Blockchain Technology- “The New Internet”

Blockchain technology is seen as “The New Internet” by businessmen and entrepreneurs.  It is a secure way for transaction. Also for career aspirants, it is an important career option too. Many job roles for blockchain professionals will open such as developers, designers and project managers. These jobs will be in high demand in future.

Blockchain allows digital information to be distributed but not copied. Information exists as a shared and a continuously reconciled database.  This type of network gives various benefits. The blockchain database is not stored in any single location. The records it keeps are truly public and easily verifiable. Since there is no centralized version of this information , a hacker simply cannot corrupt it. The data is hosted by millions of computers simultaneously and anyone can access it on internet.

Blockchain stores blocks of information that are identical across its network. So it cannot be controlled by any single entity and therefore has no single point of failure. It is a type of self-auditing ecosystem of a digital value. Its network reconciles every transaction that happens in ten-minute intervals. Each group of these transactions is referred to as a “block”. This imparts it 2 properties

  1. Embedding of transparent data in the public network.
  2. Incorruptibility of data as alteration of  information on the blockchain is not possible

Blockchain technology imparts a new layer of functionality to the web. 

Uses of Blockchain Technology

  • Management of database that records Bitcoin transactions
  • International remittances
  • Direct transactions of users with one another.
  • Secured blockchain boosts new internet business to unbundle the traditional institutions of finance.
  • Blockchain technology holds great potential to optimize clearing and settlements, and could represent global savings of up to $6bn per year.
  • Smart contracts can be executed using distributed ledgers
  • By enabling peer-to-peer payments, the blockchain opens the door to direct interaction between parties — a truly decentralized sharing economy results. e.g Uber, Ola, Airbnb
  • Blockchains take funding to the next level, potentially creating crowd-sourced venture capital funds.
  • Transparency of election and polls can be effectively maintained by making the results fully transparent and publicly accessible
  • Distributed ledgers provide an easy way to certify that the backstories of the things we buy are genuine.
  • Decentralizing file storage on protects files from getting hacked or lost
  • Smart contracts can protect copyright and automate the sale of creative works online, eliminating the risk of file copying and redistribution
  • Distributed ledgers offer enhanced methods for proving who you are, along with the possibility to digitize personal documents.
  • Anti-money laundering (AML) and know your customer (KYC) practices have a strong potential for being adapted to the blockchain
  • Future users will have the ability to manage and sell the data their online activity generates.
  • Property titles tend to be susceptible to fraud. Also it costly and labour intensive to administer. As Publicly-accessible ledgers, blockchains can make all kinds of record-keeping more efficient.
  • Share settlement process will become much more efficient on using blockchains in stock trading

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