As Bitcoin develops its visibility in the public sphere, there is never a good time for engineers and entrepreneurs to discover Blockchain, the technology that makes Bitcoin possible.
To raise the value of just what makes Blockchain treasured, you must first recognize how it works.
WHAT IS BLOCKCHAIN?
But before that, what is a block? A block stores data
Now, what is Blockchain?
A blockchain consists of different blocks of data that are linked together by using a signature. Now you are wondering how it works with Bitcoin? It's good to know that every block has data inside it, and each block carries a matchless digital signature or even, say, fingerprint. However, because these blocks are connected using this signature, the data deposited in each block is irreversible.
The Blockchain though simple yet, is the imaginative way of passing information from one point to the other in a completely computerized and safe manner.
Blockchain can store and transfer money, just like in a bank. However, you need to know that while the blockchain transfer and store money, it can also substitute all processes and business prototypes that depend on charging a small fee for a transaction. Or any other transaction between two parties.
HOW DOES BLOCKCHAIN WORK?
Information held on a blockchain is available as a shared and continuously resolved database. This is a way of using the network that has observable profits. The blockchain database is not stored in any single location, which means that the records it keeps are genuinely open and easily confirmable. Not even an integrated form of this information is available for hackers to tamper with. Controlled by several computers altogether, anyone on the internet easily reaches its data.
Every new data stored on the block is usually added to the Blockchain. Blockchain, as its name implies, includes various blocks threaded together. However, you need to know as a beginner for a block to be added to the Blockchain;
- A transaction must occur: for a block to be added to the Blockchain, you must make a purchase. In most cases, a block will make a collection of possibly thousands of transactions, so your purchase will be packaged in the block along with the other users' transaction information too.
- A transaction must be verified: After making your purchase, your transaction must be verified. With other public records of information, like Wikipedia, or your local library, there's someone in charge of examining new data as it enters. With Blockchain, however, that task is left up to a network of computers. When you make your purchase, that network of computer rushes to confirm that your transaction happened in the way you said it did. The purchase's confirm details include the time the transaction was made, the dollar amount, and the participants involved.
- A transaction must be stored in blocks: After your transaction has been entirely verified, it is good to go. The transaction's dollar amount, your digital signature are all stored in a block. There, the transaction will most likely join hundreds, or thousands, of others that look like it.
- And the same block must be given a harsh: After everything has been accurately verified, it must be given a matchless, identifying code called a hash. The block is also given the hash of the latest block added to the Blockchain. Once hashed, the block can be added to the Blockchain.
WHO USES BLOCKCHAIN?
I am glad to inform you that you don't need to be blockchain literate before using it.
FedEx is one of the world's biggest logistics management companies. It is good to know that it has become the first big shipping giant to incorporate Blockchain technology into its supply chain management.
Blockchain Technology offers mobile carriers excellent chances to support business models' revolution through new network layers, which can transform how data integrity is verified and value and rights are transmitted and tracked over the infrastructure to subscribers.
Personal computing became available to the general public by creating the Graphical User Interface (GUI), which took the form of a "desktop". Likewise, the most common GUI devised for the Blockchain is the so-called "wallet" applications, which people use to purchase things from Bitcoin and store it along with other cryptocurrencies.
Online transactions are tightly connected to the processes of identity verification. Wallet apps will probably change in the coming years to include other types of identity management.
WHAT IS BLOCKCHAIN GOOD FOR?
Using Blockchain to process thousands of transactions is "a bit much for the technology today." However, apart from crypto trading transactions, here are some of the ways Blockchain can be applied;
• Bank use: There are many advantages connected with blockchain technology. These benefits have allowed banks and financial institutions to provide better service and offer more security to customers. With blockchain technology and banking software resolutions, many financial institutions have been able to advance their tasks and become more competitive in the banking industry.
• Health care uses: As healthcare systems continue to develop and expand, only strong, well-considered, and protected healthcare technology can address the problems embedded within the industry, and blockchain technology is ready to fix this. The quality of patient care and provider relationships' quality will increase expressively once the problems and delays facing healthcare systems are addressed.
• Vote uses: The implementation of Blockchain into a digital government catalogue can contribute to common e-voting issues and promote elections transparency, increase clarity, enhance voter confidence and strengthen democracy. Without Blockchain, the defects in current voting systems will continue, and the whole process will become gradually out-of-date, lacking the security and transparency it desperately needs. Blockchain can provide a lot to the voting process, but governments and leading bodies still need to embrace this new developing technology.
Reading to this stage, I say congratulations! I hope the above article has guided you as a beginner on everything you need to know about Blockchain and its uses.
With many practical applications for the technology already being implemented and explored, Blockchain is finally making a name for itself, in no small part because of bitcoin and cryptocurrency. As a catchword on the tongue of every investor in the nation, Blockchain can make business and government operations more efficient, accurate and secure.