Hey guys in the blog post I will discuss Blockchain Technology and will tell you why this technology has so much of potential that it can advent new possibilities and creates prospects for different innovations. In this blog post, I will talk about this technology in detail and help you to find out the solution to all your queries. This blog post is helpful for those students who are given an assignment on Blockchain Technology. Students can take this blog post as an assignment help for their assignments.
The points which I have covered in this blog-post are listed below:
- Blockchain technology
- How does Blockchain technology work?
- Why Blockchain technology is our future?
- Blockchain Applications That Are Transforming Society
The blockchain is a technology which is completely based on Distributed Ledger Technology (DLT). This technology was invented to support BITCOIN cryptocurrency. With the help of Blockchain, we use to monitor and verify Bitcoin transactions.
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 it can be their assignment topic. If you need any help in your assignment regarding this topic, you can always seek online assignment help.
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 ensuring its authenticity. No one can temper the authenticity of the transactions as it follows the encryption and decryption policy.
As we can see the 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 environment which help users to provide most secure platform for exchanging information and data. If you are a student , DLT is very trending topic and in academics it can be your next topic for 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 a computer system in the globe. In coming era the growing possibility of blockchain technology is very high, and there are several reason why it can be the future of date 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 which allows users to create and verify transactions without third-party involvement. It actively helps to reduce the risk of unauthorised intervention and backdoor transaction. The blockchain technology follows strong encryption and decryption technique. By which it creates such secured environment which can’t be 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 use 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 in non-working days, it can take 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 which 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 a capability of changing and transforming the 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 the conflicts if any occurs in any business. Naturally, this causes stress and time taking. In contrast, users find the 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 bond and 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 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 the cross-border transactions they also face the same situation. Due to this, its integrity gets disturbed. But blockchain technology makes the cross-border transactions seamlessly easy and transparent. It does not take any time and make the process quite easy for sender and receiver both. Due to 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 internet for everything. Everything is globally available and we can avail any service. But the question is, how can you be sure yourself that you are going to have 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 makes sure that distributed information is this secure and no one could manipulate the confidentiality of the service.
Blockchain ledger system ensures about 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 connected to the internet, it becomes internet of things. In a straightforward language, we can say things which 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 become 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 known as smart appliances. These appliances give you more information and control as compared to before. For instance, a code which associated with your device help 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 anytime. Encrypting these appliances on the blockchain technology protects your ownership and enables transfer-ability.
Areas in which blockchain can be applied and improves its functionality
As we know the blockchain has capability of transforming 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 ?
Block chain technology has lot of possibilities by which it can help the government too. By using this technology government can have easy and very transparent access of all data and information which spread over the web in very unorganised manner. Government can keep the records of every individual transaction and exchange information with other countries. This is more reliable, secure and fast way for transferring data and information over the globe.
How can blockchain Technology help public value/ community
The blockchain technolohy 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 or not but 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 the 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 feature of this technology and with the help of this technology, it would be impossible to manipulate users identity.
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 public and private key, 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 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 the one digital ID. It would be open source, secured by the blockchain, and protected by a ledger of transparent account.
As we can see the advantages of blockchain technology, we can say this technology is a future of so many innovative inventions. with the help of this technology, we can make our working environment more secure and fast. There would be no security issue. This technology can cover all aspects of human working areas. This technology can save a lot of human effort and time. The blockchain could become a powerful and very strong tool for improving business, conducting fair trade, democratizing the global economy, and help to support more open and equitable societies.
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