Blockchain

Summary

Blockchain is a new-age technology. A lot of companies are working on this technology to incorporate efficiency and security in there day to day operations. Although Blockchain invented earlier it became famous after Bitcoin started using it. It revolutionized the way business functions. With every passing day, researchers are coming up with something new, related to the implementation of Blockchain. The topmost corporates of the world are very keen on this technology. It created a lot of opportunities for the tech shabby Millennials and it's going to be one most rewarding career in the upcoming time. The best thing about this technology is, it's not restricted to any one industry. Government agencies are also using this for the betterment of their citizen.

What is Blockchain

In today’s day and age, the use of technology is increasing. All financial transactions and business operations leverage technology for their day-to-day activities. But this technology is susceptible to shortcomings, such as forgery, malware attacks, malfunctions of system, privacy issues, data theft, etc. Although we have a system that is reliable but this system depends on third parties.

We need a system that is efficient, reliable, secure, and cost-effective for conducting and recording the transaction. Blockchain technology serves all these purposes. Blockchain is shared, immutable, ledger for recording transactions, tracking assets, and building trusts. The definition might be confusing but the explanation is not.

Blockchain comprises many Blocks, a block is a unit containing three types of date namely The transaction, he hush data of the previous block, and the hash data of the current block.

What is Hash?

Hash is equal to a digital fingerprint, and it is represented by a complex alphanumeric code that cannot be tempered .lets understand it by an analogy.

ARRANGEMENT OF HASH DATA IN BLOCKS

“X “ sent 3000 bucks to his friend “Y” and then ‘” Y” send it to “Z”. Blockchain will create three blocks for this transaction.

For X, lets assume the block will be

XX1 (Hash data of the previous Block),

XA1( Hash date of current block), and

the transaction amount of 3000 bucks.

For Y, the block will be XA1 (Hash data of the previous book),

XA2 (hash for current block), and

the transaction amount.

For z, the block will be XA2 (Hash of the previous block)

.XA3 (Hash of current block) and

the transaction amount.

Now if we again take a look at the definition it will start making more sense. The data in Blockchain is not centralized. any intermediary is also not required. The data is shared with everyone involved in the transaction. If the data is lost at any level we can get it by tracing nearby blocks. The data in Blockchain are immutable. It means one no one temper the data with any kind of malware. If anyone tries to change the data of one block, the system will not work, and he has to change the entire data. Changing the data of every block is impossible as it will need a lot of computation work. Blockchain records every transaction in the form of ledgers. Let's assume you have 300 bucks, you want to send 400bucks. The blocks will verify the transaction by analyzing the previous transactions, the transaction will decline.

Type of Blockchain

Public blockchain

In this type, anyone can access the transaction data that had ever taken place. Some of you might be thinking what about privacy? in this type, the identity of a person is not revealed and the rule of Blocks are hard to change. Public blockchain reward the participants for maintaining the immutability of the Blockchain. Famous cryptocurrency Bitcoin works on this principle.

Private Blockchain

Unlike public one this type of Blockchain works on mutual trusts. One can share the data with trustworthy entities. The control of the system is in the hand of an individual and the rules and he can change the rule at any time. Organizations and Enterprises are using this type of Blockchain.

Before going to the best Blockchain project, let us discuss what are the uses of Blockchain technology.

Following sectors are using Blockchain Technology.

Bank and finance

Banks are using this for validating trading data. Some financial institutions are using it for streamlining fund transfers and implementing the KYC process. Banks are also looking forward to using blockchain technology to digitalized their system. Banks are also using it for providing Business to business payment service.

Leading companies like VISA, HSBC, Barclays, Intesa Sanpaolo are using this for providing better service.

Supply Chain

The role of BlockChain technologies is to regulate the supply chain management system. Tracking consignment from the factory to store. It's also helpful in maintaining quality in every step. Some companies are using this technology to track raw materials from mining sites to factories.

Walmart, Uniliver, Ford are implanting blockchain and to planning it to take to a higher level.

Health Care

In health care industry companies such as DHL and FDA are using Blockchain to secure the health data of patients. Management of patient clams, tracing pharmaceuticals from the point of origin to the Customers to get rid of adulterated drugs are also possible.

Travel Industry

Aviation companies are using blockchain to offer loyalty-based offers to their customers. Companies are building a network of aircraft manufacturers, logistics providers, MRO service providers, software developers for coordination amongst each other.

British Airways, Lufthansa, Singapore Airlines are some of the airlines using Blockchain

Energy

In the energy sector, some companies like Shell and Siemens are using this technology for crude oil trading.

Aside from these industries, other industries like Real estate, insurance, Trade, and Government organizations are using Blockchain technologies.