Since the dotcom revolution, block chain technology has been considered as one of the most revolutionary developments in the world. There are some people who think of it as regular technological advancement. But there are many of the experts, who actually think that block chain technology can make things better for the human.
Satoshi Nakamoto was the person who invented the Block chain technology in the year 2008. It can be considered as the public transaction ledger for the first-ever concurrency of the world-Bitcoin. The block chain technology has actually contributed much in making the trend of Bitcoin popular among the world markets; however, the technology itself did not receive much of the attention. Moreover, people are also not much confident about the secure future existence of concurrency. But still, there are a lot of tech firms that are exploring the working technology behind the working of the concurrency- The Block chain technology.
What is actually the blockchain?
If you think that the block chain technology is used only for the concurrency, then you are wrong. You can understand the block chain as a technology which is used to build an ecosystem for managing the concurrency transactions. Basically, it allows maintaining a secured ledger that is able to record the transactions between the two different entities. Thus, it eliminates the risk of double-spending, fraud, and manipulation. Thus, block chain is basically an open ledger that basically enlists the records as blocks, which are actually secured via cryptography. These blocks are actually linked to the previous blocks through a cryptographic hash, transaction data, and a timestamp. One of the most important reasons behind the popularity of the block chain is that once the data is recorded, it can’t be modified. This is the thing that makes the block-chain unique. Block chain technology has been termed as block chain solutions also probably because of the potential solutions which it has offered for so many problems.
Block-chain technology has so much potential that currently it is able to save almost 30% infrastructural costs related to the banking sector. Moreover, banks can also improve their saving potential significantly. More than 90% of the European banks and North American banks are already exploring the block chain technology in order to improve their functioning as well as operations.
Where is this technology currently being used?
As we said earlier, block chain technology is not made only to be used in the field of concurrency. One such area where it can be used efficiently is in the land registration deals. The latest example can be seen in the form that the Republic of Georgia is starting a block chain-based property registry. What’s more! Well, the Government of India is also aimed to tackle all the land frauds through the block-chain technology. And you will be surprised to know that Andhra Pradesh has become the first-ever Indian state to establish a Block chain technology park in Vishakhapatnam under the supervision of some of the block chain technology companies such as Oasis Grace, Phoenix, and Apla.
Block chain technology sometimes is associated with banking and finance only. That’s also not true. Block chain technology can be used in the authentication as well as identification of someone’s digital identity. This technology is also being widely used in order to create decentralized social networks.