Blockchain is a cryptographic technology. Blockchain is used to deal with data,transactions,their storage and their protection. All the sectors in our day to day life involve data and transactions and wherever there is data and transactions we can use blockchain technology to manage them. Blockchain can influence every industry and take them by a storm. Blockchain can change the way we look at things.
The features of blockchain technology are:
Public ledgers: Millions of copies of a database that is continuously updated by anybody connected to a network. It is a giant public spreadsheet that everybody has access to. The spreadsheet contains digital records of the value of a currency, files like PDFs or images, or even a historical list of different transactions. Whenever the spreadsheet is modified on one computer it is replicated, shared, and synchronized so that the changes are saved to all the other computers connected to the network.
Peer-to-peer transactions: A network of computers that lets devices combine their power to complete more tasks faster.
Cryptographic algorithm: A type of encryption software. A hash takes the record of a transaction, randomly scrambles it into funny looking code, and makes it virtually impossible to decipher without the private key.
Immutability: a security feature that makes it impossible to change or alter data without permission.
Anonymity: Lets the consumers decide whether they want to remain anonymous or share their identity with others on the network.
It is these features of blockchain that can make considerable impact in all the fields it is used.
Such that it can disrupt the entire way in which business is conducted, the public institutions we rely on, and in the very system of government.
Reasons: How blockchain is changing the world
1. No Third Party involvement:
Now that consumers have a secure way of transacting with consumers directly, they no longer need to rely on platforms owned by third-parties like banks to conduct transaction. This will make consumers more self-sufficient.
2. Revolutionize healthcare:
Blockchain gives patients more control over their sensitive medical information, a hospital’s ability to streamline and share it, and everybody’s ability to protect it. Indeed, this much is true for any industry involved in compiling and distributing sensitive information about individuals between practitioners or departments.
3. Employee compensation:
will make it easier to pay employees, and circumvent costly fees often associated with paying teams that work overseas. That means that companies will have fewer financial barriers when it comes to international expansion, making it increasingly likely that you’ll work with people and departments from all over the world.
4. Improve Voting System:
Even good governments are prone to corruption, rigged voting, and an ultimate disillusion of democracy in the eyes of its citizens. Blockchain potentially allows us the ability to vote in a manner that’s impervious to outside meddling or the influence of corruption.
5. Internet of Things:
Today the Internet of Things (IoT) includes cars, buildings, doorbells and even refrigerators that are embedded with software, network connectivity and sensors. However, because these devices operate from a central location that handles communications, hackers can gain access to the car you’re driving or to your home. Blockchain has the potential to address these critical security concerns because it decentralizes all of the information and data. This is increasingly more important as IoT capabilities increase.
6. Improve Communications:
Blockchains can enable faster, safer and more reliable automated communication. Automated or digital communication based on pre-built algorithms is already occurring at scale in some industries. Examples of this include emails, system alerts and call notifications. While a lot of communication is currently automated, this type of communication is generally non-critical and asynchronous. Blockchains can shift the playing field to allow authorized, bi-directional communications and transactions that occur more freely in an automated environment and produce an immutable record of communication. This will greatly enhance the safety and reliability of our communications.
7. Rentals and Ride-sharing:
The car rental platform owners are in complete control of the network and naturally take a fee for their service. Blockchain can create decentralized peer-to-peer ride-sharing apps and can allow car owners to auto pay for things like parking, tolls and fuel.
Blockchains can help ensure that your money gets exactly where you need it to go. Bitcoin-based
charities are already creating trust through smart contracts and online reputation systems and allowing donors to see where their donations go through a secure and transparent ledger. Thus Blockchain can affect and change the world for good.