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What is Blockchain Proof of Concept? Explained

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Janet F. Sanchez
Janet Sanchez writes articles which, considering where you’re reading this, makes perfect sense. She is best known for writing cryptocurrency related news and blogs. She also writes about business, finance, and technology. Working from home and taking care of her little son, she has a passion for writing.

Delineating the Blockchain Proof of Concept.

Introduction to the Blockchain proof of Concept

Bitcoin is dominating the financial market of the cryptocurrency space, while many other altcoins are competing with each other in a very rigorous fashion, in order to gain the popularity and fame of its level. But the underlying Blockchain Technology is the real unsung Hero which is empowering the whole system anonymously. The principles which are incorporated in the Blockchain Proof of Concept were existing before its invention too, but the way in which Satoshi Nakamoto, integrated each and every detail of Technologies like cryptography, Merkle chains, Distributed Ledger Technology, real-time verification of information, consensus, etc has spawned the Blockchain Proof of Concept which is highly efficient and easy to implement in any particular system which requires trusting the parties.

 

Field of Applications of the Blockchain Proof of Concept

As a result, the Blockchain technology is finding its applications in many other domains other than the financial sector such as Healthcare, Internet of Things, Machine Learning, Electoral Process, Supply Chain Management, etc. The Blockchain Proof of Concept employs the Distributed Ledger Technology along with the Cryptographic principles to ensure the maximum security of its products. It enables users to trust each other as the whole Ledger of information itself is distributed and self-verified by the members of the network.  

The Cryptographic principles of the Blockchain Proof of Concept

In case of Blockchain Technology, the information is entered in the form of records and a collection of few records form a single block. This block is then secured through cryptographic algorithms, in particular, the most popular Cryptographic algorithm used in Blockchain Proof of Concept is the SHA-256 hashing algorithm.

Then a new set of record is generated with time and a new block is similarly formed, here the previous block along with the current block is taken into account for the generation of a new hash of the block. The process goes on, hence the Blocks are chained with each other and this whole Chain of the block is distributed among each and every participant of the network. We’ll discuss the distributed concept in detail as we proceed further, but this chaining of the Blockchain prevents from getting the data tampered by the hackers are scammers.

The Distributed Ledger of the Blockchain proof of concept

The Blockchain Proof of Concept is distributed in nature, which means that there is no Central authority which is solely designated in order to maintain the consensus of the system. However, the Consensus is maintained by the whole members of the networks itself. Therefore, due to its distributed nature, the Blockchain Proof Of Concept becomes highly secure and is the topmost technology that can be reached out for by the business operations, if security is their topmost priority.  

 

Application of the blockchain proof of concept

The Blockchain Proof of Concept is highly feasible and practical, as it self-evident from the fact that they are effectively being applied by HR industry, Healthcare, Electoral Process, Supply Chain Management, etc.

 

  • The Blockchain Proof of Concept is applied in order to verify the details mentioned in the Curriculum Vitae of a candidate.

 

  • Even in the Healthcare industry, a patient’s past medical records can be stored using the Blockchain Proof Of Concept, where each time the patient to visits a new doctor, the data is available easily to him.

 

  • The election process is the most vulnerable to all the illegal activities, thereby, in order to eliminate the election expenditures and the intermediaries which conduct the election, the Proof of Concept can be taken into account, where the election process is transparent and the results are displayed in real time. This would indirectly help in the development of stronger democracy is throughout the world.

 

In a nutshell, the Blockchain proof of Concept is booming with its full potential as it is effectively been adopted by almost each and every possible domain one can imagine, which obliges an intermediate third party.  The Blockchain Proof of Concept is highly feasible when compared to other Proof of Concept available in the current technological market.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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Indian regulators postpone introducing the “anti-cryptocurrency” bill.

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