What Makes Blockchain The Super-Technology?
Blockchain has improved the services in various sectors from finance to education. It depends on its three different models: distributed ledger, decentralized, and digitalized. This is considered the most secure system. It contains the record of all transactions that enable finance to enable the sector to easily manage their transactions.
Blockchain was created by Ben Reeves in August 2011. According to Statista, there are a total number of 55 million blockchain wallet users from 2011 to 2020. The Statista forecasted that the blockchain market size would extend 39 billion u.s. Dollars by 2025. The major part of the financial sector uses blockchain.
The financial sector has secured the transaction as it uses blockchain. The blockchain provides safety and security to transactions. Blockchain has made so many things possible easily. It is used not only in finance but also in the healthcare app development company. In this article we will discuss what is blockchain, benefits of blockchain and why should we use Blockchain.
What do you understand by blockchain?
A blockchain is a technology where the information is recorded in a way that makes it near to impossible to hack the data. It is a digital ledger that contains transactions copy and distributed throughout the network of computer systems. The blockchain has certain blocks storing several transactions so whenever a new transaction takes place, a record of that particular transaction is inserted in each participant’s ledger.
When the same data is managed by multiple participants, it is known as Distributed Ledger Technology or DLT. There is a cryptographic signature called a hash and used to record transactions. It is a decentralized system so no one can have control over it. Let's read about how blockchain can help society applications and benefit them.
Blockchain has multiple benefits:
1. Blockchain is Highly Secured
The system is designed in a way so that it protects data. Blockchain possesses a highly secure system because of its encryption and digital signature. High security makes it a complicated form of a block (computers) added with different chains (ledger). It is very difficult, nearly impossible to alter these mathematical blocks
2. Higher transparency
Blockchain provides higher transparency, so if any user makes changes in a node then every participant of that node gets notified. Other examples like in banks, it immediately informs about transactions. Even the speed of transactions is fast.
3. Greater Efficiency
The system is decentralized. It possesses greater efficiency because blockchain allows direct payments by allowing P2P transactions. It removes the work of the middleman and helps in faster transactions. You are exempted from fees and commission as well.
4. Multi-Layered Technology
There are different access levels so you can choose public blockchain networks or private networks to ask the permission of users.
5. Keeps a Check On Fraud Control
Blockchain helps in fraud control and account reconciliation by making the use of AI in it’s dedicated architecture. AI helps in acknowledging the DB admin by learning and deriving data accordingly.
Why should we use Blockchain?
1. Incorporated in Various Industries
The blockchain not only works in the finance area but it is spread among the government, healthcare, and education sectors. From the speed of transaction, politics, medical reports to documentation verification, it has impacted almost all the sectors.
2. Integrated into Applications For Advanced Features
The blockchain can be integrated into applications such as it adds the feature of payment option in the app and keeps the data safe and secure. Some online outlets like BitPos, Coinbase, and bitcoin payments have blockchain integration.
3. Enhances the Relationship of P2P Clients
Being decentralized, allows us to keep digital relationships for the long term. Some examples are smart contracts, records of assets, etc. It also keeps transactions safe when it is happening in multiple partners.
The blockchain becomes a helping hand for healthcare, retail, real estate, and other sectors. It provides high security and transparency during payments and transactions. Blockchain technology will only grow in recent years because it is such a sleek technology. By growing, it'll provide a lot of opportunities for job seekers and also to the organizations that are just starting in the market.
The success of any organization will depend upon how quickly the organization grabs this recent trend in the technological world and implements it uniquely. So, an organization should always keep their eyes open for this secured, decentralized, and distributed hyper ledger technology. We hope this article covered every possible point. The blockchain is emerging and helping various sectors.
Aman Mishra is the CEO and co-founder of a company named TechGropse; Mobile application development company. He is an active participant in the open-source collaborative ecosystem with many years of experience in mobility solutions and implementation. For more information related to mobile app development trends you can contact me.View Aman Mishra`s profile for more