Blockchain is the technology in which bitcoin runs. Blockchain technology is just in its early stages. Blockchain was created as a ledger that stores information about transactions. This transaction occurs within the Blockchain network. This ledger is generally a device that can store data.
The Blockchain contains transactions in block form. This block consists of three parts:
The First is the Data part is also called the information part; this part contains the information of transactions that happened in the Blockchain network.
The second part is Hash. This Hash is the block’s unique ID. And the third part is the previous Hash; this previous Hash is the previous block.
This Blockchain is very secure because of the use of these kinds of blocks. When anyone tries to hack the transaction, he has to alter the Hash in a block. But because every block has information of the previous block, by using Hash, he has to alter the information of the previous block. So ultimately, he has to change the data of every block of Blockchain. This could not be easy. That’s why the Blockchain network is very secure and safe.
Some features of Blockchain:
The very first and important feature of Blockchain technology is a “decentralized system”. Blockchain network totally peers to peer, which makes it a futuristic technology that can change a lot of sectors like banking and finance. The users could store their digital assets and can access them anytime, anywhere through a private key. These features also can change the web we use right now.
Most of the banks and governments are now started to use this technology as I enable the security and safety of users’ assets.
These also feature lower down the scams and fraud that happen today in the banking sector. It also maximizes transparency.
Blockchain is a distributed public ledger that contains all the transactions. In a Blockchain network, every transaction is shared in the entire network, and a copy of the transaction is shared with every user of the network. This method makes this technology very useful to government and financial sectors to validate the users in different sectors.
This technology can be used in voting very effectively as it can make this process very private and fraud-free. The voting method in today’s world is different from country to country, but one this is common, the risk of being tempered. This risk can be lower by the user of Blockchain technology as this technology could not be easily compromised. A public ledger can record all the votes accurately and count the votes very effectively.
Another feature of Blockchain is a trusted peer-to-peer network. It could be very effective in the banking system, and people can send and receive money without any trusted third-party app or software. People can easily make transactions like storing money, receiving, and sending money without any extra charges because it does not use any third-party system.
The Hash, which is stored in a block, could provide authenticity of stored data or documents. When data is stored, a hash is created. This Hash contains information about the current transaction, and it shares information with the next block that will be added in Blockchain. Because of this technology, any company or organization can secure its data or documents easily.
The user of Blockchain technology is increasing at a good rate. This technology has been adopted by many organizations and government offices. A country like “El Salvador’s” has made bitcoin legal. Many governments are also thinking to adapt some cryptocurrencies like bitcoin and Etherium. All this is possible because Blockchain technology is a tamper-free method where safety and privacy are very hard to compromise.
Blockchain technology can also be used in fields like cyber security, piracy etc. a firm like “Lockheed Martin” uses Blockchain technology to enhance its cyber security. Lots of apps like EKrona are doing remarkably well by offering a great trading app to people.
Using Blockchain Technology, a company can store sensitive data and files. These files can be easily accessible via a private key. Thus, no password could be required.
This technology can also eliminate the risk of piracy, thus helping music labels and individual artists to secure their work over the network.
In the travel field, it could manage the travel history of passengers and also secure can track their luggage. Verifying individual travelers can make the payment process easier, thus can save time and effort.