Emerging Technology: Blockchain

Emerging Technologies: Blockchain



A blockchain is a chain of blocks that stores data progressively, and it is not possible to backdate or damage them. It is a distributed storage that every user can get a genuine copy to avoid that someone else can alter. Users with a copy of this data can add new records to it, but they cannot change what is already contained. This feature makes blockchains a fantastic asset to record information with transparency because everyone keeps an eye on it and can notice that the data is being used well. (Decuyper, 2021)


A blockchain is also a trustworthy platform that supports and stores data over a network of personal computers connected; this data could be verified by every user accessing this information worldwide. The security of this system is fully guaranteed as every user can watch what is happening with the data in real-time. This mechanism is decentralised and distributed; in other words, there is no central institution or person who is the holder of the system. (Institute for the Future, 2021).


Blockchain, Block, Chain, Technology, Digital, Finance


Everyone from different locations can use the system and support it to run; this function helps to be challenging to take down or violate the software's data store. Blockchain uses records called blocks in a chronological chain; this system uses cryptography to ensure that they cannot be broken or falsified by an unauthorised person.





These blocks have three essentials parts in every blockchain. The first one is the data stored in the block; this data depends on the people's interest. The second part is the hash of the block. The hash is calculated when a block is created; the hash is a unique code that identifies the block itself from the rest in the chain. If something happens to this block, such as a change in the data stored, this hash changes as well, and the data involved is not the same as it was. Finally,  the third part of the blockchain is the hash of the previous block; this part helps the chain be reliable and ensure the whole chain. (Decuyper, 2021)



The Bitcoin blockchain is by far the best example of a useful blockchain; this technology stores data about any transactions and information of the buyer, the seller and the number of coins.




Blockchain, Cryptocurrency, Bitcoin, Exchange, Network



Blockchains can also be used as a notary, registry or inventory to record transactions such as purchasing properties. If a person is whiling to buy land, this user can know in advance if the property is legally suited for sale, consulting all the paperwork, legal conditions and previous owners from any location; surfing the recorded data, the buyer can feel relief that he is acquiring a regular property. (Swan, 2015)



By Fernando Brambila



Keywords: Blockchain, Data, Emerging Technology, Hash, Network, System, Store, Records.




To know more about blockchain, please watch the following video.





References


Decuyper, X., 2021. Savjee Simply Explained. [Online] 

Available at: https://savjee.be/videos/simply-explained/blockchains-how-can-they-be-used/

[Accessed 24 February 2021].


Institute for the Future, 2021. Blockchain Future Lab. [Online] 

Available at: https://www.iftf.org/blockchainfutureslab

[Accessed 24 February, 2021].


Swan, M., 2015. Blockchain Blueprint for a New Economy. 1st Edition ed. Sebastopol (California): O'Reilly.



 

Comments

  1. Mariel MontenegroMarch 3, 2021 at 5:31 PM

    Great job 👏🏻

    ReplyDelete
  2. Daniel Taiwo EnisanMarch 7, 2021 at 12:38 PM

    Great piece Fernando. Crrptocurrency is still being considered as a grey among many of the big financial players. Your article discussed the security and trustworthiness of Cryptocurrency which addresses the fear of many customers in the banking sector. My opinion is; cryptocurrencies are mostly viewed as volatile, the uncertainty surrounding its legalization will always remain a crucial factor on its future. It does not help that it originated from the vices world of the society ad this has affected the public perception of it. However, I believe in its potential and I know that soon enough, the world will begin to see it as a more reliable tool for transacting. Big financial players better watch out!

    ReplyDelete
  3. UnknownMarch 24, 2021 at 9:26 PM

    well contend

    ReplyDelete
  4. Alby RiveraMarch 24, 2021 at 11:09 PM

    Well done! thanks for helping us with very good information

    ReplyDelete
  5. Saquib HussainApril 15, 2021 at 10:04 AM

    For a concept that is fairly misunderstood by a lot of people all across the globe, you have done an amazing job of explaining it. What I love the most about blockchains is that it is a decentralized network. For instance, a user sending bitcoin to another user is a simple example. The transaction triggers a shift in the state of an agreed-upon blockchain and all nodes must keep it up to date. As a result, a blockchain state is formed, with each node containing an exact copy of the ledger. A state change can be triggered by any single transaction.

    ReplyDelete
  6. Aslihan YilmazApril 16, 2021 at 2:39 AM

    It's the one of the most used technologies of the future!
    To give a simple example of how to use it, I think it is certain that the voting process will be completely done with this technology in developed countries within a few years. Because, thanks to this technology, the ability to cheat is completely eliminated, and everyone will be able to vote more freely, as the preference of the person who will vote will be known only by himself. He or she will be able to look and verify his or her vote at any time with a password that only he will have. If an erroneous transaction occurred before the voting period expires, it will be able to rectify it. Thus, the problem of invalid votes will be solved.

    ReplyDelete

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