Blockchain Technology
A lot of people are writing on this topic in this community. Again, a lot of discussions are going on blockchain in many of the other platforms and communities as well. Blockchain is a recent emerging technology that's why the discussion on this technology is huge around us. I have some experience of about more than 6 years with blockchain technology. So let’s share my views and opinion on blockchain technology in a bit more detail in this post.
So what exactly is Blockchain? Well, simply it's a digital ledger of transactions that is decentralized and secure. The ledger is maintained by a network of computers rather than a single entity. In that way, it is making blockchain more transparent and resistant to manipulation. Each transaction is recorded as a "block" that is added to the chain. Such a chain creates a permanent and unalterable record. The world-renowned application of Blockchain technology is Bitcoin. It is a decentralized digital currency. Bitcoin uses Blockchain to record all transactions and prevent double-spending. Double spending is a major problem of the blockchain network that needs to be resolved automatically. It means the act of spending the same coin twice. This avoidance of double spending makes Bitcoin a secure and reliable form of payment that is not subject to the same risks as standard fiat currencies.
The blockchain is a very recent and updated technology that has a wide range of applications in several areas for its key features of decentralization mainly and data security. Many think that this is only the decentralized meaning of technology but this is not true at all. Blockchain can be public, private, centralized, decentralized, etc. any of its kind. Any of the industries in our day-to-day life like pharmaceuticals, healthcare, telecommunication, airways, railways, etc. can use the technology to record their day-to-day data so that security and trust in recording data can be achieved. It is nothing but the form of recording data to be dealt with. So when something is recorded will be finalized and manipulation free. The change is about impossible without the concern of a certain authority or system in the case of decentralized blockchain. So decentralized system and its feature of data recovery can make it an ideal technology for any industry that would like to prevent tempering from their recording network. For its feature, the crypto-based digital currency projects are using this technology so that they can offer trust with less possibility of manipulation.
~ Regards,
VEIGO (Community Mod)
Actually blockchain is decentralized and here everything is open which advantage and disadvantages too. Many people like transparency that blockchain already have but many people prefer having privacy and keep things private all the time.
You've describe the blockchain technology perfectly, I appreciate the explanation. Its helpful to many to understand blockchain more. Thanks!
Very well said.
Blockchain Technology is very important and very popular technology at this moment. This technology is very secure.