Technology experts feel that the blockchain technology will be going to be a game changer in the upcoming years. A large number of Government Institutions and Banks are going to implement it in their Business model. It is a vision that it will create a great impact over human race as its implementation takes place over a large scale. Blockchain will Facilitate distributed computing in a big way.
Definition of Blockchain
A Blockchain stores a list of records which are segmented into small blocks. The creation of block is directly proportional to the increment in the number of records. When a countless number of such blocks get connected to each other in a chrom=nological and a linear order it will form the Structure that is Known as Blockchain.
Working of BlockChain
A cryptographic signature is used to connect two different bocks. The blockchain has a detailed information about different user address right from the genesis block to the most recent completed block.
Data is Stored in decentralized locations and any commits that are made to the data will be notified to all the users connected to that chain. Each node in the network get a copy of the changed block. As the records are stored using the concept of crypto it can’t have tampered.
This technology can work as an open online ledger that can record transactions between two parties without the help of the third party. Hence third-party authentication gets eliminated in it.
Application of Blockchain
- For financial institutions involved in stocks, shares, and mutual funds.
- Streamlining payment get facilitated by it in Stock Market Trading.
- Industries like media, music, and healthcare already implementing this technology in their apps.
- This technology has a great scope in the public sector areas.
- The insurance industry uses it along with machine learning for driving some robust outcomes.
Advantages of Blockchain
- It is a cost saving technology with some other perks of swift transactions,tamper-proof records, and the absence of a middle party.
- It is quite beneficial for cross-border trades which usually takes much time because of the difference in time zones.
- The electronic ledgers are easy to maintain other than orthodox accounting systems.
- It helps in Minimizing the processing delay of the stocks trading.
Blockchain technology has started to evolve making its debut in many areas of business and industry. The distributed ledger technologies is already adopted by several banks and other companies to manage data and interact with the customers in an efficient way. It surely going to change the future of the human race.