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what is BLOCKCHAIN?

                                                                

What is BlockChain?

The technology that powers Bitcoin.while this was its original purpose but this block technology is capable of so much more. A suite of distributed ledger technologies that can be programmed to record and track anything value-form natural transactions to medical records even land titles. this blockchain is based on the old ledger method.blockchain is designed to decentralized and distributed across a large network of computers.
                                                


Reasons why the blockchain technology stands to interact with each other:
  • Tracking and storing data
  • Trust in data
  • No more intermediaries
Tracking and Storing Data:
     Blockchain stores information in batches called blocks. in which the blocks are linked together in a chronological design to form a continuous line.in other words a chain of blocks. if you make a change to the information recorded in a particular block.it will not change, instead, it will creat's a new block in this new block the particular changes are mentioned.

Trust in Data:
     Before a block can be added to the chain few steps are there to add a blockchain.in which the first step is to solve a cryptographic puzzle must be solved,  the computer that solves the puzzle and share the solution to all other computers on the network this process is known as proof of work. the network that verifies proof of work and, if it corrects the block will be added to the chain.

No More Intermediaries:
     When doing business with one another we do not show our financial and business records to other persons, instead of trusting the intermediates such as bank or lawyer, to view our records and to keep our records confidential. this will cause more money and more time to be spent. if we stored the information in the blockchain we can cut off the intermediates. and we can save money and time. this type of trusted peer-to-peer data interaction with our data we can make easy access, verify with one another.

Blockchain can be implemented in many ways:
  • Public Blockchains
  • Private Blockchains
  • Hybrid Blockchains
Public Blockchains:
These blockchains are completely public and open to everyone to view and access.

Private Blockchains:
These blockchains can be closed to a select group of authorized users such as companies, a group of banks, or government agencies.

Hybrid Blockchains:
These blockchains in some, those with private access can see all the data, while the public can see only the selected data. 

BLOCKCHAIN APPLICATION:

HEALTHCARE:
Secure storage and sharing of health data to medical professionals.
 
BANKING:
Funds transfer can be speed-up. improving efficiency and reduces costs.

ENTERTAINMENT:
Artists can get paid directly by their fans who enjoyed their work.

FINANCIAL SERVICES:
Improving trade settlement services. international payments at reduced costs and greater speeds.

REAL ESTATE:
Tracking verifying and transfer details management for new buyers.

Some Benefits 
  • Enhanced security. There are several ways blockchain is more secure than other record-keeping systems.
  • The blockchain technology allows for verification without having to be dependent on third-parties.
  • Technology is decentralization, immutability, security, and transparency.
  • In fact, hacking a blockchain is close to impossible.















 


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