Introduction to Blockchain
A blockchain is a digital ladder of databases that stores digital information in chunks/blocks. This information is secured (free of tampering), transparent, unaltered, and decentralized (multiple participants manage information data through (DLT) distributed ladder technology). Block chains, in simple words, store information in encrypted blocks with inherent transparency and encryption through cryptographic hashing. Data stored in blocks is then chronologically chained, making Blockchain a single truth of data. Aiming to record and distribute digital information but doesn’t allow editing; furthermore, it connects several computers using blockchain technology to the decentralization of information.
Blockchain technology can revolutionize the world of business; it is excitingly changing the traditional banking and transaction method. Bitcoin dramatically enhances cryptocurrency transactions that are more secure, time consuming, doesn’t involve physical currency, any central bank or third-party services. Transactions are confined and confidential between sender and receiver; no extra charges are involved throughout the whole process. So, it is already a big thing to discuss now and there is much more that Blockchain industry can offer to the world.
Blockchain Technology Application
Blockchain technology invades many industries and businesses and will continue to dominate the world’s GDP in the future. It has the potential to be a bedrock of record keeping industry. Strategies are being followed by many other industries as well due to its safe and secure system. Other industries that are implementing blockchain ladder technology include:
- Smart contacts
- Cloud storage
- Supply-chain community
- Cryptocurrency exchange
- Bank transaction
- Buying-Selling online business
- Cross border money transfer
- Healthcare or medical records
- Electronic voting
- Public records to eradicate corruption
History of Blockchain Technology Development
As far as the history of blockchain development is concerned, it is not very deep-rooted. It is a recent technology that developed as the underlying technology of Bitcoin. Who invented blockchains? No one knows. It was created under the pseudonym of Satoshi Nakamoto for bitcoin cash currency transfer. However, blockchains development journey include the following contributions;
- In 1991, Stuart Haber and W Scott Stornetta described cryptographically secure block.
- In 1998, Nick Szabo worked on bit gold (digital currency)
- In 2008, Satoshi Nakamoto established the model for Blockchain
- In 2009, first implementation of Blockchain was done by Nakamoto as a transaction through bitcoin.
- In 2014, blockchain technology was separated from the currency, and it was used for another type of transaction and record keeping.
Blockchains can be summed up as a digital ladder that decentralizes digital data in the form of highly cryptographic blocks by a hashing mechanism. This technology decentralizes the transactions, i.e., money (bitcoin) transfer, data sharing, highly confidential storage easy and safe. This data is encrypted that is decrypted only by public and private keys. Third-party cannot see the shared information between sender and receiver. Blockchain technology is not an old technology; it arises a decade ago and has full potential to grow worldwide. According to economists, it can invade any business and efficiently obstacles the corruption chain. Nowadays, cryptocurrency is its widespread application prevalent in society that enables easy bitcoin transections. There seems a long journey ready to set off for this type technology shortly.