BLOCK CHAIN TECHNOLOGY, ITS FOUNDATION AND MORE

Good day to you all members of this wonderful community, it is a pleasure to be making this post here in this community.
Today I will be revealing or writing about the foundation of the Block chain technology and more.
The block chain technology is like the rock cryptocurrency was built on but apart from that there are other aspects in which Block chain technology is playing a vital role in.

THE BLOCK CHAIN FOUNDATIONS

DECENTRALIZATION is a feature of the block chain technology that allows the computer network to operate without any need for Central authority, decentralization increases transparency and security.

SMART CONTRACTS is another feature of the block chain technology, they are automatic or self executing contracts, from the name they execute when the programmed terms or conditions are met as coded.

CONSENSUS MECHANISM is another feature that makes up the Block chain technology it includes proof of work, proof of stakes and delegated proof of stake. Consensus mechanism make sure that there is agreement among the nodes of the validity of transactions added to the block chain.

CRYPTOGRAPHIC HASH FUNCTIONS is also another feature of the block chain technology, it plays a very important and vital role in the securing of the data on the block chain, each block has a hash of the block before it and together creating something like a chain which is capable of resisting any form of threat.

MORE APPLICATIONS OUTSIDE DIGITAL CURRENCIES.

Outside the web of digital currency the block chain technology offers other services and are applied in various areas which includes the following:

VOTING SYSTEMS is one of the other application of the block chain technology, by using the block chain technology votes can be recorded in perfectly secured ledger free from manipulation or tempering and therefore carrying out a free and fair election and this earns the trust of the voters.

GAME INDUSTRY is another application of the block chain technology, through the use of block chain technology gamers are allowed exclusive ownership and provenance of their virtual assets. Gamers are also allowed to securely buy and sell or trade digital items.

FINANCE AND BANKING is another aspect in which the block chain technology is being applied and is helping to revolutionize. The block chain technology is helping the traditional banking system by facilitating more secure, faster cross border payments also reducing fraud and enabling the issuance of digital assets.

HEALTH CARE is also another aspect in which the block chain technology is applied, the block chain technology is used to securely store patients data safe from tampering and thus maintaining the patients privacy. The storing of patients data digitally improves the efficiency of treatment and health care services.

FUTURE CHALLENGES AND IMPLICATIONS

As the block chain technology continues to advance, develop and grow we can predict there might be ramifications or implications and even setbacks. The revolution from the traditional banking system or a centralized financial system into a decentralized financial system, the implementation of the block chain technology in governmental processes will change how information is being organized or managed.

Although the following setsback may soon persist; strict regulatory restrictions, scalability issues, lack of widespread adoption, but inorder for the full potential of the block chain technology to be reached all these challenges and setbacks must be fully overcome.