5 Things About Blockchain Technology
Blockchain technology is rapidly placing a stamp of relevance in virtually every sector of the modern economy globally. The wide adoption of the technology is fast rising as blockchain technology has become the bedrock for a broad array of industry applications from healthcare, education to digital finance and a host of other businesses due to its flexibility, security and distributed nature
Blockchain technology promises to significantly change a lot in the way things are being done in various sectors of the economy. There's a lot blockchain is capable of. Below are 5 things blockchain offers.
Cryptocurrencies (the likes of Bitcoin, and several altcoins) are undoubtedly the most recognized and popular application of the blockchain technology.
Practically, cryptocurrency is a financial representative of the operations and security of blockchain, a cryptographically encrypted currency. Cryptocurrencies follow a set of protocols and are independent of a single entity or government body. Their open-source code makes it available to all and sundry for use and modification.
Like every other currency, cryptocurrencies can be traded over currency exchanges. Transactions like this are safe, secure, and seamless within the blockchain network.
2. Distributed ledger
Given that blockchain is a semi-public and distributed ledger, sharing it across several entities is highly secure. One of the strengths of blockchain is the fact that the ledger is time-stamped. In other words, every transaction within the blockchain network can always be traced and verified. Things like double counting can be completely avoided. Moreover, fraudulent transactions and costly errors have zero chances on the network.
This remains one of the most essential applications of blockchain technology.
3. Peer-to-Peer Network
Basically, there is nothing like a central server that dictates transactions made on the network. It is peer-to-peer over the nodes. There is no intermediary or server filter to slow down transactions. Users can easily reach out to other users irrespective of their different time zones or geographical differences in real-time.
Peer-to-Peer is a distributed networking or computing structure that shares tasks and workload across two or more computer systems, with each one working as an individual peer. P2P networks are often used to share digital data of any kind, including cryptocurrencies. In the best-decentralized format, you can call it thin client computing.
4. Software/web development
Blockchain technology offers an unprecedented level of confidence and transparency in everything that uses blockchain.
Blockchain technology entices web developers with new and exciting tools and unlimited possibilities. Blockchain makes it possible for developers to design new applications that are cryptographically secure and entirely decentralized.
Furthermore, blockchain can be used to create newer APIs. This includes a transaction scripting language, a peer-to-peer nodes communication API, a client API to validate transactions, data APIs, and a host of many others.
5. A Platform for Transactions
Except you are a newbie in this space, you should know that the blockchain network validates transactions. It could be related to digital finance or assets irrespective of the size of the transaction.
When the network reaches a consensus, the transaction is regarded valid after which it is placed in a block– storage space. The block is added at the end of the chain of blocks of previous transactions to show it is the recent block. The whole chain of blocks can be verified at any given time to validate any transaction stored in any block on the chain.
Blockchain remains a transaction giant. The platform verifies, approves, and secures authentic transactions.