. This is also called a ledger, which is why this word is often used when describing blockchain technology.
When you have many different collections of data, they’re stored together using a system based on blocks of data chained together. Because each block is chained to those around it, they interact with each other.
This creates a system where if a block is altered, an adjacent block will immediately catch the error and prevent the invalid transaction. As a result, transactions on the blockchain cannot be changed — creating a permanent record that’s shared with everyone on the network.
The blockchain has the potential to unlock how we view and spend money, and how we’ll legitimize a variety of agreements, contracts, and technologies.
Every blockchain has these same essential qualities:
Starting from Crypto-enthusiasts to ending with Business minds, Blockchain is a solution to many problems these days. The concern may be about security or smart transfer of data. Blockchain promises to provide ways. With the advent of Quantum computer security in classical systems is of great question. The future may ask to secure every system even more. Also, it reduces the risk of hacking and data tamper.
A Blockchain is a primarily decentralized structure. So, the usage of this system also rests upon decentralized technologies. Before this, we need to know about Smart Contracts.
A smart contract is a digital form of contract which has programmable architecture. So, the details of the contracts are stored in the Blockchain block. This enhances communication. It is also useful to keep track of assets for the long term. Also, relations with consumers are dependent upon smart contracts.
In a web server, data security is very crucial. Typically, a web server has two parts. API and Data. Each block here serves as a node and joins the request-response cycle.
It typically takes multiple hours to encash a cheque and update the statement. While using Blockchain technology, it will be done in merely ten minutes. The time needed is the same as the time necessary to add a block in the Blockchain.
Uses in Bitcoin and other cryptocurrencies is a well-known application of Blockchain.
Healthcare professionals can use Blockchain to store patient’s records safely there. It will enhance the safety of the information.
Property records should use Blockchain with Smart Contracts. This will uphold the statements to all the parties.
Using Blockchain in Voting will indulge in the safety of counting and misinterpretation.
With easy Consumer-market relations and secured way of data transfer, Blockchain has a great opportunity in Digital markets too.
We can see the uses of blockchain in various industries. From money transfer to confidential information stores, everything is more secured through Blockchain. That is why Blockchain is the future of data transfer and security infrastructure technology.
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It is definitely too soon to say that we have reached the maximum level of interconnectivity. At the same time, interoperability is also essential for ensuring seamless operations across multiple platforms. Around 83% of organizations believe that assurance of standards and governance for interconnectivity and interoperability among permissioned and permissionless blockchain networks is important for joining an industry-wide blockchain network.
Furthermore, almost one-fifth of the organizations believed governance and standards as essential factors for interconnectivity and interoperability. With new technological developments in this field, it is reasonable to expect more members requesting guidance on integration among different protocols. Therefore, it is reasonable to assume a possible future in which BLOCKCHAIN PLATFORMS do not restrict any enterprise. This can be a crucial factor in driving industry-wide blockchain adoption without any onboarding difficulties.
Blockchain helps your marketing benefit considerably. You can target whom you are willing to; there will be no wastage of money. Reading this article, you will surely understand why Blockchain is the future as far as marketing strategy and technology is concerned.
Andries van Tonder
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Serial Entrepreneur/investor since 2013.
South Africa.
Follow me on FaceBook, Twitter, WebTalk, Instagram & Markethive
