Hey everyone, in this blog article, I’ll talk about Blockchain Technology and explain why it has so much potential to open up new doors and generate opportunities for various inventions. In this blog article, I’ll go through this technology in-depth and help you discover answers to all of your questions. This blog article is useful for university students looking for online assignment help with blockchain technology and associated topics.
The blockchain is a system built entirely on Distributed Ledger Technology (DLT) (DLT). This technology was created in order to support the cryptocurrency BITCOIN. We monitor and verify Bitcoin transactions with the aid of Blockchain. Take a peek at what the Bitcoin genesis block looked like.
The blockchain’s novelty is that it ensures the accuracy and security of a data record while also generating trust without the requirement for a trusted third party.
A blockchain organises data into groupings called blocks, each of which contains a collection of data. Blocks have specific storage capabilities, and when they’re full, they’re closed and connected to the preceding block, producing a data chain known as the blockchain. All additional information added after that newly added block is compiled into a new block, which is then added to the chain after it is filled.
We may describe blockchain as a decentralised technology in simple terms. Blockchain is used by a global network of computers to administer a database of many computers that records Bitcoin transactions. For students, blockchain technology is still extremely new, and colleges are currently integrating curriculum to help them grasp it.
In a straightforward language, we can say, blockchain is a decentralized technology. A global network of computers uses blockchain to manage the database of several computers that records Bitcoin transactions. This technology is very new for the students and universities are still including coursework to understand blockchain technology. Allassignmenthelp.com has collaborated with experts to help students understand the technology and do their assignment.
Key Points of BlockChain
- Blockchain is a sort of shared database that varies from traditional databases in the way it is stored: data is stored in blocks, which are then connected together via cryptography.
- As new information is received, it is entered into a new block. Once the block has been filled with data, it is chained onto the preceding block, forming a chronological chain of data.
- A blockchain may hold a variety of data, but the most prevalent application so far has been as a transaction ledger.
- In the case of Bitcoin, blockchain is employed in a decentralised manner, meaning that no single person or organisation has power—rather, all users have control collectively.
- Decentralized blockchains are immutable, meaning that the data inputted cannot be changed. This implies that transactions in Bitcoin are forever recorded and accessible to everybody.
How does Blockchain Technology work?
The working functionality of a blockchain is very complex, but we can straightforwardly understand this. A blockchain is a complex structure of data that represents a financial ledger entry or a record of transactions. Each transaction is encrypted with a digitally signed key to ensure its authenticity. No one can temper the authenticity of the transactions as it follows the encryption and decryption policy.
As we can see blockchain technology is completely based on Distributed Ledger Technology, now we are required to understand this term and its functionality.
What is Distributed Ledger Technology (DLT)?
A distributed ledger (distributed ledger technology, DLT) is a union of shared, replicated, and synchronized digital data which is geographically spread across multiple sites, countries, or institutions. By using this technology blockchain create such an environment that helps users to provide the most secure platform for exchanging information and data. If you are a student, DLT is a very trending topic and in academics, it can be your next topic for the assignment.
Why Blockchain Technology is our future?
Now we know, what is Blockchain Technology and its functionality, and why it is the most secure way of a transaction. It keeps records of multiple bitcoin transactions which proceed through a number of computer systems around the globe. In the coming era, the growing possibility of blockchain technology is very high, and there are several reasons why it can be the future of data sharing and online transactions. Here are the most important benefits of Blockchain technology that may prove to be useful for businesses in different industries:
1. Trustworthy system and secure
With the help of blockchain technology, we can make a data structure that allows users to create and verify transactions without third-party involvement. It actively helps to reduce the risk of unauthorised intervention and backdoor transactions. Blockchain technology follows strong encryption and decryption technique. By which it creates such a secured environment which can’t be the temper and hacked by anyone. Modification of historical data is only a possibility if one has a large team working simultaneously across data centres.
Blockchain technology helps to make the transaction process transparent. As we know Blockchain technology is wholly based on distributed ledger technology which allows users to have full access and control over all their information and transactions. If there is any change in the public blockchain, it would be accessible to all the members, that’s why it uses the single general ledger to record transactions which reduce the clutter and complications of multiple ledgers.
3. Faster transactions
Although we are digitally advanced yet online transactions take time while working with digital documentation. If we talk about inter-bank transactions, especially on non-working days, it can take a few days for clearing and final settlement. But blockchain technology can reduce transaction time to minutes, and they are processed 24/7.
4. Reduced transaction costs
A transaction system that is built by using blockchain technology eliminates third-party intermediaries and overhead costs for exchanging assets. Blockchain technology can be purchased by banks to reduce governance and audit costs. Blockchain technology is more effective transparent and cost-efficient for a new generation of transactional applications. It can transform systems in the fields of, Entertainment (gaming and music streaming), Healthcare (Electronic medical records), Manufacturing (Supply chain management), etc.
Here are some substantial reasons why we can say that blockchain technology is the future.
Blockchain Applications That Are Transforming Society
Blockchain technology has the capability of changing and transforming society completely. This technology can help to innovate new possibilities in every field of life.
Here are some applications which are transforming society given below :
Blockchain Business Financial Services
As we know the traditional system tend to be complicated, error-prone and slow. Intermediaries are often needed to resolve conflicts if any occurs in any business. Naturally, this causes stress and time taking. In contrast, users find blockchain technology cheaper and more transparent. We can see that a growing number of financial services are using this technology and they are introducing some smart innovations like smart bonds intelligent contracts etc.
Examples of Blockchain financial services
i. Asset Management: Trade Processing and Settlement
Traditional trade process can be expensive and risky too, and when it comes to cross-border transactions, each party in this process such as custodian, broker and settlement manager keep their records which can create significant inefficiencies and room for error. But with the help of blockchain technology, the ledger reduces error by encrypting the records, and it simplifies the process at the same time.
ii. Insurance: Claim processing
As we know the claim process is often frustrating and a thankless procedure. Insurance processors have to authorise fundamental claims and fragmented data sources. Due to manual handling, there is room for huge errors. The blockchain provides a perfect system and risk-free management with transparency and allows insurers to capture the ownership of assets to be insured.
iii. Payments: Cross-Border Payments
As we all know the global sector of payment is not as secure as it should be. There are still some ways by which you can be cheated by someone. if we talk about cross-border transactions they also face the same situation. Due to this, its integrity gets disturbed. But blockchain technology makes cross-border transactions seamlessly easy and transparent. It does not take any time and make the process quite easy for the sender and receiver. Due to the high confidentiality of data structure, it’s nearly impossible to break the integrity of such transactions.
Now the question is where the blockchain comes in?
As we can see we are globally advanced and today world is using the internet for everything. Everything is globally available and we can avail of any service. But the question is, how can you be sure yourself that you are going to have the most secure services? Or how would you assure yourself that your devices which are connected through the internet are secured? As in all cases, blockchain ledger helps to provide security for the internet of things.
Blockchain ledger prevents all the possibilities which can affect the integrity of the service. With billions of devices linked together, the cyber-security experts make sure that distributed information is this secure and no one could manipulate the confidentiality of the service.
Blockchain ledger system ensures the integrity of the information. The ledger grants parties a well-organized platform for analysing the vast amount of data.
What are the Internet of things (IOT)?
As we all know the internet has occupied our life and by 2020 there will be 26 billion connected devices and growing day by day. The Internet has become essential for growth, and when any material or object is connected to the internet, it becomes the internet of things. In a straightforward language, we can say things that can be operated with the help of the internet known as the internet of things. By being connected to the internet network, the object such as phone or house becomes more than just an object it is now people to people things to people and things to things functionality proceed with the help of the user.
Example of Blockchain Internet-of-Things (IoT)
The devices which use to operate with the help of the internet are known as smart appliances. These appliances give you more information and control as compared to before. For instance, a code associated with your device helps you to connect your device to the internet. With the help of this new technology, you can stay alert about your device and even control it anytime. Encrypting these appliances on blockchain technology protects your ownership and enables transferability.
Areas in which blockchain can be applied and improves its functionality
As we know the blockchain has the capability of transforming the world and its traditional working functionality, here we have so many areas which can be improved and make them more secure even our government can use this technology and avails its features to improve their functionality and working procedure.
How can blockchain Technology help government ?
Blockchain technology has a lot of possibilities by which it can help the government too. By using this technology government can have easy and very transparent access to all data and information which spread over the web in a very unorganised manner. Government can keep the records of every individual transaction and exchange information with other countries. This is a more reliable, secure and fast way for transferring data and information over the globe.
How can blockchain Technology help public value/ community
Blockchain technology can facilitate self-organisation and private sectors by providing a self-management platform for companies, NGOs, foundations, individual citizens, academics. Parties can interact and share information on a global scale and this process would be very transparent – think of Google Cloud, but larger and less risky.
Whether you like it or not the truth is online shopping websites know everything about you for example if you purchase any service from any site, that website asks you to share your identity and once you share your identity. It becomes an information record for that website, and they sell your information to other advertising websites. Due to this your identity integrity breaks. But blockchain technology keeps you away from such situations and give you a more reliable platform to share your info with only those, with whom you want to share. The blockchain protects your identity and confidentiality by encrypting it and securing it from spammers and marketing schemes. Messaging and smart contracts are some very new features of this technology and with the help of this technology, it would be impossible to manipulate users identities.
Examples of Blockchain Identity
The first digital passport was launched on Github in 2014. The purpose of making this digital identity was to check the owner’s status. Its working functionality was simple you just need to take a picture of yourself and stamp it with the public and private keys, both are encoded to prove it is reliable and secure. The passport is stored on the ledger and it had a Bitcoin address with a public IP and was confirmed by Blockchain users.
ii. Personal Identification
We carry many identifications: Our driver’s license, identity cards, computer password, keys, social security ID, etc. Blockchain ID is a digital form of ID that’s made to replace all these forms of physical identification. In the future, you’ll be able to use one digital ID. It would be open-source, secured by the blockchain, and protected by a ledger of transparent accounts.
Blockchain’s Advantages and Disadvantages
Despite its intricacy, blockchain’s potential as a decentralised record-keeping system is practically limitless. Blockchain technology may have benefits beyond those listed above, ranging from increased user privacy and security to reduced processing fees and fewer mistakes. However, there are certain drawbacks.
- By removing human intervention from the verification process, accuracy has improved.
- Cost savings through obviating the need for third-party verification
- It is more difficult to alter with a decentralised system.
- The transactions are safe, secret, and quick.
- Technology that is transparent
- For inhabitants of countries with insecure or undeveloped governments, it provides a financial option as well as a mechanism to safeguard personal information.
- Bitcoin mining has a significant technological expense.
- Transactions per second are low.
- Use in illegal operations in the past, such as on the dark web
- Regulation varies by jurisdiction and is still a work in progress.
- Data storage constraints
Top resources to learn blockchain in 2022
- Here are few online courses for you to enroll and get most about the blockchain and cryptocurrencies.
- Berkley online certification for blockchain
- Blockchain and bitcoin fundamental on Udemy
- Follow Twitter spaces and find out the most active tweets on blockchain to know about the development.
- Join Reddit community to learn about the development in the area of Blockchain technology.
- Search for white papers on crypto and blockchain to find out what are the new offerings and crypto in the market fixing the bottlenecks.
Given the benefits of blockchain technology, we may conclude that this technology represents the future of a plethora of inventive ideas. We can make our working environment more safe and efficient with the aid of this technology. There would be no concern with security. This technology has the potential to encompass all elements of human labour. This technology can help humans save a lot of time and effort. The blockchain has the potential to become a very powerful instrument for enhancing business, conducting fair trade, democratising the global economy, and supporting more open and equal communities. Keep visiting allassignmenthelp.com for more blogs like this.
|Question.1. What are Crypto tokens?|
Answer.1. Crypto tokens are frequently used to collect funds for crowd sales, but they may also be used to replace other items. The traditional initial coin offering (ICO) method, which comprises a crowdsourcing exercise to support project development, is used to produce, distribute, sell, and circulate these currencies.
|Question.2. What Is Ethereum and How Does It Work?|
Answer.2. Ethereum is a blockchain-based platform best known for its native cryptocurrency, ether, sometimes known as ETH or just Ethereum. The Ethereum network is safe due to the distributed nature of blockchain technology, and this security allows ETH to grow in value.
|Question.3. What exactly does Ripple do?|
Answer.3. Ripple’s basic procedure is a payment settlement asset exchange and remittance system, comparable to the SWIFT system for international money and security transfers, which is utilised by banks and financial intermediaries.