There has been a lot of confusion in the way blockchain operates. Many people don’t understand what exactly is blockchain and how can we use it to its full potential. Most people have heard of “BitCoin” which is known to be a cryptocurrency. A lot of few just know a simple fact which is blockchain to be known as securing value.
However, the implications go much beyond that when you think of blockchain technology. This technology can be used for government, personal and business purposes. Blockchain was very stricted to BitCoin concept when it was just launched. However, this technology has spread it wings through various industries already.
So what is blockchain technology?
A blockchain technology can be defined as distributed, cryptographically sealed records, update in a chronically given order, digitally written data of all the transfer activities. These records can can be viewed by all the participants however, can only be updated once the majority of participants agree upon. The biggest advantage of blockchain is that once the data is entered into the record it can never be deleted.
Here are 3 basic characteristics of blockchain technology: -
- High end security: Blockchain stores all the information given in the form of blocks which further are arranged in chronological order. In blockchain technology data the users are in control of all their information and transaction. This technology requires authentication and verification of the data through permanent time stamping.
- Identical distribution: In a blockchain, identical copy of the record is shared by all which gives the user independence to verify content with this blockchain. Information stored through blockchain cannot be manipulated or altered with just one user as there is no single point of failure.
- Energy consumption: The blockchain technology provides about thousand trillion solutions per second to validate a transaction. This uses quite a lot of substantial amount of computer power.
When you want to use blockchain beyond bitcoin in your business you require a thorough research. Using blockchain in your business means finding a professional blockchain application development company. Hiring a professional not only provides you better direction with business but also helps you to understand the concept in depth. Since it is about business more information about such a critical topic will always seems less.
Here are two types of blockchain that can be implemented : -
- Everyone can participate
- Since the data is distributed, manipulation is difficult in blockchain
- Identity is not disclosed
- This type of technology is used in Bitcoin
- Identity disclosure
- Trust is required as the participants hold a good amount of power
- Participants are restricted
- This type of technology is used mostly by tools where blockchain is needed.
Blockchain can be used to its full potential once you understand how powerful this technology has turned out to be. Implementation of blockchain has changed the way technology operates.
- Culture adoption: Blockchain completely shifts to a decentralized network that requires the buy-in of its users and operators. Blockchain technology is still a new concept for many people.
- Cost of this technology: Blockchain technology offers tremendous savings in the transactional cost and is a complete time saver. The high initial capital investment in blockchain is extremely high. It eliminates the need of a third party intermediary, without paying a transaction fee users are able to exchange assets.
- High quality: Blockchain helps to ensure that the data is accurate and timely secured. As well as widely available to every participants consistently. This technology has proven to be much faster in transferring money. Hence, it is one of the most talked about technology in sectors such as banking and finance.
Why hire professionals for this technology?
Blockchain application development company will help you use this technology in the best way possible for your business. Find a company which has a team of highly skilled developers who understand how this technology works. A reputed company will always be able to evaluate your business and help you find ways to improve the quality, security and the entire foothold of your business by using blockchain technology.