How Blockchain Technology Can Change The Digital World
Blockchain is the result of extensive research & development that has been continuing for the last few years in the field of cryptography and security. It offers an absolutely new approach for collecting information and performing functions. It has also turned out to be a useful solution for environments that require tight security without the necessity of disclosing personal identity.
Did you know that Blockchain is also a gigantic public ledger of information, that can store personal information?
How Blockchain Works
The working mechanism behind blockchain is that it maintains two types of records:
The individual and transaction blocks. Blockchain’s first code transforms each transaction into a unique value, which gets combined into a hash tree with a particular group of hashed transactions resulting in the construction of a block. Every block has a unique hash comprising the hash of the earlier block’s header and a timestamp. Blockchain possesses an inherent feature of being resistant to any type of data modification.
Due to its interlinked property, these become unalterably bound to each other. Data which is recorded in a block cannot be changed without alterations in all the related blocks, which is possible only with the agreement of the network majority.
Why Choose Blockchain And What Are Its Benefits?
1. Transaction Security
Blockchain helps improve transaction security in reducing the total fee costs and also minimizes the transaction time. As a result of its improved speed and security, businesses can use this technology for the betterment of business-to-client transactions.
2. Secure & Genuine Data
Blockchain tech helps municipal bodies form private networks for high-priority and high-security data, such as land records. These networks could be more transparent, secure and genuine.
3. Redistributed Social Networking Sites
Social networking sites are usually prone to censorship. Decentralised social media platforms, take care of this issue and also reward its content creators.
4. Proof Of Ownership
Blockchain is used as a tool for confirming the ownership for purchased items, tracking them and preventing the sale of stolen goods.
5. Authenticated Voting
Blockchain voting technology can resolve the problem of interfering in a digital voting system, as anyone could audit the blockchain to check whether or not the votes are legitimate and time stamped.
6. Distributed Cloud Storage
Distributed cloud storage deletes the risk of data theft or misuse by anti-social elements, as cloud storage stored in servers of companies makes them a potential target for hackers. Data server infrastructure expansion means increased service charges for its users.
7. Land Registration
The Indian government is using blockchain tech to face land fraud. Andhra Pradesh became the first Indian state to adopt blockchain technology for official use.
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