Taking a deep look at what blockchain means. Blockchain is a system on the internet where multiple data are kept or recorded for everyone to go through.
In the blockchain, data and information are passed from one person to another without anybody having the access to alter/change or edit such data and information.
Advantages of Blockchain
This technology has a lot of advantages which includes:
✓ It isn’t owned by a single or personal body
✓ Since it is visible to many others, data and information that has been put there by anyone can be tracked or traced and seen by those who are interested in it
✓ The data or transactions recorded cannot be changed or altered.
This technology is used in different industries but mainly, it is used in Bitcoins and Cryptocurrency.
Technology, on its own, is the various scientific knowledge used in practical ways in Industries in ensuring speedy advances in the day-to-day activities carried out in such industries.
Therefore, linking blockchain with technology, when data and information or transactions are recorded or kept on servers which represent blockchain, finding those data and transactions by others becomes so easier which represent technology.
Although this is a new type of technology, many industries have adopted the system due to its generation of revenues to such industry. This technology is used to create a record of transactions which cannot be changed as well as edited.
As soon as a new transaction is added, such transactions are linked to the previous transactions and it becomes another block in the chain of other transactions and data( these easily simplifies the term” blockchain”)
In blockchain, as soon as a new data, information or transactions is entered, it can never be erased.
Blockchain technology has brought up some level of controversy in its aspects of transparency. Looks at it from this perspective. Some users who use this technology have argued that transactions carried out do not help to protect the privacy of the users since anyone could trace and track the users through the recorded information stored there. Meanwhile, some others stated that It still protects the privacy of its users since the user’s identity is only revealed to some certain aspects.
Another advantage of this technology is that there is a form of cash payments which can be sent directly from a user to another user without consulting a financial institution like banks etc…
Forms of Blockchain
Mainly there are two forms:
(a) Public blockchain
(b) Private blockchain
Blockchain has been proven in a way to be very secure for its users. It cannot be hacked. And even though blockchain can be hacked, the fact that blockchain technology is not entitled to a single body or individual, therefore, makes it quite impossible to do since you will have to hack every single computer on that network.
Although, blockchain network seems to be very secure, some of the application existing above them are not so safe.
See the reasons why we need Blockchain for our business;
1. It is a more safer way to record data and transaction.
2. It cannot be deleted by anyone
3. It has an updated history of transactions and data
4. They are secured and is not easily hacked
5. Since the system of record is splitted, so therefore there is no central control administration
6. It can be used to record transaction between multiple or several parties
7. It is becoming the order of the day in the 21st century business, you will not like to be outdated, would you??
8. It can be used to verify the credentials if a job applicant in your industry
9. It enables or enhances transparency in any kind of transaction or information stored
10. It is used to verify the authenticity of the information stored in block chain
11. Transactions could take place in milliseconds making the whole process super fast
12. And lastly, it is one of the most recommended best ways to run tour business.
Despite all these, blockchain technology also has some areas in which some flaws could be recorded or detected. They are highlighted below
1. It has a high environmental cost . That is, to put it in a food condition and shape, it requires high cost of money
2. Lack of regulation creates a risky environment. That is, when the type of transaction and information which are stored there are not regulated, then there will be a risky environment. This is why there are so many records of scam.
3. End users of this blockchain hardly appreciate the benefits of it because they are not so much involved in the activities carried out in blockchain technology.
4. Since in blockchain technology, once a transaction or information is recorded, kept or stored, it can never be deleted or erased whereby all the history of past transaction and information which are still stored by many users, then blockchain technology becomes so cumbersome and in some cases, it will become slow.
So dear reader, since you have seen all about blockchain technology, don’t you think busing blockchain for your business or industry will be beneficial?? Although it still has some flaws, its benefits are sure to make your business easier and flow freely.
Also read: How to become An Android Developer
If you want to know about Cybersecurity read What is CyberSecurity ? | Need for CyberSecurity
FAQ: A Complete Guide to Blockchain Technology
What Exactly is Blockchain?
Ans: Blockchain is a system where multiple data are kept or recorded for everyone to go through.
Who is the owner of Blockchain?
Ans: Blockchain is founded by Peter Smith, Ben Reeves, and Nicolas Cary.
Who is the biggest Blockchain company?
Ans: IBM is the world’s largest blockchain company.
Why is Blockchain so important?
Ans: Blockchain is a more safer way to record data and transaction. It cannot be deleted by anyone and has an updated history of transactions and data. Blockchain is secured and can’t easily hacked.
Which banks are using Blockchain?
Ans: List of banks in India using Blockchain Technology are-
1. The Federal Bank from India
2. Lulu Exchange
3. Axis Bank,
4. RAK Bank,
5. Standard Charter Bank
6. Kotak Bank