Blockchain is a buzzword of this decade. Blockchain certainly isn’t magic
Then what it is?
Blockchain is an immutable time-stamped series or a type of diary containing data information about transactions that are distributed and managed by a cluster of computers.
Three Pillars of Blockchain
Though initially blockchain technology has been solely used for Fintech industry. But Blockchain has now found use in several industries, including agricultural, education, supply chain, health, real estate, etc.
Technically what Blockchain is?
Blockchain technically information-based transaction spreadsheet generates a hash which is a string of numbers and letters. The hash depends not only on the transaction but on the previous transaction’s hash. Even a small change in a transaction creates a completely new hash. The ledger can be spread over among computer systems. These information recorded computers are called Node. These Nodes need to be checked to make sure that the transaction has not been changed by inspecting the hash. If a transaction is approved by a majority of the Nodes then it is written into a block. The whole chain of these blocks with particular information is called Blockchain.
Every Node has a copy of the Blockchain recorded secret. Once a block reaches a certain number of approved transactions then anew block is informed. The blockchain updates itself every ten minutes. It does so automatically that it needs to secure every transaction. It also implements a digital signature to confirm every transaction.
It is a string of data and or metal that consists of numbers and letters. It covers the address of various blocks within the Blockchain where the transactions take place. To carry out transactions it needs two things, a wallet, which is basically an address, and a private key.
The private key is a string of random numbers but must be kept secret. When someone decides to send coins to anyone, they must sign these message containing the transaction with their private key. This system of two keys is at the heart of encryption and cryptography.
The well-knitted structure of Blockchain is the best method of using technology with trust and security. The Fundamental of Blockchain technology can be implemented in the power and energy sector, online education system, in the electoral voting process, production of agriculture, distribution, and marketing. In the coming future Blockchain Technology is the super solution for every B2B and B2C businesses.
A Single Ecosystem to Your Business from Scratch with Business Software India
- Business transformation with 100% cash back guarantee
- Automation in production & operations to reduce cost and loss
- Web app & mobile app(android & ios) development
- Digital marketing generating huge profit