Block chain Technology Explained With Complete information

Blockchain Technology

Image Source:Pixabay

What is block chain technology?

You may have heard about the Block Chain which is also written as BlockChain but you did not give any special attention to understand this technology which is the best technology of future with a vast scope in the market.In the future it will change many industries to advance.
Blockchain is a database which is distributed on multiple computers at the same time.In it sets of recordings also called blocks are added.Each block contains a link to the previous block and a timestamp to form a chain.The database is not managed by any specific person instead a copy of the database is got by everyone on this network.
The old Blocks are conserved for ever and the new are added to ledger irreversibly and it makes it impossible to manage it by fake documents,transactions or any other information.
Blocks are encrypted in such a way that everyone can get access to whole information but the owner of the special cryptographic key can only add any new record in particular chain.
Unless you do not give your key to anyone,no one can manipulate your transactions.Cryptography guarantees synchronisation of block chain copies on each computer.
Consider Blockchain as digital medical record.Consider every record is a block with a label that states the time and date of the record entry.The medical history is very important for treatment or diagnosis and the doctor or patient cannot change the record that has been made already.The doctor owns a private key that enables him to make new record while the patient owns a public key that lets him access the record when he want.It makes the data more secure and accessible.

Advantages of Blockchain Technology

Today in this modern era we always depend upon internet to share information of any type but when we have to send or receive money we have to use very old methods like bank.Although there are some methods to make payments through internet like paypal etc but they also require integration with a bank account or credit card.Then blockchain is the best opportunity to get rid of all these extra steps.You can take on the three roles of traditional financial services:Registration of transactions,identity verification,contracting.
Blockchain technology is the best way of sending money through digital transactions.As transactions are made online directly between two parties,so it is faster to make deals on the internet.
The contracting feature can be used even outside the financial service sector as we know that blockchain is used also to store digital information.
Both parties can make contract and can turn it into a program by providing keys by which both can access the program.
The mechanism is called smart contracts with infinite area of application.