In this blogger we're gonna talk about what is blackchain technology what it has accomplished and what it can accomplish. Basically everything you need to know no to get started with blockchain technology
What is blockchain technology
This is the foundation of everything we are doing. Blockchain technology is actually a brand new form of database and its core consist of publicly verifiable data. Every transaction made on the blockchain is recorded into a public record. Hence being a decentralized digital ledger. It's the smallest unit of the blockchain network. While the larger blockchain networks has millions of nodes sharing transaction data from others at once. The data or currency stored in the Blockchain is called blockchain. Why is blockchain is changing the way we are doing things Blockchain technology has no central authorities or centralized authority to control and run it.
How does blockchain work
Blockchain technology is "a distributed shared database structure in which transaction data can be arranged into blocks. These blocks are linked by public and private keys, which act as cryptographic signatures, allowing information to be signed and verified." "The blockchain contains the history of transactions that have taken place in a peer-to-peer network since the system was first initialized. Each peer has a copy of the entire ledger, though none has the complete history." It is almost impossible for two people to modify the same entry in a blockchain at the same time. On the blockchain, each block is linked to every previous block and only one person can add to the blockchain at a time, without any supervision.
Benefits of Blockchain Technology
What are the benefits of blockchain technology to people and the economy? Blockchain technology is currently undergoing an evolution of its current design and uses. It's is a powerful technology which is recognized and in varying use in more countries and industries than the average Internet user may realize. The general public (and some enterprise leaders) are still very much in the early phases of the blockchain movement. This leads to many misconceptions. One of the key features of blockchain technology that will drive exponential value in the future is a distributed and cryptographically secure ledger. To better understand how this works, let's first look at an example of what is a blockchain and what is bitcoin. A blockchain is simply a tamper-proof LEDGER with a time stamp on it.
Who can use blockchain
Business, financial institutions, the retail and education sectors, to name a few, will be able to make use of blockchain to enhance trust in transaction and loyalty schemes, in the loyalty space. Blockchain technology can be used by retailers and manufacturers to enhance security, lower costs and enhance customer experience. Why use blockchain technology Loyalty programmes is the most promising sector for blockchain technology implementation. It allows the integration of different sources of data which could enable not only the authentication and personalisation of offers, but also the tracking and provision of incentives.
What to expect from the future of the blockchain industry
The last technology revolution to impact our everyday lives has been the arrival of the internet. It has allowed us to connect with each other and sell stuff to each other in a way that has never been possible before. However, with the rise of digital advertising and the impact of the likes of Google and Facebook, the internet is now less of a force for good and more of a source of misery. Yet even these services are now likely to move online. Blockchain is being touted as a way to use internet technology to combat this problem, but what is it and how will it benefit people's lives? The nature of blockchains mean they operate in a digital fashion, making them more trustworthy than current digital advertising methods, which rely on the personal data of people and organisations.
