Blockchain Technology has gotten the financial whirling with its ability of trustworthy record keeping. The word “blockchain” is the name of a new technology that acts as an incorruptible digital ledger. As a digital ledger, blockchain serves the fundamental purpose of storing information digitally.
A blockchain network allows us to track numerous processes from end to end. That includes payments, purchases, accounts, and production, among others. Hence it creates entirely traceable supply chains and systems.
The blockchain system allows us to access and relay information in a manner that’s immediate, organized, and transparent. It can improve the way global supply chains operate by instilling confidence in transactions and creating new opportunities for efficiencies.
Blockchain Technology Properties
Blockchain has now become an emerging and trust-worthy technology because of its unique properties,
- Immutable - All validated records cannot be reversed or changed. If even one block in the chain is modified, tampering would be evident.
- Time-stamped - Each transaction has a timestamp recorded on a block.
- Secure - All the Records are individually encrypted.
- Programmable - Programmable blockchains allow for huge potential to do many things.
- Distributed - Every participant in a blockchain network will have a copy of the ledger, ensuring transparency.
- Unanimous - Every participant in a blockchain network agrees that each of the records is valid.
- Anonymous - The identity of the participants within a network can remain either anonymous or pseudonymous.
The future of the world financial system and most of our financial transactions are related to blockchain Technology.
Lesser-known facts about blockchain technology.
Here are a few lesser-known intriguing facts about blockchain technology.
Various Inventors
The Idea of Blockchain initially came up for the first time in 1991. Blockchain technology was founded and invented by various inventors. Two American researchers, Stuart Haber and Scott Stornetta wanted to put together and design a system where timestamps could not be changed or altered.
Many years later, around 2008, the idea was back again with Blockchains. First, it was Satoshi Nakamoto who developed Blockchain technology. Satoshi Nakamoto is the name associated with the development of bitcoin. However, the innovation did not stop with Bitcoin.
Idea Behind Blockchain Technology
Though the idea of the blockchain seems like a complex concept, it can simply define as,
"A system that records transactions completed with cryptocurrency and then are maintained across more than one computer and then linked or connected in a peer-to-peer network.”
Blockchain technology is merely a different kind of database. Security is key and that is what makes blockchain technology very special. The transparent nature of the transactions of blockchains is key. Moreover, the ledger of the blockchain is updated automatically. As well, the only way to confirm or reveal the participant's authenticity is by an agreed group.
Reduction in Fees and Costs
Any business indeed tries to save money and keep profits. Blockchain-based track-and-trace technology eliminates a lot of unnecessary steps and simplifies supply chains.
Blockchain technology is very good for saving money and cutting costs by simplifying the supply chain system and network. Moreover, you have less concern for any diversion or “middleman” intervention. The lack of a need for a central authority decreases risk and common security issues but also removes a lot of the processing and transaction fees.
China with the Biggest Blockchain Organization
Bitmain, a Chinese Company that is a primary manufacturer of application integrated chips used for bitcoin and more, is seen as the largest blockchain organization in the world by market valuation and production This company also contributes to cryptocurrency mining in addition to Blockchain Technology.
Located in Beijing, Bitmain also operates some of the largest bitcoin mining pools driven by computing power. Bitmain is a mining hardware powerhouse that has raised over $500 million in capital for research and development.
Blockchain Technology, Government and Business
The main benefits to come for any business and society, in general, will be security, efficiency, and speed. These three principles will drive interest in blockchain technology. The potential in the public sector through government will help drive savings as well for business owners and companies.
Governments will use it to further develop efficient ways to save for their citizens. As well, blockchain’s potential will spur public and private investment. Gradually, blockchain experiments and developments in government and business are growing incredibly fast globally.
Blockchain Technology in Social Media Networks
Social media networks are growing and changing with blockchain technology. Technically, the next massive opportunity for decentralization and control for users and companies is personalization. And hence, there is a rise in social networks which operates by such blockchain implementations.
There is the best blogging network called "Steemit" where users are rewarded for content and posts called "Steem coin". Blockchain work with these networks by utilizing crypto-coins. Thus, when a user or anyone would upload or post an article or even just write comments then there is a reward.
Blockchain technology market capacity and potential will very likely increase by $7.59 billion by 2024 with the huge rise in Employment Opportunities.
