Have you ever wondered what future is holding for mankind in this age of internet and digitization. One of the answer is Blockchain Technology which is in its early stages trying to disrupt the world positively in every field right from financial sector to service driven sector. Blockchain technology has its use in every field and it has the power to make the things simpler and effective in its respective service. In simple words Blockchain is a digital ledger where every transaction or movement is recorded in digital format which are recorded chronologically and publicly.
Yes you read it right, all the ledgers or movements recorded by blockchain are available publicly, thats what gives it the importance. While the blockchain only records the movement by noting down the accounts or addresses through which the transactions or movements occurred, which can belong to anyone so the owner of the address or account may remain to be anonymous but the transactions would be available publicly on the database, but yes they can also be made private. So blockchain gives everyone the opportunity to see actually whats going on and to keep an eye on the movement which is beneficial in many sectors. These records which are called blocks and are linked and secured using cryptography. Main functionality and uniqueness about blockchain is its decentralised working. Blockchain has its use in recording of events, maintaining medical records, land records and activities such as transaction processing, food traceability , supply chains, asset ledgers, digital currency, data storage identity origin etc.
The most particular and visible development happen in the field of digital currencies, yes you read that right “digital currencies” which are available only in digital form. The famous Bitcoin digital currency is the product of this blockchain technology. Later on several numerous digital currencies have been formed but bitcoin remains the most in demand and famous crypto or digital currency. These digital currencies transaction can be made using blockchain technology and they know no boundaries, so in a way bitcoin is now the world currency which has its value irrespective of the country and is a decentralised currency. Blockchain now also has its uses to maintain land records hence it’s easy to maintain the record original owners of the land and is a great way to store in database. The impact blockchain will have on various fields is very useful and easier to process. Hence we can say that blockchain has tremendous potential to have impact in various organisations. Blockchain has proved that its a boon to peer to peer sharing technology where in this era people are connected to each other via digital revolution.
The Blockchain is also called as web 3.O I will add more information on this in next posts, this was just a simple post giving an idea about this giant baby called ‘Blockchain’ which will grow exponentially and faster than expected. Anyone who has an idea about blockchain will be sure to capitalise on its growth and also provide solutions to various industries and help make this world a better place.