BLOCKCHAIN

ABOUT

Blockchain one of the high valued skill/platforms. A blockchain is a collection of blocks of data connected by links which are secured by cryptographic proofs.

Bitcoin is also based on blockchain. Although the blockchain technology is older than Bitcoin, it is a core underlying component of most cryptocurrency networks, acting as a decentralized, distributed, and public digital ledger that is responsible for keeping a permanent record in form of chain of blocks of all previously confirmed transactions.

Blockchain consists of nodes that store data, and each node is interlinked with each other. Each node maintains a copy of the blockchain and contributes to the functioning and security of the network. Thus, any alteration in a data can be known thus safeguarding the security of data.

Blockchain can be implemented in various platforms. Most used platforms consist of:

Ethereum — Ethereum can codify, decentralize, secure, and trade almost anything. The platform allows anyone to develop and deploy blockchain. The platform comes with restricted access to mass.

Quorum — It is essentially the enterprise version of the Ethereum blockchain platform. Unlike Ethereum this platform authorization for use by public.

Block Stream — It has the unique ability to provide access to features built by community members. One feature includes a confidential transaction in their peer-to-peer system. This is attractive to businesses looking to build applications with more security.

Apart from these platforms blockchain can also be implemented on JavaScript and bitcoin was created using the same platform.

APPLICATIONS

Elections — Block chain can be used in elections since it is decentralized it ensures that there are no malpractices. Since the block Chain gives a user unique id there are less chances for multiple votes.

Cryptocurrencies — The blockchain is the technology behind cryptos where all the exchange or transaction information is stored which cannot be hacked or changed and a copy of the ledger is distributed among all the participants of the network. It records every single transaction. A person can buy/sell or deal in cryptos and be a part of the network.

Food and Medical Industries — It can use blockchain technology to track the daily food products from the moment they are harvested or made, to when they end up in the hands of the customers. Blockchains could help us to create a digital certificate for each package of food, proving where it came from and where it has been. Such that if contamination has been detected i.e., the manufacturer wants to revert a batch of food because of certain quality issues, we can trace it back to its root and instantly notify other people who bought the same batch of bad food.

CONCLUSION

Blockchain can help to secure many systems and has various applications. Blockchain provides high security, transparency and provides fraud protection for businesses. Due to high demand for blockchain it has started to become a good career option. With more development in blockchain technology the world can become more transparent in its activities and much more secured. Scams can be traced back and will help to decrease the time taken to find the culprit.

Yalmarthy NV Ronnit gupta is the writer of this article. Views expressed and information provided belong solely to the author.