Hey, if you are an extremely tech-savvy person, we are sure you have been “hearing” a lot about blockchain technology and its benefits of late. But have you ever thought, which industries are “reaping” the most benefit from it?
No, we are not just indicating the financial sector you might be thinking about right now, but “also” health, media aviation, and some government agencies. And can you guess why these industries are making the most of this advanced technology?
No? So, we must tell you that Blockchain is so far the safest and fastest scientific invention that comes in handy to record, store, and maintain myriads of transactions with ease. Not just that, do you know what a unique trait of blockchain technology is?
No? So, we must inform you that any user in its network can record and distribute the digital information but can’t edit it anyway. And this is what makes it the most secure scientific invention so far that keeps your precious data protected from malicious actors so that you can rest easy with cyber-attacks.
Ok? Now the question comes how you can take advantage of this technology when it “comes” to developing your business solutions, like websites or web apps? Well, that’s where leading blockchain development companies in India come in.
“So, what can leading blockchain development companies in India do for my firm?” you might ask. Well, they can provide you with dedicated resources to work on your blockchain project so that you can build your virtual product faster and make it live quicker to achieve your desired goal.
In “case” you don’t know what kind of developers you will get for your project when you opt for dedicated resources, we would suggest having a “discussion” about it with the leading blockchain development companies in India right away.
So, now that we have set the context, let’s dig deeper into details:
What is Blockchain?
Now, the moment we said “Blockchain,” the images of digital currencies must have started forming in your mind, like Bitcoin. But let us tell you Blockchain is not just about that. We mean it is a system of decentralized technology that you can implement in any field, not just banking and finance. And do you know what’s so special about this blockchain technology is?
It allows the transactions done electronically to get recorded and saved in a wide range of connected computers for higher safety and security. In short, Blockchain works as a shared ledger that gets controlled by a peer-to-peer system and linked to a protocol that comes in handy for inter-node communication and new blocks manufacture.
How does the Blockchain Work?
Here one thing you need to understand pretty clear is that Blockchain is a ledger that stores the records of all data exchanges in a very safe and secure environment where it is almost infeasible for hackers to reach and steal the information.
And the exchange information that gets recorded in the ledger is commonly referred to as transactions. Thus, once a peer-to-peer transaction “gets” verified and recorded, a distributed system then checks that transaction thoroughly.
What else? This distributed system in the Blockchain remains connected to a “large” number of high-end computers, known as nodes. And it is the accountability of nodes to guarantee that any transaction doesn’t get changed or modified through hash check. Now can you tell us whether you are familiar with hash check or not? What? Not? Ok! Let us explain.
Hash Check is a “very” popular method in the IT industry for checking the integrity of any file. For example, if the hash value of a particular program is not the same as the hash checksum provided by its developers, it probably got corrupted or modified by a third party.
Now, before you ask what hash checksum is, we must tell you it is a small-sized block of data that originates from another block of data to identify errors that might have developed during the transmission or storage.
Thus, a transaction in blockchain technology will be included in the “block” only after it is accepted by a “large” number of nodes. Finally, keep in mind that as the transactions keep occurring and recording, the newer blocks keep forming, and then they add to one another, resulting in the formation of the Blockchain.
So, now that you learned the background story of Blockchain, it’s time to dive deep into:
What are the Advantages of Using Blockchain?
- Greater security
- Better transparency
- Increased efficiency
Hopefully, you learned “lots” of things through this technical post which covered the definition of blockchain technology, how it works, and its advantages.
So, if you liked this piece of text and want to get blockchain-inspired business solutions now, please feel free to connect to the leading blockchain development companies in India.