Blockchain is defined as a chain of blocks that are connected together and contains information and it is not possible to access the information without permission. Mainly Blockchain is used for securely transferring the items such as smart contracts, money or real estate deals. Once the data is recorded into Blockchain, it is difficult to hack it for hackers. This is the reason Blockchain is used in many industries such as banking, property related agencies or in hospitals to securely store patient’s medical history.
Internet is necessary to run Blockchain system and also, it needs software application, database and connected computer systems.
Blockchain and Bitcoin: what is the difference?
Blockchain is the technology behind bitcoins but without Blockchain technology one can not have a bitcoin. Bitcoin is a digital currency people can own or buy and Blockchain technology keep track of who owns the bitcoin.
You can have Blockchain without having bitcoin but you can’t have bitcoin without Blockchain this is the difference between Blockchain and bitcoin.
Why do we use Blockchain?
Time reduction: Blockchain plays a very important role in financial industry by quickly settling trades and it doesn’t need a lengthy process for verification of documents and clearance because all the required data is already available among all stack holders.
Unchangeable transactions: once you register any transaction in Blockchain, it is not possible to change it which means if any new block has been added to the Blockchain, it cannot be removed
Transparency: Public Blockchain are publicly viewable to everyone. So if any change are done in Blockchain, these are viewable to all people. So Blockchain offers greater transparency.
Collaboration: It allows two parties to transact directly with each other without any need of third party.
Apart from this, decentralization, Security, fraud prevention and reliability these are also reasons we need Blockchain Technology.
Public Blockchain
Public Blockchain are visible to everyone on the internet. It allows everyone to verify and add a block to the Blockchain and anyone can use a public Blockchain network.
Private Blockchain
The private Blockchain is limited within a single organization and it only allows specific persons of the organization to verify and add transaction blocks to the Blockchain.
Use case of Blockchain
Markets: used for the billng, data transfer
Govt. Sector: voting, digitisation of document, Notary services etc
Health: Data Management, Health Token, Record keeping and tracking
Art and Science: Super computing, Crowd Analysis
Accounting and Finance: Digital currency payment, Trading, Accounting etc.
Limitations of Blockchain Technology
- Higher cost
- slower transaction
- Transaction cost
- Risk of error
This is the introduction and some points about Blockchain technology everyone should know and understand. There are many myths about Blockchain technology that should get cleared in everyone’s mind.
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