Blockchain is now emerging technology, you may probably know about Bitcoin! Yes, Blockchain is the technology that powers Bitcoin.
Cryptography experts predict that Blockchain will produce a large revolution, but what are Blockchain Technology and its wallet? Let’s try to understand what Blockchain exactly is.
“Blockchain – Free, secure and easy to use”
What is Blockchain?
“The Blockchain is a trustworthy digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
It’s a next big thing revolution across the markets from finance to retail to even healthcare. This technology helps to resolve the counter issues such as double spending.
Let us explore, if I send you an image, I am sending you a copy, not the original one! On the other hand, if we are sending money online, one can also send the copy of that money, this leads to double spending. That’s why we need Blockchain technology. It is the large distributed ledger of sorts that stores records of transactions. This “ledger” is copied many times throughout the public network. Whenever a transaction occurs, it will update on all of copied ledgers, so everyone can notice it.
Let’s check how actually Blockchain works?
Blockchain technology affected most to the financial industry. This technology works not only for Bitcoin, but any type of “asset”, which can be stored, transacted or distributed, such as music, insurance, property names as well as data. Just because of this technology, never again will we need to wait for “pending status” transaction.
This settlement would be quick as settlement and transaction would happen at the same time, once the ledger is updated.
Blockchain Technology can be applied to
- Digital Identities
- Wedding Certificates
- Birth Certificates
We as a society, we’ve just began to swim in the sea of blockchain technology. There are many more new potential applications are being discovered in mean time.
The Blockchain technology is both fascinating and exciting. Could it be the revolution that experts predict? Or is it just a theoretical bubble based on an unsuitable idea?
Although reading lots of publications on Blockchain technology, we can’t form a conclusive opinion.
What are your thoughts on Blockchain in 2018?