Knowing the Unknowns of Blockchain

Published in

GigTricks

8 min readAug 27, 2018

What an intriguing sensation we feel when we hear, or go through the Internet and come across the word blockchain? We all have faced that, we all encountered that and why? Because we all are excited by the unfathomable thought of blockchain. This is where we lack the knowledge but it has put such an impact over the technology of today that we excite ourselves by the term only.
The blockchain is a term that people attribute often with the cryptocurrency or digital currency but it is something more than that. However, when exposed to the concept and core reality behind the development, functioning, and processing of the blockchain technology you are going to be enthralled.

With time, more industries are embracing the blockchain technology and adapting it for different applications. Be it a transaction or an authentication system, blockchain is coming to the rescue somehow. And that is what matters most, as the implementation of blockchain will decentralize the entire systems and data security will no longer be an issue of worry for the users. As blockchain is really hack-proof and impregnable according to the recent observations. Though another advantage of blockchain technology is to be an adaptable technology that will be revolutionizing the way things were used to be or data was stored.

What Really Is Blockchain?

If you call Blockchain to be the next Internet, you might not be wrong. Ever since its development and launch, the technology has evolved and is even now evolving. But the fact is, with blockchain you are allowed to share the data, scatter it all over the network but you won’t be giving anyone the access to copy it. Therefore, your digital information can be kept, stored, and distributed over the blockchain, but now it is being termed as the next big thing after the Internet.
As the name suggests blockchain is in actual a chain of blocks where each block consists of transactional records which eliminate the need for a middle-entity in between every transaction that you carry.

What Problem Blockchain Resolved?

In the days before the blockchain or cryptocurrencies showed up, for the digital transactions or traditional transaction there was supposed to be a middle-man (bank normally) that is taking care of and maintaining transactions. Why do we have the necessity for the banks or other government agencies to see through our transactions? Well, to ensure the trust and certainty, to keep and maintain the records, and keep the transaction process clear from any mishaps.
Now when we are banking digitally, this may lead to the double-spending i.e. using the same money for buying different items. This is a hurdle that leads to prevention of peer to peer transactions. This predicament has been resolved by the blockchain technology because it has eliminated with time the need for a third party that will be managing the transaction’s authenticity.

A Fascinating Truth About Blockchain

In general, working with the Blockchain is not really complicated. It is as if you are using your smartphone or an automobile. How so? You might be wondering the answer but I would say that you don’t need to understand how your smartphone or laptop is built in order to be using it. But it will be an ideal case if you work towards acquiring any prior knowledge.

Blockchain & Bitcoin — Connecting Dots

Probably the reason for the fame of Blockchain is without any doubt the fame the aforementioned crypto token received from all across the globe. But after garnering mass attention, people worked with it and brought different applications of Blockchain that were nowhere associated with a crypto token or any other digital currency. In today’s market, the value of cryptocurrency is close up to 9 billion USD, which is no doubt huge. Thus it received the title of digital gold by the community.

Bitcoin came on the forefront in 2008, when a person with the pseudonym Satoshi Nakamoto authored the whitepaper. It claimed the Bitcoin to be peer to peer electronic transaction system enabling an electronic transaction without any middle-man involved. At first everybody’s was in an awe over the newly devised means for the electronic cash transaction. However, it is the technology that is working on the behind that is something to delve through and ponder upon and that is the Blockchain.

To be honest, Bitcoin is just one of many other applications and probably the best products that were developed using the Blockchain technology. Today, there are hundreds of new applications of the Blockchain technology in process and no, not every application is a transaction system or mechanism. Like, for example, consider Ethereum platform which has a blockchain running on the back that is responsible for the contract management which is also known as the smart contract.

What’s Happening On the Background? — The Realm That Is Unknown!

Let’s fathom the territory that is unknown to fathom or delve through. In plain words, Blockchain is a decentralized database (also known as the distributed ledger). The major perk of a decentralized database is that it tends to keep updating the digital records that it keeps hold of. Since the distributed ledger consists of numerous replicated databases that are synced through the Internet and they will be visible to you if you are in the network.

As soon as a transaction is successful, the transaction is accumulated in a block (cryptographically secured) along with those transactions that took place within the past 10 minutes and are propelled into the network. It is only after that, when the miners get to solve the complex equations and when successful they are rewarded (the first to accomplish).

Each new block is then linked with the previous blocks forming a chain of blocks. And every block is carrying a transaction record; all withheld in the chain. This is how the chain is updated continuously, thus keeping the record and tracked time of each transaction.

Why People Trust the Blockchain Networks?

A major thing that is attracting people from every field towards the Blockchain is the cryptographic and decentralized nature it has to offer to the consumers. This allows in people to find the system trustworthy, and what is its first impact? It is the omitting of the intermediaries from the process of the transaction. You won’t really find the need of them to ensure a trustworthy and secure transaction.

In terms of security, Blockchain has reached the newer levels of data security. As it is securer against the malicious hack attacks, as the technology isn’t impregnable. As an example, if you are working upon hacking a single block in a blockchain, then you will have to hack through the entire blockchain going until the very first block in series. The cherry on top! you will have to perform this action on every ledger in a network that could take millions of blocks. How cool and secure is blockchain you might have understood the fact by now.

Think Over Before You Adopt Blockchain

There are certain thoughts that needed to be resolved before you make your decision of putting your feet into the unknown territories. You should ask yourself the below-mentioned things, and if you get a positive answer to your queries, I believe it’s time for you to estrange yourself from the rest of the world and step into Blockchain.

· Blockchain must better the technology that it is replacing.

· Your Blockchain should be a solution to any problem you or your business organization face.

· It should benefit not any limited but wider aspect.

· No unlawful uses or actions to be performed.

Implications of the Blockchain Technology

Until recently Blockchain has affected the fields of finance mostly. By 2015 it was estimated by the World Bank that there were more than $400 Billion US in transfers, which is a large sum of transactions taking place. Ever since then there has been observed a higher demand of the blockchain developers in the market.

The Graphical User Interfaces or the GUIs have made personal computing accessible and easier, similarly the GUI devised for the core functionality of blockchain is none other than the applications known commonly as the Wallets. These wallets are where you store your cryptocurrencies and trade them for buying something from the digital world.

Applications of Blockchain Technology

If you think blockchain is only limited towards revolutionizing the field of finances, then you are wrong. Because it is evolving from time and so are the applications of Blockchain. Here we will be having a brief look at the applications of Blockchain that are evolving the world around us, even while I am writing and you are reading this article.

1. Blockchain & Finances

When we talk about the finance of course without any doubts the crypto tokens are what crosses our mind. As Bitcoin is the prime example of Blockchain application in the field of finances. As we have discussed earlier the working of the chains and the blockchain, things are very much the same here. Using Blockchain eliminates the risks of transactional frauds, spams, and scams. Other than the payments, it has also influenced the insurance companies in making an attempt towards adopting this technology.

2. Real Estate Application

We wouldn’t have thought it a few years ago that the Blockchain Technology will have such vast uses attributed like houses, cars, and property may have an embedded technology in them. So the ledger can be credited with storing the contracts which will be the identity of your ownership to those assets. When you are making contracts’ smart, the chances of theft, fraud, or scams will be reduced with time.

3. Blockchain & Identity Encryption

If given proper care to the thought of applying Blockchain towards the identity encryption, it has a big role on hand to offer. Blockchain technology can be securing and reserving the personal data of a person, for example, the birth certificates, and other important documents in the block that will be part of the blockchain of personal histories of other individuals. The record-keeping could be reliable and more secure with blockchain.

Another aspect is we have to carry the identification means such as the driver’s license, social security identity, passwords, and pin codes. These all could be replaced by the Blockchain Identity. It is already predicted by certain scientists that in the future we will be using just one ID at any front that will be sure our Blockchain Identity that is reliable, secure, and protected by the ledger.

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