Let's explore Blockchain and its uses besides Cryptocurrencies.
Better known for its use in the realm of cryptocurrencies, blockchain technology offers supreme reliability, transparency, and collaboration. It has the potential of becoming a key pillar in cyber-security, forecasting, supply chain management, finances, data, and communications reshaping the tech trends landscape as we know it. Thousands, if not millions of businesses will be positively affected by blockchain in the near future.
Blockchain technology was created by a group of researchers that wanted to ensure security for their information. The technology of these researchers was used by a Satoshi Nakamoto for the use of cryptocurrency. Nakamoto went on to create Bitcoin, the most iconic and valued cryptocurrency as of right now. The rise of Bitcoin has brought to attention the flexibility and security of the technology it uses, blockchain.
What are ‘complex systems’ then?
Blockchain works as a distributed ledger that functions in a chain of blocks that contain information (hence the name blockchain). Each participant in the blockchain keeps a copy of all the historical transactions that have been added to the ledger and this copy is compared to other copies of the same transactions. Irregularities will stick out like a sore thumb. In order to tamper with something, you will need to make changes to all the other participants’ historical data which is nearly impossible. No participants have special rights in editing or deleting transactions. In fact, there is no central system or party that governs the transactions.
What are the security measures in blockchain?
Hashing: Every block has its own unique digital fingerprint that helps identify it both in the chain or as an individual piece of information
Proof Of Work: Since each block has its unique hash and links to the next one, every attempt of attack is evident because of the modification of the hash on different blocks
P2P Network: Everyone with access to the blockchain has a copy of it the transactions. A block will be verified with multiple sources on different machines before it is can be properly filtered and processed.
The tools and trends that blockchain brings to the different industries work better in for forms such as:
- Medical Records
- Sensible Data
In the end, Blockchain is going to be popular in the mainstream media for its uses in cryptocurrencies, especially Bitcoin. The uses you can give to this amazing system are limited by the imagination of your team, the uses are up to your needs and your vertical behavior.