Block Chain Technology
“The biggest opportunity set we can think of over the next Decade”.
According to Fred Ehersam, everything will be tokenized and connected by a Block Chain one day.
Blockchain is a determined and clear public journal, and a mechanism of creating a general agreement between distributed parties, is known for its complexity.
The literal meaning of Blockchain is, a distributed digital ledger that maintains a continuously-growing list of data blocks, each containing batches of transactions that are secure from tampering and revision (e.g. used for financial transactions in cryptocurrencies like Bitcoin).
There are several major perceptions of Blockchain Technology. For example:
The Extensive Publicity
Decentralized Database Applications Consensus Proof of Work, Proof of Stake
Trusted Advanced Computing
Since Blockchain is an emerging technology, as described above, it creates a highly secure record of transactions without centralized control.
Applications of Blockchains
- Health Care
- Real Estate and IoT
- Supply Chain
- Cyber Security
- Social Media
- Artificial Intelligence
- Digital IDs
- Law Enforcement
- Payment and Transfers
- Non-Financial Blockchain Application
- Real Estate
- Digital Identity
- Smart Contracts
- App development
- Blockchain in IoT
- Financial Blockchain Application
- Data Storage
- Currency Exchange
- Ride Sharing
- P2P Transfer
- Trading Platforms
How Blockchain works?
The Simplest Description to understand Blockchain Technology
In the Past, Banks used to regulate and control transactions and payments using people’s bank accounts in an inefficient manner.
Then the system gets decentralized and people use to note and document valid transactions, that can be reviewed.
Decentralized systems have eliminated banks and has a vital role in building a trust with Block-chain Technology.
Every technology has its advantages and downsides as well.
Advantages of Block-chain Technology
Allows Verification without the interruption of the third party.
Data structure append-only.
Uses protected cryptography to secure data ledger.
Transactions are recorded in chronological order and are transparent.
As Consensus protocols are required to validate the data entry, it removes the risk of duplicate entry or deception.
Downsides of Blockchain Technology
Uses enormous energy
Doesn’t guarantee security when mining
It isn’t a vast distributed computing system
Entries aren’t immutable
Flexibility is one of the loopholes
A complex technology
Can be inefficient
Can someone become A Blockchain Expert?
The Answer is: Yes; the people can be Blockchain experts. A certified Blockchain Expert is a skilled individual who has a comprehensive knowledge of different blockchain platforms, adept of framing the Blockchain network and defining its set of rules and protocols in building the Blockchain based applications to renovate old and traditional businesses.
The Key Skills required to be a Blockchain Developer
Smart Contract Development
The Main Advantage of Blockchain technology is supposed to be more secure, but new technologies are generally hard for people to trust and this paradox can’t really be avoided.
Blockchain technology could change our world more than people imagine.
Whereas most technologies tend to automate workers on the periphery doing menial tasks, Blockchains automate away the center. Instead of putting the taxi driver out of a job, Blockchain puts Uber out of a job and lets the taxi drivers work with the customer directly.
It is considered that Blockchain Technology has the potential to upset or beat the existing models. This technology has widely ensured positive implications if implemented properly.
Written by: Sana