The world today is screaming over Blockchain. It has spread like a wildfire over the internet. Not only it is replacing the hard currency but has revolutionized the online transaction method. Blockchain is basically a database. Rather, it’s a chain of a database which is distributed all over the globe hosted by various computers which are also known as a peer-to-peer framework. There’s no one server or a person who is controlling this and that’s why we have Distributed Global De-Centralized Database. Blockchain is a way to track the ownership of the digital assets. When the data is recorded in a given block, it cannot be changed without altering all the other blocks. And this requires a consensus of the network majority.
We live in a digital age and therefore a variety of digital currencies and means of exchanges in different parts of the world makes a lot of sense. In one way Blockchain is a tampered proof database that stores digital assets without any authority. It has created the backbone of a new type of internet in which the information is distributed but not copied.
The running of various collaborated nodes makes the Blockchain system special as there’d be a copy of databases on every node and establishes a consensus about its contents to every node. Due to this, it is extremely difficult to meddle with the data without others finding out. Therefore, this boosts the confidence in the database and its contents and increases the integrity.
The sudden boom in Blockchain technology is due to its vast uses in various fields and verticals. The problem of tracking and managing expenditures can be resolved by this technology by reducing data inaccuracies, improving operations of various enterprise application and creating transparency in expenditure.
Blockchain is being used extensively in the following vertical:
- Fund Administration
- Information Service
- Real Estate
Not only this, many entrepreneurs are already adopting the new Blockchain technology in their work system. In the field of supply chain management, Blockchain not only offers benefits of traceability and cost-effectiveness but also brings a new level of transparency in B2B ecosystem. Russia has already taken the initiative to test the effectiveness of Blockchain in local elections which if becomes success will significantly diminish the electoral fraud.
Although Blockchain technology revolution is underway and many sectors have adopted it, but, there are still few challenges to it. Most of the entrepreneur will not just buy into the idea and there will be resistance from peers and other gatekeepers too. Poor education is also one of the challenges. People are still unaware of this technology.
Blockchain technology is still evolving and every knowledge about it is very important. Although it has huge benefits we should not look over the limitations and drawbacks. If the technology goes around really well then soon the Blockchain technology is going to transform the global internet infrastructure and will change everyone’s perception about the use of technology.