Since the inception of mankind, Human species underwent a lot of advancement be it socially, economically, politically. Technological Advancements penetrated our homes, offices, lifestyle and the way we think. Yet another technology has knocked on the door and it’s called Blockchain Technology. It is the talk of the town and efforts are being made to effectively implement this technology so that it is able to assist the digital revolution that we are passing through. So let’s decode this Technology.
What is Blockchain technology
Blockchain, as its name suggests, is a chain of blocks. These blocks are a continuous list of records which are secured through cryptography. In the blockchain, there is the use of the Cryptographic hash that makes the blockchain secure. It is designed in such a way that it is resistant to the modification of data. It is an open and distributed ledger that can record transactions between two parties in an efficient and permanent way.
Who invented Blockchain
Credit for creating this technology goes to Satoshi Nakamoto who used this in bitcoin as public transaction ledger. The use of blockchain technology reduces the existence of any central server.
How Blockchain Works
Suppose A wants to send money to B.
The Transaction will represent online as Block.
The Block will then distributed across the network
The network will verify that the transaction is valid
The Block is then added to the chain, reconciling across the network and creating a permanent record
Now A’s record of ownership of the money will move to B.
Blockchain Technology Applications
· Fraud Reduction- Blockchain technology can be Effective in preventing frauds as there is growth in economic crimes every year. As most Banking systems are having a centralized database therefore if hacker breach the one system then they will have complete access. Therefore this technology can assist in the prevention of these kinds of attacks.
· Payments-Blockchain Technology can be highly beneficial in the payments process. It will provide higher security at a lower cost to banks in processing payment between organizations and their clients. In the current scenario, there are various points in the payment process but blockchain will remove the need for them
· Trading Platforms-Blockchain technology can help improve trading platforms by reducing operational errors and frauds. The scope of any unwanted error will be minimized and will make trading more secure.
· Cybersecurity-Blockchain is an effective technology in averting any kind of Cyber threats and make the cyberspace more secure and efficient. Since the world is moving towards digital space therefore secure mobility is vital and blockchain is filling up this space.
· Power sector-Technology can be vital in the power sector as it ensures digitization, deregulation, decentralization, distribution and democratization. Global Ecosystem can be created using this technology and it can be leveraged to maintain interconnectivity.
· Governance-Governance is mainly concerned with proving the delivery of services to people. Here blockchain helps in keeping public records. Blockchain can act as a universal, permanent,consensus-driven record-keeping repository.
· Health-Blockchain assists in creating personal health records. An individual can grant access to these records to doctors, pharmacies as needed via private key.
Blockchain Technology Limitations
As the Blockchain industry in the early stage of its development, therefore, challenges are unavoidable. There are Limitations like
· Technical-There are issues like increasing the block size, addressing blockchain bloat, countering vulnerability.
· Privacy-Although Blockchain considers being the secure and efficient system but still privacy issue can be there as data is placed publically.
Therefore Blockchain represents Technology that is a mirror to the Future and this technological Intervention surely help Human being in the Multifaceted way.
Therefore Blockchain represents Technology that is a mirror to the Future and this technological Intervention surely help Human being in the Multifaceted way.
Comments
Post a Comment