Blockchain is a buzzword on all the technical sites, even this topic is flooding the internet world. And I assure you after reading the article till the end you won’t be surprised that why is it ringing the bell of every intellectual mind. Many of you may not be aware of what exactly is the Blockchain. Lets start from the scratch and drive you all the way through the very basics of Block chain.
Though the Blockchain not the panacea to all the problems that are venturing the digital world today but it can do a lot more than the other technologies. It is actually the decentralized anonymous online digital ledger which keeps the records of the transactions. It eliminates the need of any intermediates like banks i.e. users can securely and directly manipulate the ledger without the help of any third party. The blockchains are used as a ledger. It is known as permissioned ledger if everyone in the process is pre-selected else called unpermissioned if it is open to the whole world.
It simply uses the distributed data and logic i.e. data structures to simplify the way the transaction is done. It is called as blockchain because it accepts the inputs and wraps them into a block which is further chained using a cryptographic signature to the next block. Thus it helps two unknown users to transact without the involvement of third party. Here the digital information is distributed instead of copying entries into a single sheet. History of the technology:
In 2008, the Blockchain was invented by Satoshi Nakamoto originally for use in the cryptocurrency bitcoin which created the platform for a spick-and-span type of internet. But now the experts are trying to find the new ways to apply this robust technology of distributed ledger for the other potential purposes which has the capability to revolutionise the digital world. Bitcoin has been an obvious topic of debate since its inception i.e. January 2009 when the very first Bitcoin transaction was carried out. Since the end of 2013, it has been attracting the people in the field of stock exchanges, financial institutions, Internet of Things (IOT) devices as it has the potentiality to reduce incidents of fraud and maintain the integrity to the data.
It is a very secure technology as it uses a very safe algorithm. There is also no intermediary involved so there is no dependence on any one to verify the transactions.As an addon the users are anonymous thus protecting the user’s identities. It can simplify the business operations for all parties as it is an open electronic ledger working on a distributed database system.Therefore it will be one of the most significant industry to bring in the change in this fast developing world.
If you have heard about cryptocurrency then definitely you might have heard about a cryptocurrency wallet which can be used to receive or spend the cryptocurrency by storing the public and private keys. You might wonder that from where huge amount of money comes to the new cryptocurrency ventures to start the cryptocurrency. It can be done through Initial Coin Offering(ICO) in which some units of a bran-new crypto-token is offered to the investors in exchange of funding the development of new cryptocurrencies.
It is no more a wonder that how these cryptocurrency are transacted, definitely it is done on the online platforms where the cryptocurrencies are exchanged like a stock exchange or a currency exchange. For these exchanges there is always a need of regulating through some rules and protocols like Ethereum Request for Comments(ERC ) which are required to interact with each other on the Ethereum network.
Up to a very large extent, one can fully rely on Blockchain as it is a very advanced and reliable technology. In the coming days, it may mar the existence of Banks as Blockchain can replace the banks as an intermediary. And in very near future one can imagine a world where there will be no erroneous transactions with the help of this big-boned technology. It assures you about the privacy of securities, and the Blockchain developers are working hard at Semidot Infotech to address any problem if it exists.Without any doubt, we at Semidot Infotech can effectively help you to implement the BlockChain Technology.