What is BlockChain Technology?
Before I’m gonna informing Blockchain we need to specify the word “blockchain”, a number of collective records are known as a block & the continuously updating in blocks records we can reckon Blockchain. A Blockchain was invented by Satoshi Nakamoto in 2008 for use in the cryptocurrency bitcoin, as its public transaction ledger. In brief description we can define, A blockchain is a decentralized, distributed and public digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the collusion of the network.
With a blockchain, many people can write entries into a record of information, and a community of users can control how the record of information is amended and updated. Likewise, Wikipedia entries are not the product of a single publisher. No one person controls the information.
This a open platform that where you can store, share your information there is nobody a single publisher who can change the information.Currently, the technology is primarily used to verify transactions, within digital currencies though it is possible to digitize, code and insert practically any document into the blockchain. Doing so creates an indelible record that cannot be changed; furthermore, the record’s authenticity can be verified by the entire community using the blockchain instead of a single centralized authority.
Let’s Break the Blockchain –
There are two main category of Blockchain first one is Private and another is a Public.
Public blockchains allow anyone to see or send transactions as long as they’re part of the consensus process. Private blockchains, in contrast, restrict the ability to write to a distributed ledger to one organization, such as a group of employees within a corporation, or between a set number of organizations, such as a number of banks that agree to a network partnership.
Why we need to accept it ?
Blockchain is poised to change IT in much the same way open-source software did a quarter of a century ago. It’s also to step out in healthcare, Shipping, Fintech, Energy etc. In IT sector while some industry groups are working toward standardizing versions of blockchain software, there are also about 200 startups working on their own versions of the distributed ledger technology. There is a hope for a market in IT industry many Institutions are providing certification and training.
- Many more people and institutions will understand blockchain tech.
- Tech giants and B2B participants will emerge.
- Hope will see many more use cases and companies adopt it.
- Crypto will be used as an everyday payment mechanism.
- Blockchain will reshape the developing world.
- Blockchain will disrupt deep-rooted industries.
Hope so this blog would be help to clear the terminology Blockchain. As our global market adopting day by day latest trend for marketing and business so these technology is very much important. Blockchain technology could simplify the management of trusted information, making it easier for government agencies to access and use critical public-sector data while maintaining the security of this information.