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Posted By: alok_shrii | March 23, 2020, 4:56 p.m.

What is Blockchain?

An introduction to Blockchain Technology

For us to clearly define what Blockchain Technology means allow us to give you a short breakdown of the history of how the business of money has evolved. Historically whenever people used to transfer valuable items there were middlemen whose sole purpose was to record the authenticity of both parties and build trust between them. Currently, these middlemen are identified as banks. The use of banks and brokers has advanced over time and with the development of digital assets like stock, electronic money, and intellectual property the need for a more secure method has emerged. This is because digital assets are usually data within a computer that are therefore vulnerable to manipulation and theft. Thus the use of blockchain technology enables people to transact openly and transparently ensuring that the exchange is secure and efficient.

Blockchain Technology serves as a platform that enables the transit of digital information without the risk of being copied. It has, in a way, laid the basis of a strong backbone of a new kind of internet space. Originally intended to trade with Bitcoin - trying to explain the layman about the views of its algorithms, the hash uses, and digital signature field, today, the technology buffs are finding other potential uses of this bright invention which could pave the way to the onset of an entirely new business dealing process in the world.

How is it used? Specific computer software is used to make the blockchain automatically share the information to the database in the case of a fresh transaction. A blockchain contains blocks that are hashed or encoded batches of events. Each code, with the mixture of the block before it, links the two and forms the chain that is a Blockchain. This process requires the validation of each block to ensure the security of the overall database.

Why do we need Blockchain Development?

As mentioned above, the Blockchain is trying to make the technology more beneficial for the people who need to maintain an indisputable record of transactions. Blockchain technology provides ultimate accuracy and transparency and can be used as an effective tool against the cases of corruption. With the help of the Blockchain technology, all the transactions take place in a secure environment where all the details are encrypted with the generation of a unique transaction number and this number is recorded in the ledger as a placeholder. In this case, not all the users would be ready to see the details of the transaction. However, the network will be informed of the transaction. This process limits any change of cheating because the person with malicious plans must access every computer in the network to make changes in the database.

Due to the increasing value of Blockchain development, a number of individuals or organizations are looking for a trusted and secure Blockchain Development Company. It is a matter of trust and security and therefore, IT Spark Technology is ready to provide adequate solutions to different industry verticals.

The Future of Blockchain: Blockchain has the ability to simply disrupting the financial industry the same was social media disrupted mainstream media or the same way Netflix destroyed Blockbuster films. Blockchain technology has the potential of being used as a program that provides financial services to everyone on the part of the world, this includes people in developing countries who may not have the path to traditional banking services and cannot afford the rates required to make large transactions. This technology has the potential of making significant breakthroughs in nearly all major industries that are usually manipulated by big corporations.

The use of Blockchain technology in Education: Blockchain technology in education can be used to figure out the scholars that actually need the scholarships and those who can afford it. This is because a few students have been avoiding the system and getting financing. This would actually end up being harmful to the needy students who end up dropping out or accruing a lot of debt that causes them to work for nearly. The huge number of the people may currently be hiding their heads in the sand as they wish blockchain to go away but this piece of technology is definitely going nowhere. In the near future, we will all be getting using blockchain as part of our daily actions our great-grandchildren will read about money and ATM machines just as how we read about barter trade and gold. It is therefore important that we jump on the bandwagon as soon as possible and get adjusted before we are forced to adjust.

The Working of Blockchain: Blockchain can be known as Distributed Ledger technology which was first devised to support the Bitcoin cryptocurrency. But post heavy criticism and denial, the technology was revised for use in things more productive. To give a clear picture, imagine a spreadsheet that's almost augmented tons to times across a plethora of computing systems. And then imagine that these networks are designed to refresh this spreadsheet from time to time. This is specifically what blockchain is. Information that's stored on a blockchain is a shared sheet whose data is adjusted from time to time. It's a practical way that speaks of many obvious advantages. To being by, the blockchain data doesn't exist in one single place. This means that everything saved in there is open for public view and verification. Further, there isn't any centralized data storing platform which hackers can corrupt. It's essentially reached over a million computing systems side-by-side, and its data can be consulted by any individual with an internet connection.

Durability and Authenticity of Blockchain: Blockchain technology is something that minims the internet term. It's chic sound in nature. Similar to giving data to the general public through the World Wide Web, blocks of authentic data are stored on the blockchain platform which is identically visible on all networks. Vital to note, blockchain cannot be managed by a single person, entity or identity, and has no one point of failure. Just like the internet has established itself as a durable space for the last 30 years, blockchain too will serve as an official, reliable global stage for business transactions as it continues to develop.

Transparency and Incorruptible Nature: Veterans of the industry demand that blockchain lives in a state of consciousness. It practically checks on itself all now and then. It's similar to a self-auditing technology where its network regulates every transaction, known as a block, which happens aboard at regular intervals. This gives birth to two important properties of blockchain - it's highly simple, and at the same time, it cannot be altered. Every event that takes place on this server is embedded within the network, hence, giving the entire thing very much visible all the time to the public. Moreover, to edit or delete information on blockchain asks for a humongous number of efforts and a strong computing power. Between this, fraud can be easily recognized. Hence, it's termed incorruptible.

Users of Blockchain: There isn't a defined rule or law about who shall or can make use of this immaculate technology. Though nowadays, it’s possible users are banks, commercial titans and global economies only, the technology is free for the day to day transactions of the global public as well. The only disadvantage blockchain is facing is global recognition.