Blockchain — Key To Success In The Tech-dominated World

If you’ve followed banking, investing, or cryptocurrency over the last decade, you may be familiar with the word “blockchain”. The record-keeping technology behind bitcoin. You might have come across with the definition “blockchain is a distributed, decentralized, public ledger”. So, what blockchain actually is? Take a look at the graphics below, you may get an idea of what this definition wants to explain.

Overview

A blockchain is a decentralized, distributed and public digital ledger that is used to record transactions across several computers so that any involved record cannot be altered without making any changes in the subsequent blocks. Blocks generally refer to “digital pieces of information”. Blocks store information which differs from one another. As every person is unique by names and their traits which helps other people to distinguish, similarly each block stores a unique code called “hash” which allows it to be unique or different from every other block.

The most popular and talked application of the blockchain technology is Bitcoin, a digital currency that is used to exchange products and services, just like the U.S. dollar, Euro, Chinese yuan, and other national currencies.

Blockchain technology is in-demand technology. The banking sector with huge data loads of transactions has an excellent option of adopting this technology by deploying talented blockchain developers. The technology states a method for secure decentralized network based on the mathematical algorithm. Quantumsoftech is a blockchain app development company which is capable of transforming technology as a beneficial plug-in for various applications. We customize the blockchain development as per the requirements of the businesses.

The functioning of blockchain technology

1. At first, the node starts the transaction by creating and signing it digitally with its private key (created via cryptography). A transaction can show several actions in a blockchain.

2. A transaction is propagated (flooded) by using Gossip protocol, to peers which validate the transactions based upon preset conditions. Usually, more than one node is required to verify the transaction.

3. Once the transaction gets validation, it is included in a block, which then it is promulgated in the network. At this point, the transaction ought to get confirmed.

4. The new block now becomes part of the ledger, and the next block links itself cryptographically back to this block. This link called a hash pointer. At this stage, the transaction gets its second confirmation and the block gets its first confirmation.

5. Usually, six confirmations in the network are required to consider the transaction final. Transactions are then reconfirmed every time a new block is created.

Why should you include blockchain in your business?

The advantages of blockchain for businesses are numerous, and some stand out more than others. Here are some benefits of using blockchain for your business.

1. The blockchain technology allows verification without depending on the third-party.

2. The data cannot be altered or deleted.

3. It uses protected cryptography for the security of the data ledgers.

4. All the transactions and data are attached to the block after the process of maximum trust verification.

5. The transactions are recorded in chronological order.

6. The ledger is shared across every single node in the blockchain who are the participants.

7. The transactions stored in the blocks are contained in millions of computers participating in the chain. Hence it is decentralized.

8. There’s transparency in the transaction process. The authorized individuals can only view the transaction.

Real-world examples of how blockchain is changing the world

Government, finance, healthcare, media, and other sectors are evolving by the time because of the blockchain. I’ve mentioned some real-life examples of blockchain technology.

1. Guardtime - This company is creating “keyless” signature systems using blockchain which is currently used for the purpose of securing the health records of one million Estonian citizens.

2. MedRec - An MIT project involving blockchain electronic medical records designed for the management of authentication, confidentiality and data sharing.

3. ABRA - A cryptocurrency wallet which uses the Bitcoin blockchain to hold and track balances stored in different currencies.

4. SKUChain - Another blockchain system for allowing tracking and tracing of goods as they pass through a supply chain.

5. Followmyvote.com - Allows the creation of secure, transparent voting systems, reducing opportunities for voter fraud and increasing turnout through improved accessibility to democracy.

Quantumsoftech is a tech-driven blockchain app development company that provides clients with blockchain services as per the requirements of the clients business. Our methodologies and strategies for blockchain software development have the potential to customize the blockchain development as per the requirements of the businesses. We provide the best blockchain app solutions across the globe.

Hire blockchain developers to shape your company’s future.