Blockchain has suddenly started to receive all the attention of the tech world. Now everyone is talking about this technology and, how it can be implemented for several applications. The Blockchain is a public digital ledger transaction system, with huge potential to bring in improvements in processes related to the economics. The technology can be implemented in the designing and development of a wide variety of solutions, which can have end-to-end records of transactions.
The Blockchain technology is getting popular because of its high security built-up, speed, encryption, and immutability. However it came into existence because of Bitcoin, but now the information technology experts are finding ways to deploy the Blockchain in areas of finance, supply-chain management, smart city, retail, distribution computer storage, digital contracts, healthcare, shipping and even entertainment.
As mentioned above, now we have suddenly started to hear about blockchain, however; it exists in the IT world for more than a decade. Microsoft was the earliest to indentify the significance of Blockchain in enterprise and social sectors. The company has also been strengthening its focus on the technology around the world. Last year, Microsoft also built an open-source solution and set it for the high-speed transaction related to enterprise requirements.
How is blockchain revolutionizing traditional business network?
The traditional method of recording transactions and assets tracking is expensive. There are always middlemen or intermediaries that charge a fee for services provided. Also, the method isn’t fully efficient due to the postponements in performing the agreements duplication while maintaining several ledgers.
On the other hand, there is always the susceptibility of records being compromised for afrauds, by cyber attackers or even because of a mistake as they are there in the central system, which is controlled by a single authority. The Blockchain architecture is different from tradition systems. Ledgers based on this technology are shared with and updated by peer-to-peer duplication every time a transaction occurs. Every participant in the B2P network itself is a publisher and subscriber and, the information is synchronized across the networking during the transmissions. Once a block of information is created and becomes the part of chain having other blocks, it can never be altered again.
With the blockchain technology and the network, there is no need of intermediaries as well as replication of effort. Also, because it uses consensus models to confirm information, it is a less vulnerable technology. This is why all the transactions are authenticated, secured and confirmable. Transactions happen in the consent of all nodes, which means valid transaction is agreed by all the nodes (participants). No transaction can be altered, not even a participant can temper it once a transaction has become the part of blockchain. If there is error transaction, a new is created but both will be visible.
Author Bio. :- Sofia Coppol is a digital marketing expert in Rapidsoft Technologies, a leading ERP Software Development Company which provides Software for Education, Automation, Construction and Finance across the global. She loves to write on latest mobile trends, mobile technologies, startups and enterprises.