Blockchain is an irrefutably resourceful invention which is practically bringing about a revolution in the global business market. Its evolution has brought with it a greater good, not only for businesses but for its beneficiaries as well. But since it’s revelation to the world, a vision of its operational activities is still unclear. The main question stick in everyone’s mind is – What is Blockchain?
To start with, Blockchain technology serves as a platform that allows the transit of digital information without the risk of being copied. It has, in a way, laid the foundation of a strong backbone of a new kind of internet space. Originally designed to deal with Bitcoin – trying to explain the layman about the functions of its algorithms, the hash functions, and digital signature property, today, the technology buffs are finding other potential uses of this immaculate invention which could pave the way to the onset of an entirely new business dealing process in the world.
Blockchain, to define in all respects, is a kind of algorithm and data distribution structure for the management of electronic cash without the intervention of any centralized administration, programmed to record all the financial transactions as well as everything that holds value.
The Working of Blockchain: Blockchain can be comprehended as Distributed Ledger technology which was originally devised to support the Bitcoin cryptocurrency. But post heavy criticism and rejection, the technology was revised for use in things more productive.
To give a clear picture, imagine a spreadsheet that’s practically augmented tons to times across a plethora of computing systems. And then imagine that these networks are designed to update this spreadsheet from time to time. This is exactly what blockchain is.
Information that’s stored on a blockchain is a shared sheet whose data is reconciled from time to time. It’s a practical way that speaks of many obvious benefits. To being with, the blockchain data doesn’t exist in one single place. This means that everything stored in there is open for public view and verification. Further, there isn’t any centralized information storing platform which hackers can corrupt. It’s practically accessed over a million computing systems side-by-side, and its data can be consulted by any individual with an internet connection.
Durability and Authenticity of Blockchain: Blockchain technology is something that minims the internet space. It’s chic robust in nature. Similar to offering data to the general public through the World Wide Web, blocks of authentic information are stored on blockchain platform which is identically visible on all networks.
Vital to note, blockchain cannot be controlled by a single people, entity or identity, and has no one point of failure. Just like the internet has proven itself as a durable space since last 30 years, blockchain too will serve as an authentic, reliable global stage for business transaction as it continues to develop.
Transparency and Incorruptible Nature: Veterans of the industry claim that blockchain lives in a state of consciousness. It practically checks on itself every now and then. It’s similar to a self-auditing technology where its network reconciles every transaction, known as a block, which happens aboard at regular intervals.
This gives birth to two major properties of blockchain – it’s highly transparent, and at the same time, it cannot be corrupted. Each and every transaction that takes place on this server is embedded within the network, hence, making the entire thing very much visible all the time to the public. Furthermore, to edit or omit information on blockchain asks for a humongous amount of efforts and a strong computing power. Amid this, frauds can be easily identified. Hence, it’s termed incorruptible.
Users of Blockchain: There isn’t a defined rule or regulation about who shall or can make use of this immaculate technology. Though at present, its potential users are banks, commercial giants and global economies only, the technology is open for the day to day transactions of the general public as well. The only drawback blockchain is facing is global acceptance.