Blockchain, the top contender for becoming the most utilitarian technology of this century, is indisputably an enterprising innovation. Conceived by a single or bunch of people popularly known by the incognito, Satoshi Nakamoto, Blockchain’s unthinkable, stupendous power is making a much bigger impact than expected. That being the case, there has been a widespread curiosity amongst people as to what Blockchain is and how does it work? So, here I go with a riveting explanation.
What is Blockchain Technology?
An unimpeachable digital ledger incorporating economic transactions, Blockchain Technologies is said to be a distributed database that is adept to record virtually anything that has value. So fundamentally, it’s a chain of blocks linked together using cryptography and every block possess the cryptographic hash of the preceding block, the transactional data along with a timestamp.
Originally fabricated for the celebrated digital currency, Bitcoin, Blockchain has not only disrupted the financial sphere but has also devised its path to enter the gateways of a plethora of industries. From making the patient data more secure & interoperable in healthcare to safeguarding the authenticity of high-end products in retail to ensuring the protection of documents in the travel sector, Blockchain owns the potential to transform the face of countless fields of work.
Why do they say that Blockchain is the new genre of the internet?
Experts keep an opinion that this ingenious technology forms the spine for the latest sort of internet due to the factor that it permits you to distribute infinite information but not copy it. Further, it had a monumental role to play in the prodigious success received by Bitcoin that came to be known as ‘Digital Gold’ & has the capacity to create other styles of digital value as well.
The inherent robustness of Blockchain is also commendable just like the internet, since, it stocks identical blocks carrying information over the network which makes it impossible for a single entity to control it. Hence, it is safeguarded from experiencing failure.
Moreover, what makes it even more awe-inspiring, especially for a layman, is that it is not a mandate for you to comprehend how it functions to make full use of it. Basically, it is like driving a car without having to know how its engine and other hardware work to give you a smooth ride.
What makes Blockchain marketable?
If you talk about Blockchain’s design, it is meant to be a decentralized technology. And, one that account, it is referred to as a distributed ledger because everything happening on it is actually the work of the entire network. Each block holding information is indistinguishable and is validated by every participant in an independent manner without having a centralized authority to interfere.
On top of that, its whole network is based on the unanimous consensus of all parties. But, it is still not inflexible on the consensus part as the rules are open to alterations to match the intensity of a few rare circumstances.
And, for that reason, the sturdiest use cases for Blockchain are offered by the world of finance where it eliminates the requirement of a middleman for transactions, especially international remittances where money transfers worth billions and billions of dollars occur every year.