Blockchain Technology | Everything you need to know - 2019

Have you ever wondered whether your ballot is actually counted?

How do you know, people online, they're who they say they are?

What makes you so certain of the origin for a label of fair trade?

To be sure about any of these questions you need a system where records could be stored, facts can be verified, and security is guaranteed. In this way no one be able to steal records, Because everyone on the system would be watching. Systems like this are on the horizon and the software that powers them called Blockchain. Blockchain Technology stores information across the network of personal computers making them decentralized and distributed.

This mean no central company or person owns the system. While anyone can use and help run it. This is important because it means it's difficult for any one person to take down or corrupt the network. The people who runs the system use their computer to hold bundles of records submitted by others known as"blocks," in the chain. The Blockchain Technology uses a form of math called cryptography. Which ensure that records can't be counterfeited or changed by anyone else. It tracks data very efficiently and perfectly. It is not only the source of trust but a new revolution in the technological world. Blockchain technology is going to conquer the entire world with its amazing encryption and security.

Why Blockchain?

Blockchain Technology is shorthand for a whole suite of distributed ledger technologies that can be programmed to record and track anything of value from financial transactions to medical records or even land titles. You might be wondering we have other processes to track data as well. Then what's so specail about blockchain technology?

1. The way it tracks and stores data

Blockchain stores data in batches called blocks that are linked together in a chronological fashion to form a continuous line. If you make changes to the information recorded in a block you don't rewrite it. But instead, the change is stored in a new block.


2. It builds trust in the data

Before a block added to the chain, a few things have to happen. First, a cryptographic puzzle must to be solved thus creating the block. The computer that solves the puzzle and shares solution to all of the other computers on the network is called proof-of-work. The network then verify the proof-of-work to add block to the chain. The combination of these complex math puzzles and verification by many computers ensure that we can trust every block on the chain.

3. No more Intermediaries

When doing business with one another we don't show the other person our financial or business records. Instead, we rely on trusted intermediaries such as a bank or a lawyer to view our records and keep that information confidential. Which build trust between parties which consumes our time and money. As we now know all blocks added to the chain have been verified to be true and can't be tampered with. So a party can simply show another party their land title information secured by the Blockchain Technology.

Cryptocurrecy and Blockchain:

You’ve probably heard of the Blockchains first killer app, a form of digital cash called Bitcoin that you can send to anyone, even a complete stranger. Bitcoin is different from credit cards,PayPal,or other ways to send money because there isn't bank or financial middlemen involved. Instead, people around the globe contribute to move the digital money by validating others' Bitcoin transactions with their computers, earning a small fee in the process.

Bitcoin uses the Blockchain Technology by tracking the records of ownership over the digital cash. So only one human will be the owner at a time while, cash can not be spent more than once, like counterfeit money in the physical world can. People often think of Bitcoin as only virtual money or a transaction system. But if you look closer you will see that monetary aspect is just the tip of the iceberg. That's because Bitcoin is a groundbreaking internet technology.

For which money is merely one of the possible applications. Money exist to facilitate trade. Through the centuries trade has become incredibly complex everyone trades with everyone around the globe. Trade is recorded in bookkeeping and this information is often isolated and protected. Therefore, we use third parties and middleman we trust to facilitate and approve our transactions.

Think of Government, Banks, accounts, notaries, and the paper money in your wallet known as trusted third parties. This brings us to the essence of Bitcoin. Bitcoin software enables a network of computer to maintain a collective bookkeeping via the internet. This bookkeeping is not in control of a single party. But it is public and available in one digital ledger that is fully disseminated across the network. Following is a list of top cryptocurrencies discovered worldwide.

1. Bitcoin
2. Litecoin
3. Ethereum
4. Zcash
5. Dash
6. Ripple
7. Monero
8. NEO
9. Cardano

Future of Blockchain:

But cryptocurrencies is just the beginning for Blockchain Technology. In future, Blockchain Technology that manage and verify online data could enable us to launch companies. Which would entirely run by algorithms, make self-driving cars safer,help us protect our online identities. However, it also tracks the billions of devices on Internet of Things(IOT). These innovations will change our lives forever and it is all just beginning. Blockchain Technology is going to radically change quite a few industries around the globe.

The way of record keeping and Contracts are going to change completely. However, the industry line on each step from manufacturing to distribution is linked together by Blockchain Technology. Records can be accessed at a glance such that your medical records can be be implemented in a Blockchain. Which would allow your doctor to see and share your history. This revolution is going to elevate technology towards it's peak. It is running along with the rapidly growing technologies such as Artificial Intelligence, IOT, and Cloud computing.