How Blockchain Technology change the world? -

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November 8, 2019
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How Blockchain Technology change the world?

A blockchain is termed as recording of data by computers not by single person. With the help of chain, these data blocks are secure and connected with each other. Something built on the blockchain and everyone involved in it is answerable for the actions. To maintain the networks this technology is decentralized which results in that it’s not controlled by any government, banks. It will become more secure when their networks grow. This is a digital way to secure our data, from which we can analysis the growth by comparing with our previous stored data. As it is connected with chains so no one can destroy our data. While dealing with information, funds, data security is everything, which is required at first. So, blockchain is one of the best secured place to store any information for company.

How does it work?

This technology is used to share the information with someone in a secure way. As the information is valuable so we can’t trust anyone before sharing. The best way is to share the files with them separately without involving anyone it. Blockchain is having 3 basic important concepts: Blocks, Nodes, and Miners

Blocks: Multiple blocks are connected with the chain of blocks and each block is having some elements in it.

Each block is having data
When block is created then 32 bit number called Nonce generates which then gave birth to block header hash.
This hash is a 256- bit number connected with the nounce till it mined.

Miners: Through the process of mining, these miners build new blocks in the chain. In large chains mining of blocks is not that much easy. Miners use special kind of software to solve complex math problems. If any changes occur then re-mining of those blocks has to be done accordingly. This require large amount of time with computer power. When the block is successfully mined, those changes will accepted by all other nodes in the network.

Nodes: It is an electronic device that maintain the blockchain As it is connected through nodes to the chains. In blockchain every action is easy to view and check. Saving company information with the blockchain buildsecurity and trust among the people.

Blockchain Pillars & How it will help you?

Decentralization: Earlier we are using centralized services to store our data or information. That was an easy process for that time, one person is saving your data and when you require those data information you need to directly get in touch with the person. Involvement of more than one person is there in this. One best example for centralized information is Banks, they store your all money and when you need to pay someone the only way is by going through the bank. Traditional way of securing information is bitcoin that is Blockchain. We store our data in blocks and that chain keeps it secure, so hackers can’t reach to our information.

Transparency: This is one of the most interesting concept. As our data in Blockchain is private, and because of chains person’s entity will not be visible to anyone. No other person can see history transactions. But through public address anyone can see the history. If any company’s public address is there you can easily track their transactions history.

Immutability: Once some information is stored in blockchain then it is secure with this. Because of hash function, Blockchain gets this property. No matter how small or big the inputs is their output will always have fixed bits length. When there is large amount of data, you don’t need to remember the input data you can only remember the hash and then easily track that. These hash function have various special properties which make the information secret.

Some new Future Applications

With the blockchan technology we used to secure our money , while transferring some monetary transactions to someone also. We require security as other people can’t see our transactions of company. Some outside and inside activities are there:

Smart Contracts: Contracts between people are one secure way to deal. As contract consists of all the required details and information, so the confidentials will not leak in any case. As those contracts are between 2 parties. If we combine it with our blockchain then this is only best way for doing business.
To verify information: when something is stored in blocks, there is no chance to stole the information from the blocks. As the information was maintained by only one entity so other persons are not having any kind of involvement in it.
Transferring Money: As the money tranferration in blockchain is done through interconnected chains. Those transactions are secure, safe and also charge-free. Anyone can transfer money from one place to another through digital methods.
Governance: These transparent results give full transparency for taking polls in election. This process will continue with smart contracts. For company, this results in that government role is totally transparent while managing digital assets or any other helpful information.
Know your customer (KYC): For maintaining record of customers, company’s has started KYC through their identity will save in the system for future logins and transactions in future. KYC is a secure platform for storing personal information of customers. Some companies has started new application called Trust in Motion(TIM) as for paying their household bills and for transferring amount to any other banks. These kind of application is saving lot of time of customers. And these data is also stored in Blockchain.

Also read: UPCOMING BLOCKCHAIN APPLICATIONS

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