BL0CKCHAIN: THE FUTURE OF DIGITAL TRUST AND SECURE TRANSACTIONS

Technology

”In the digital age, where information is power and security is paramount, a revolutionary technology is emerging to redefine how we perceive and manage data. It is a creative innovation and just more than the backbone of crypto currency. It has a potential to transform various industries like in bitcoin, banking system, elections and many more etc.”

What is blockchain in simple words?

Blockchain is a Database in which the collection of data is record and stores in computer system. Data can be shared among large network of computer systems. For example: like a shopkeeper, who maintains a book, in which he records all his information regarding selling and buying of goods, daily expenses etc.

Blockchain is like a digital register. In this, data is stored in blocks and as transactions are increases, more and more blocks are linked together and formed a chain termed as “blockchain”. Everyone can writes a group of entries in it. And if once an entry made it can’t be edited or erased. The data is stored in a table format so that the filtering and searching of data becomes easy. Everyone can see the data for forever. It can be decentralized to share among in large network of computers. Blockchain is used in any kind of data related like in crypto currency, money, property, healthcare and voting etc.

What is the main purpose of blockchain in technology?

The main purpose of blockchain is to record all transactions with all security, transparency and accountability in a decentralized manner.it eliminates the need of intermediaries, which is best part of it. 

  1. SECURITY – In this, every block of transactions are interlinked with each other. All these transaction are able to visible within the network. But to edit or erased the data is not possible. This makes it more secure and safe against frauds.
  • TRANSPARENCY –   Every transaction is visible to all computer systems within the distributed network. This creates more accountability and transparency.
  • DECENTRALIZATION – In this, the network is not just control by one person or an entity. The blockchain can be distributed in computers within the large distributed network and control by them.
  • DIGITAL IDENTITY – It facilitates the way to secure digital identity.  It provides simple digital verification with more privacy. It makes easy to access in banking, e-commerce and even in government services

How blockchain actually work in various industries?

Block chain has the ability to transform the various industries by their innovative ways. Like: in crypto currency, voting system, healthcare and many more etc.

  1. CRYPTOCURRENCY – Block chain plays a vital role in a world of crypto currency.  All the transactions are verified in decentralized manner. It makes difficult to edit or erase and manipulate the transactions. In this manner, it creates more security, transparency and trust in the crypto.
  • TRANSPARENCY IN SUPPLY CHAIN – It facilitates transparency in supply chain management. In this, one can record and verify the transactions. Every step is traceable. In this manner, it can reduces the risks of frauds.
  • VOTING SYSTEM – It can be beneficial in votes. Because it facilitates the transparency and reduces the risk of frauds. It becomes easy for citizens to vote digitally and fairly.
  • COPYRIGHT PROTECTION – It is useful for artists and creators. They can register and protect their intellectual property rights.
  • DECENTRALIZATION IN FINANCE (DEFI) – It refers to shift from traditional banking system towards digital decentralized banks.  In this, the transactions are recorded using block chain technology by eliminate intermediates.
  • HEALTH-CARE – It is also beneficial in healthcare system. It records all fair data individually and improve the quality of the treatment.

FUTURE OF THE  BLOCKCHAIN :

The future of the block chain is very promising and excited. There is no doubts that it will facilitates more transparency and security in the transactions. And also it will spread in more industries in the future. But it will also raise some challenges and concerns. Like privacy concern, energy consumption and regulations etc.

  1. Regulations and rules are different in different countries for crypto currency and block chain technology, so it may be a conflict with certain rules.
  2. Energy consumption – The block chain technology consumes more energy but it is also need to protect the environment for a more sustainable and bright future.
  3. Privacy is another concern in this technology. Because as the network of the block chain will grow in the future, there is more need to handle the network of transactions with extra privacy and security without compromising of speed.

In the conclusion, we can say that block chain is a very innovative technology because of its more transparency and accountability. It has the capability to reform the industries like finance, healthcare, voting system and many more etc. with the transparent and secure nature, it eliminate the need of intermediate and reduces the cost. With many advantages of this technology, it also raises some concerns and challenges like regulations, energy consumption and privacy etc. We need to find more ways to eliminate these concerns, like by adopting renewable resources of energy, clear the guidelines and regulations so that in future conflicts or arguments won’t be arise.

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