Everyday we wake up and we see the world innovating itself, different technologies emerging and people falling for what these new technologies can do. There are two type of technologies or one can say innovations; first those which amaze the people on their arrival and then vanish just like they never existed and secondly those technologies which emerge from nowhere and mark themselves in such a way that people question their survival without them. Blockchain is one of those technologies which leave their mark in everyone’s life.
So, what exactly is blockchain technology? Let’s understand its core concept before we dig deep into its uses and applications. As the name suggests, block chain is a series of blocks joined together through a chain. These blocks are not just ordinary block but a special kind of them. They are used to store data for different models, which allow the data to be available publicly. Each time new data is to be entered, a new block is added, at the end of the chain. Sequentially new blocks are added prolonging the chain. In this way, every block contains data regarding specific subject.
How and where it is used?
How these blocks work and provide us with the unimaginable features is interesting. They keep the data secure to provide protection and security. Blockchain has strengthened and secured the transaction of cryptocurrency like bitcoins. It is being used to store and verify the transaction records of cryptocurrency. The system is redundant and distributed that is why transactions through blockchain are trackless and cannot be faked, duplicated or even rescinded. Use of blockchain in IoT is also common as it is decentralized, distributed, public and real-time ledger to store transactions among IoT nodes.
Now as we are moving in the new era of technology, blockchain is finding its way in medicine, health care, education and many other fields by providing potential uses. It is hard to imagine how deep blockchain is going to get in every field in the coming days that soon every field will be using this technology to sustain the new challenges.
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