Blockchain is the outcome of research & development that has been going on for the past few decades in the field of cryptography and security. It offers a never before used approach for storing information and performing functions, which has become a potential solution for environments that require high security without the need for revealing personal identity.
It is a giant public ledger of information, that can withhold personal information as well.
How it works
The working concept behind it is that it keeps two kinds of records: individual and transaction blocks. Blockchain’s first code converts each transaction into a unique value, which is then combined into a hash tree with a specified group of hashed transactions resulting in the creation of a block. Each block has a unique hash containing the hash of the earlier block’s header and a timestamp. Blockchain has an inherent feature of being resistant to any kind of data modification.
Due to its interlinked property, these become immutably bound together. Data which is recorded in any block cannot be changed without changes in all related blocks, which is possible only with the consensus of the network majority.
Benefits & Impact of BlockChain
- It can help improve transaction security, in lowering overall fee costs and even reduce transaction time. As a result of its enhanced speed and security, businesses could use this technology to improve business-to-client transactions.
- Blockchain tech can help municipal bodies form private networks for critical and high-security data, such as land records. These networks could be more transparent, safe and reliable when data sharing is happening.
- Decentralised Social Networking Sites. Social networking sites are more prone to censorship. Decentralised social media platforms, such as Steemit, take care of this issue and even reward its content creators.
- Proof of Ownership. Blockchain could be used as a tool for establishing ownership proof for purchased items, tracking them and prevent the sale of stolen goods further crime prevention.
- Authenticated Voting. Blockchain voting technology can solve the issue of tampering in a digital voting system, as anyone could audit the blockchain to confirm whether votes are legitimate and time stamped.
- Distributed Cloud Storage. Distributed cloud storage eliminates the risk of data theft or misuse by anti-social elements, as cloud storage concentrated in servers of companies makes them a potential target for hackers. Data server infrastructure expansion may mean more service charges for its users.
- Land Registration. The Indian government is using blockchain tech to counter land fraud. Andhra Pradesh became the first Indian state to adopt blockchain technology for official use.
Aafilogic Infotech, a Web Development Company in India, is exploring Blockchain technology for more applications in the coming future. Aafilogic Infotech has also developed a website for World BlockChain Organisation and Diplomat who offer e-wallet services for cryptocurrency. Moreover, as a Mobile App Development Company in India, Aafilogic Infotech is also developing an Android app for these organisations.
Blog Originally published on https://www.appfutura.com/blog/blockchain-technology-a-brief-description-and-its-benefits/