Real Innovation Behind Blockchain
BLOCKCHAIN- “A technology that will power the internet in a secure way which is beneficial for our future generation”
You must have heard about “Blockchain” recently an entirely new asset class which is one of the most popular buzzwords of last year. Today, we are living in a generation where the internet is controlled by a bunch of big and small companies, which are known as FAANGs. This makes us worried about data privacy and control of information.
As an internet user, we share information, such as our data without knowing- who stores this data. Is our personal information secured or not? All these data are stored in servers owned by FAANGs (namely Facebook, Apple, Amazon, Netflix, and Alphabet’s Google), which ultimately makes them vulnerable to direct attacks.
That’s why the new asset class is powering the internet and helping us by decentralizing the internet by storing the data across the nodes in the blockchain.
Let’s understand the benefit of blockchain in revolutionizing our lives and if you are skeptical about this, be with us till the end of this article.
READ ON!
BLOCKCHAIN TECHNOLOGY | WORKING:
We have a centralized banking system, an old system, which can be tempered easily and any entry can be manipulated.
For example: if you want to transfer money from one account to another then the process is as below-
While transferring money, the bank keeps an entry record. This entry record is then updated on the receiver’s account and simultaneously on the sender’s account. Thus, the entry can be manipulated at any point in time due to a lack of security in the transaction.
And to make the transaction safe and secure, blockchain comes in as a savior.
Let’s take another example, we all know about Google spreadsheets, and sometimes or the other we all use it whether in colleges or offices. When the employees and students get the spreadsheet to update, all of them can update only the desired fields and cannot edit any other data in the sheet without prior authorized access. Likewise, in blockchain, the data is stored in a very secure way within the blocks and each block has a “hash” similar to a human fingerprint that cannot be altered without authorized access.
WHY YOU SHOULD USE BLOCKCHAIN TECHNOLOGY?
• Block-chain is peer-to-peer, there is no centralized system. The collection of account information is stored across the network, which makes hacking difficult.
• Cryptography is one of the most important parts of the blockchain. It facilitates the transaction of information easily and securely.
• Blockchain updates the account book via consensus as this prevents fraud as information is stored securely. Blockchain reduces the time of processing the transactions, as its verification process is comparatively easy.
• Blockchain provides transparency, and the transactions can’t be altered without permission. If you are B2B or B2C, the blockchain helps in improving the sales process and provides a faster and more secure transaction.
This is a secure, peer-to-peer process in which no third- party is involved and without any security fee or charges, unlike the banks. Blockchain technology removes duplicate records and verifies the parties at the time of the transaction itself.
RECENT BLOCKCHAIN VERSIONS:
So, blockchain benefits you as a customer and as a business owner and it is available across various applications such as Cryptocurrency, science & arts, health, finance, and IoT.
If you are a skeptic and not able to trust blockchain technology then don’t worry about it. It is a technological revolution. Faster and safer modes of data transmission, which follow some specific algorithms that are very difficult to backdate and temper.
I hope you liked this blog!