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What is Blockchain Technology?

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Blockchain is essentially an immutable, decentralized and tamper proof ledger. It's distributed, and secure architecture makes the technology suitable for a wide range of enterprise mobile apps. Find here the ultimate guide to understanding what a blockchain is & how it works. http://bit.ly/2V2MkVO

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What is Blockchain Technology?

  1. 1. t12 Essential Steps for GDPR Compliant Mobile App What is Blockchain Technology?
  2. 2. Ultimate Guide to Blockchain Technology According to Statista Report 2017, the global blockchain technology market will be 2.3 billion USD in size by 2021, assuming a CAGR of 61.5%. Blockchain is proving to be one of the most promising technologies of 21st century.
  3. 3. What is Blockchain Technology? Blockchain is basically a digital ledger where data can be entered, verified and then processed further by the approval of computer nodes on a peer-to-peer network. Whether you want to enter new data, validate existing ones or delete data, a predefined number of nodes on the P2P network must validate each transaction.
  4. 4. Features of Blockchain Having a P2P network implies that all users are equal – there is no server that is superior than its clients, as in the case of Internet. This gives rise to decentralized control over the data contained in the whole blockchain.
  5. 5. Bitcoin and Blockchain Blockchain was first implemented as Bitcoin, a digital currency design by Satoshi Nakamoto. Or rather, it was the other way around. Blockchain was invented so that digital currency could become a reality. This is the reason why many people think of blockchain as Bitcoin and find it difficult to believe that blockchain is a concept that can be taken much beyond cryptocurrencies. However, blockchain’s contribution to popularizing digital currency cannot be glossed over.
  6. 6. 2 How Does a Blockchain Work? The backbone of any blockchain is the P2P network formed by nodes with huge computing capabilities. The huge computing capability is required because nodes are needed to solve complex puzzles to find new blocks or validate transactions. The moment they join the network, the blockchain is automatically downloaded on their system. There is no copy of the blockchain, the node simply shares the blockchain with other nodes. When a new block has to be created or data has to be added to an existing block, it must be done by a node. Once this new node is put out on the network, it is verified by all the nodes. This is called reconciling the transaction. The network checks itself every 10 minutes to see if any new transaction has taken place, which needs to be reconciled.
  7. 7. Impact of Blockchain Technology on Industries • Blockchain can be used in supply chain to verify authenticity of products being delivered. • Smart contracts can be used to perform transactions without the need for middlemen. • Blockchain can be used for crowdfunding where people donating can easily track if they are donations have been put to correct use. • Patient data can be shared across healthcare organizations to ensure better and more efficient care.
  8. 8. How Governments are using Blockchain Governments are embracing blockchain technology to implement transparency and data security issues. As all information on a blockchain is in the public domain, which can be verified, all government measures become automatically transparent. Smart contracts are also being used to ensure that all the promises made by the government are enforced by concerned parties.
  9. 9. Future of BlockchainTechnology The future of blockchain technology will become self- evident when you read these numbers: • A simple search on AngelList shows more than 7500 blockchain start ups • Blockchain related jobs posted on LinkedIn tripled between 2017 and 2018 • Global spending on blockchain solutions was USD 2.1 billion in 2018
  10. 10. Conclusion Blockchain is essentially an immutable, decentralized and tamper proof ledger. As we have seen, it has the potential to make life easier by providing secure, fast, transparent and middlemen-free way of performing transactions.
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