Blockchain – The new Internet?
Blockchain Technology will change the way we work, it is the most intriguing technologies in today’s world. The crux of the technology is the verification of data by using decentralized ledger. Blockchain keeps a record of all transactions in a shared ledger that take place across a peer-to-peer network.The shared ledger is decentralized and non-removable and every transaction in shared ledger is verified by all the parties to the transactions.
Blockchain is a revolutionary technology which makes authentication of data or transaction in a very transparent way. This makes blockchain technology a new kind of internet which has capability to change the way we currently work. Crptocurrency is the live example of the success of blockchain technologies. Blockchain is a decentralized, but interconnected technology – it works over a network. In this technology there wont be any requirement of of central approval since it is a distributed ledger.
The Blockchain is the shared ledger on which the entire Bitcoin network is dependent. All transactions once confirmed and verified are linked in the Blockchain. Bitcoin is an application of Blockchain, but Blockchain has potential applications beyond Bitcoin and cryptocurrency.
In the centralised technology, there is a central authority for approving the transaction and hackers can perform cyberattackes on the centralised network. The decentralised feature of blockchain technology makes it more secure and safe. It passes through all the security threats.
Below are the specific uses of blockchain technology :
- Financial Services – Speeding up the cross-boarder payments, smart identify management and trading functions, smart contract etc.
- Healthcare – Encrpted medical information, clinical trials, smart identification of drugs and medical research etc.
- Smart Contracts – These are legally binding programmable digitized contracts entered on Blockchain. Developers implement legal contracts as variables and statements that can release funds using the Bitcoin network as a “third party executor,” rather than trusting a single central authority.
- Agriculture – food safety, use of authentiated Agri-inputs, distribution of products to end consumers, land title registration etc.
The above are just few example of implementation of blockchain technology. There could many other industries wherein blockchain technology can be successfully implemented.
Blockchain technology is highly dynamic and every now and then there is a new research comes out related to this technology. It has the power to gain significant important similar to internet. But it will work over internet only.
Exciting times ahead….