BLOCK CHAIN – The Most Omnipresent Technology of Future.

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What is Blockchain?

Blockchain in simple expressions is nothing but “A Chain Of Series Of Blocks”, and the component blocks are digital files that store data in them. Each of the “Block” is electronically associated with all other blocks in the digital web.

Example

Blockchain versions
This allows financial transactions based on blockchain technology. It is used in currency and payments. Bitcoin is the most prominent example in this segment. Blockchain 2.0: Smart Contracts. The new key concepts are Smart Contracts, small computer programs that "live" in the blockchain.

Blockchain – Challenges

There are still certain challenges that blockchains have not yet overcome.
  • Scalability. Legacy transaction processing networks are known to process thousands of transactions in a second. ...
  • Interoperability. ...
  • Limited Developer Supply. ...
  • Standardization. ...
  • Energy-Intensive. ...
  • Regulations.

Technology Behind Blockchain

A blockchain is the structure of data that represents a financial ledger entry, or a record of a transaction. Each transaction is digitally signed to ensure its authenticity and that no one tampers with it, so the ledger itself and the existing transactions within it are assumed to be of high integrity.

Advantages Of Blockchain -

The basic advantages of Blockchain technology are decentralization, immutability, security, and transparency. The blockchain technology allows for verification without having to be dependent on third-parties. The data structure in a blockchain is append-only.

1. Absence Of Centralised Authority-

When an organization follows a centralized management structure, it can focus on the fulfillment of its vision with ease. ... In the absence of centralized management, there will be inconsistencies in relaying the message to employees because there are no clear lines of authority. As long as the rules and functions implanted in the software protocol have adhered, there will be a complete absence of any need to authenticate. Further, each participant or the node in the network is equal to others. Therefore no individual participant can inordinately influence the process.

2. Distributed Ledger-

A distributed ledger gives control of all its information and transactions to the users and promotes transparency.

3. Transparency-

Any data in the blockchain can be viewable for any person, also if any changes were made in the blockchain, those changes are publicly viewable.
That’s why blockchain used in cryptocurrencies because, in cryptocurrency, every transaction is recorded and showed to the public.
Time Ahead for Blockchain-
We have an ages-old quote which reads that “Don’t Trust Everything You See, Even Salt Looks Like Sugar.” But with the advent of Blockchain, it seems this ages-old quote is going to be tested for its verbatim continuity.

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