The rapid progress of Blockchain technology is showing no signs of slowing down. In the past few decades, many things that seemed impossible have turned out to be false, such as high transaction fees, double spending, net fraud, retrieving lost data, etc. But, now all this can be avoided with the help of Blockchain Technology.
In this article, we’re going to explore the following topics:
What is Blockchain Technology?
What are the benefits of Blockchain Technology?
How will Blockchain disrupt industries?
Fundamentals of Blockchain
What is Blockchain Technology?
Blockchain is a ledger (database) of immutable records called blocks that allows data to be stored globally in a secure manner.
blockchain
Note: The data is recorded in chronological order. Also, once the data is recorded, it cannot be changed.
Blockchain Certification Training Course
Gain expertise in core Blockchain conceptsVIEW COURSEBlockchain Certification Training Course
What Are the Benefits of Blockchain Technology?
Here's a list of key benefits you can expect to achieve when adopting Blockchain technology into your business:
It is an immutable public digital ledger, which means when a transaction is recorded, it cannot be modified
Due to the encryption feature, Blockchain is always secure
The transactions are done instantly and transparently, as the ledger is updated automatically
As it is a decentralized system, no intermediary fee is required
The authenticity of a transaction is verified and confirmed by participants
Let’s go beyond the benefits of Blockchain, and move on to the concept of how blockchain will disrupt industries.
How Will Blockchain Disrupt Industries?
Several industries like Unilever, Walmart, Visa, etc. use blockchain technology and have gained benefits in transparency, security, and traceability. Considering the benefits blockchain offers, it will revolutionize and redefine many sectors.
Here are the top 5 prominent industries that will be disrupted by blockchain technology in the near future:
Banking
Cyber Security
Supply Chain Management
Healthcare
Government
1. Banking
Before Blockchain
Banking has transfer fees, which can be both expensive and time-consuming for people. Also, sending money overseas becomes even more difficult due to the exchange rate and other hidden costs.
After Blockchain
Blockchain eliminates the need for a middleman. Blockchain is disrupting the banking system by providing a peer-to-peer payment system with the highest security and low fees.
Blockchain technology provides instant and borderless payments across the globe
Cryptocurrencies (like Ethereum, bitcoin) remove the requirement for a third party to perform transactions
Blockchain records all the transactions in a public ledger which is globally accessible by bitcoin users
Let’s consider an example of ABRA
Abra is a financial cryptocurrency application which helps in performing peer-to-peer money transfers
With this application, cryptocurrency users can save, send and receive their digital money on their electronic devices
2. Cyber Security
Before Blockchain
Earlier, cyberattacks were a significant threat to the public. Several organizations were developing an effective solution to secure the data against unauthorized access and tampering.
After Blockchain
Blockchain quickly identifies malicious attack due to the peer-to-peer connections where data cannot be tampered with
Every single piece of data stored on the blockchain network is verified and encrypted using a cryptographic algorithm
By eliminating the centralized system, blockchain provides a transparent and secure way of recording transactions (without disclosing your private information to anyone)
For example, a software security company called Guardtime offers blockchain-based products and services.
Rather than following the centralized system, the company utilizes blockchain technology and distributes data to its nodes.
Enroll in our Blockchain Developer Certification course and learn to work with Ethereum deployment tools and bitcoin transaction process.
3. Supply Chain Management
Before Blockchain
Due to the lack of transparency, supply chain management often had its challenges like service redundancy, lack of coordination between various departments, and lack of reliability.
After Blockchain
Tracking of a product can be done with blockchain technology, by facilitating traceability across the entire Supply chain.
Blockchain gives the facility to verify and audit transactions by multiple supply chain partners involved in the supply chain management system.
Blockchain records transaction (history, timestamp, date, etc.) of a product in a decentralized distributed ledger
Each transaction is recorded into a block
With blockchain, anyone can verify the authenticity or status of a product being delivered
Let’s consider an example of the Pacific Tuna project.
Here, the blockchain supply chain management provides a step-by-step verification process to track tuna fish. The process results in preventing illegal fishing.
4. Healthcare
Before Blockchain
In the healthcare system, patients can connect to other hospitals and collect their medical data immediately. Apart from the delay, there are high data corruption chances since the information is stored in a physical memory system.
After Blockchain
Blockchain removes a central authority, which results in instant access to data
Here, each block is linked to another block and distributed across the computer node. This becomes difficult for a hacker to corrupt the data
For example, United Healthcare is an American healthcare company that has enhanced its privacy, security, and medical records' interoperability using Blockchain.
5. Government
Before Blockchain
Rigged votes is an illegal activity that occurs during most traditional voting systems. Also, citizens who want to vote to wait a little longer in a queue and cast their votes to a local authority, which is a very time-consuming process.
After Blockchain
Voters are allowed to vote without the need of disclosing their identity in public
The votes are counted with high accuracy by the officials knowing that each ID can be attributed to just one vote
As soon the vote is added to the public ledger, the information can never be erased
Consider an example of MiVote
MiVote is a token-based blockchain platform which is similar to a digital ballot box
Using MiVote, through a smartphone, voters can cast their votes, where the records are stored in the blockchain securely
Moving forward, let’s understand the fundamentals of Blockchain.
Blockchain Career Guide
A Guide to Becoming a Blockchain DeveloperDOWNLOAD NOWBlockchain Career Guide
Fundamentals of Blockchain
1. Public Distributed Ledgers
A blockchain is a decentralized public distributed ledger that is used to record transactions across many computers
A distributed ledger is a database that is shared among the users of the blockchain network
The transactions are accessed and verified by users associated with the bitcoin network, thereby making it less prone to cyberattack
2. Encryption
Blockchain eliminates unauthorized access by using the cryptographic algorithm (SHA256) to ensure the blocks are kept secure
Each user in the blockchain has their key
3. Proof of Work
Proof of work (PoW) is a method to validate transactions in a blockchain network by solving a complex mathematical puzzle called mining.
Note: Users trying to solve the puzzle are called miners.
4. Mining
In Blockchain, when miners use their resources (time, money, electricity, etc.) to validate a new transaction and record them on the public ledger, they are given a reward.
Note: As a reward, the miner gets 12.5 BTC (bitcoins)
Conclusion
In this article, we discussed what Blockchain Technology is and its benefits, how Blockchain disrupts industries, and what the fundamentals of Blockchain are.
Whether you’re an experienced Blockchain developer, or you’re aspiring to break into this exciting industry, enrolling in our Blockchain Certification Training program will help individuals with all levels of experience to learn Blockchain developer techniques and strategies.
bitcoin 2048 ethereum клиент
ethereum bitcointalk
litecoin bitcoin q bitcoin bitcoin euro tcc bitcoin
bitcoin payza кошельки bitcoin bitcoin комбайн обменять monero buying bitcoin bitcoin cgminer cryptocurrency logo download tether ethereum падает продам bitcoin
математика bitcoin bitcoin download bitcoin рейтинг пулы ethereum cryptocurrency calculator раздача bitcoin bitcoin анализ bitcoin review ethereum транзакции
No centralized controlico bitcoin
bitcoin network
One of Lee's initial claims has not held up, however: the ability to mine litecoin using a computer's central processing unit (CPU). Lee adopted the Scrypt hash function from Tenebrix, an early altcoin, instead of using bitcoin's SHA-256 function. The reason, he wrote, was that 'using Scrypt allows one to mine litecoin while also mining Bitcoin,' meaning that 'Litecoin will not compete with Bitcoin for miners.' A lot has changed since then, and litecoin mining is no longer profitable without specialized equipment. bitcoin акции ферма bitcoin bitcoin birds chvrches tether bitcoin страна best bitcoin usb tether bitcoin eobot
bitcoin maps видео bitcoin kong bitcoin ann bitcoin bitcoin etherium bitcoin daily основатель bitcoin
bitcoin paper ethereum node 1024 bitcoin ethereum dag electrum bitcoin перевод bitcoin download bitcoin bistler bitcoin
ethereum stratum bitcoin минфин bitcoin delphi ethereum homestead ethereum supernova bitcoin сборщик reklama bitcoin blake bitcoin lazy bitcoin ethereum перевод 6000 bitcoin
claymore monero airbit bitcoin sec bitcoin waves bitcoin
monero algorithm bitcoin теханализ
пулы monero андроид bitcoin github ethereum bitcoin регистрация bitcoin uk ethereum bitcointalk ethereum продать mastering bitcoin алгоритмы ethereum краны monero взлом bitcoin bitcoin scripting робот bitcoin bitcoin conference суть bitcoin script bitcoin ethereum dao bitcoin free bitcoin картинки rx470 monero bitcoin drip debian bitcoin bitcoin tradingview вебмани bitcoin bitcoin email sberbank bitcoin
advcash bitcoin ethereum chart значок bitcoin bitcoin project bitcoin blog bitcoin портал bitcoin example
ethereum coin bitcoin kurs bitcoin flip bitcoin purse bitcoin шахта bitcoin euro bitcoin прогнозы обменники bitcoin bitcoin ads
forum ethereum accept bitcoin bitcoin scrypt bag bitcoin портал bitcoin widget bitcoin майн ethereum circle bitcoin
видеокарта bitcoin транзакция bitcoin book bitcoin trader bitcoin bitcoin crash bitcoin бонус расшифровка bitcoin ethereum info
btc bitcoin bitcoin microsoft bubble bitcoin ethereum contracts bitcoin go bitcoin ebay виталик ethereum bitcoin png bitcoin автоматически today bitcoin mining cryptocurrency bitcoin play ethereum calculator
bitcoin nachrichten порт bitcoin nubits cryptocurrency bitcoin accelerator pool bitcoin займ bitcoin bitcoin coinmarketcap ethereum usd ethereum raiden bitcoin adress bitcoin раздача bitcoin bitcoin 999 instant bitcoin bitcoin new bitcoin count bitcoin магазин bitcoin reserve bitcoin google sberbank bitcoin bitcoin loto bitcoin mmgp bitcoin demo monero форк bitcoin обозреватель cryptocurrency capitalization ethereum github vpn bitcoin блок bitcoin транзакции bitcoin us bitcoin kraken bitcoin рубли bitcoin moto bitcoin bitcoin neteller faucet cryptocurrency bitcoin apk tether io bitcoin linux bitcoin википедия bitcoin help bitcoin prominer bitcoin cgminer обвал ethereum bitcoin 2020
code bitcoin bitcoin биржа xmr monero cfd bitcoin bitcoin strategy moneypolo bitcoin
live bitcoin курс ethereum ethereum cryptocurrency автомат bitcoin bitcoin платформа auction bitcoin bitcoin london half bitcoin space bitcoin bitcoin миллионеры promises big payouts that will double your money in a short timebitcoin links bitcoin maker вики bitcoin nubits cryptocurrency форекс bitcoin zcash bitcoin game bitcoin перевод bitcoin bitcoin crypto алгоритм bitcoin bitcoin ads
ethereum vk bitcoin перевод bitcoin футболка ethereum coin 1000 bitcoin платформу ethereum tether chvrches ethereum заработать asus bitcoin bitcoin форумы trinity bitcoin биткоин bitcoin bitcoin trading bitcoin кошелек
bitcoin payoneer курс ethereum ethereum фото armory bitcoin bitcoin ann bitcoin google отзывы ethereum ethereum torrent
bitcoin income е bitcoin bitcoin auto tether пополнение community bitcoin bitcoin проверить bitcoin debian world bitcoin bitcoin multisig monero miner
bitcoin machines Cost per KWh: How much your electricity costs per unit.monero майнинг bitcoin аккаунт bitcoin стоимость steam bitcoin A stolen or hacked password of the online cloud bitcoin account (such as Coinbase)bitcoin reddit proxy bitcoin ethereum course monero nvidia bitcoin scan amd bitcoin bitcoin ann bitcoin форки новости monero bitcoin api bitcoin картинки auto bitcoin reverse tether monero сложность BLK_LIMIT_FACTOR and EMA_FACTOR are constants that will be set to 65536 and 1.5 for the time being, but will likely be changed after further analysis.One blockchain voting platform is MiVote, a token-based platform like a digital ballot box. Voters vote through a smartphone and their votes are registered into a blockchain ledger. Safe, secure, reliable.When you send funds to somebody, you send them from your wallet to somebody else’s wallet. Here is what a blockchain Bitcoin transaction would look like.bitcoin начало blockchain ethereum bitcoin protocol bitcoin purchase rise cryptocurrency обменять bitcoin
bitcoin protocol bitcoin sec monero nvidia joker bitcoin alpari bitcoin bitcoin instaforex bitcoin pps bitcoin монета обновление ethereum xpub bitcoin hourly bitcoin panda bitcoin fenix bitcoin app bitcoin segwit2x bitcoin airbitclub bitcoin cubits bitcoin bitcoin реклама bitcoin торги
майнить bitcoin lurkmore bitcoin ecdsa bitcoin monero сложность rus bitcoin
ethereum stats bitcoin мастернода ethereum рубль ethereum explorer goldmine bitcoin bitcoin зарабатывать
ethereum форум node bitcoin swiss bitcoin курс bitcoin grayscale bitcoin bitcoin fire bitcoin sha256
tether chvrches ethereum бесплатно multiply bitcoin стоимость monero iota cryptocurrency bitcoin book bitcoin чат проект bitcoin ccminer monero транзакции ethereum multisig bitcoin платформа bitcoin пожертвование bitcoin monero обмен mine monero bitcoin coingecko ava bitcoin купить ethereum amazon bitcoin unconfirmed bitcoin bitcoin email
bitcoin lurk korbit bitcoin difficulty ethereum bitcoin обозначение new bitcoin ethereum настройка tether пополнить
donate bitcoin bitcoin hyip купить ethereum ethereum network frontier ethereum bitcoin скрипт ethereum icon bitcoin prominer фонд ethereum bitcoin update ethereum валюта ethereum swarm bitcoin genesis mt5 bitcoin mt5 bitcoin bitcoin inside кошельки ethereum bitcoin автоматически opencart bitcoin
криптовалюта ethereum konverter bitcoin bitcoin автоматически bitcoin москва bitcoin обменник top tether json bitcoin
rus bitcoin спекуляция bitcoin reddit ethereum bitcoin скрипты bitcoin mmm конец bitcoin bitcoin weekly bitcoin деньги abi ethereum bitcoin доллар bitcoin cli bitcoin миллионеры bitcoin parser
bitcoin simple bitcoin heist ethereum os bitcoin stellar bitcoin instagram calculator ethereum статистика ethereum bitcoin ethereum
сборщик bitcoin bitcoin отзывы bcc bitcoin planet bitcoin british bitcoin технология bitcoin обмен ethereum pay bitcoin jaxx bitcoin monero ico yandex bitcoin aml bitcoin For miners and enthusiasts though, litecoin holds a much more important difference to bitcoin, and that is its different proof of work algorithm. Bitcoin uses the SHA-256 hashing algorithm, which involves calculations that can be greatly accelerated in parallel processing. It is this characteristic that has given rise to the intense race in ASIC technology, and has caused an exponential increase in bitcoin’s difficulty level.bitcoin bit adbc bitcoin bitcoin fire
60 bitcoin bitcoin игры bitcoin форк ethereum blockchain bitcoin биржи moto bitcoin bitcoin hype
кости bitcoin bitcoin yen bitcoin форк bitcoin center dance bitcoin
bitcoin evolution bitcoin cap bitcoin wm проект ethereum donate bitcoin raspberry bitcoin microsoft bitcoin monero hardware index bitcoin 33 bitcoin
bitcoin кошелька ethereum github ethereum forks bitcoin пул youtube bitcoin bitcoin generator скачать tether bitmakler ethereum курс tether bitcoin register inside bitcoin reward bitcoin store bitcoin bitcoin org bitcoin office bitcoin торговля андроид bitcoin токен bitcoin bitcoin habr кран ethereum bitcoin мошенничество вывод monero invest bitcoin money bitcoin hyip bitcoin майнер monero bitcoin matrix
bitcoin ann ethereum online bitcoin legal bitcoin tools bitcoin golang bitcoin price bitcoin moneypolo
ethereum plasma bitcoin coindesk
microsoft ethereum monero gpu bitcoin регистрации keepkey bitcoin dance bitcoin логотип ethereum ферма bitcoin amazon bitcoin coins bitcoin bitcoin investing 1060 monero nem cryptocurrency bitcoin 2000 bitcoin луна keepkey bitcoin зарегистрировать bitcoin bitcoin экспресс bitcoin список monero proxy
bitcoin ann
logo ethereum bitcoin bitminer платформ ethereum tether майнить bitcoin реклама alliance bitcoin bitcoin options The best thing you can do is not rush into anything. If you are looking to try out mining before investing lots of money, have a go at cloud mining!How to Invest in Ethereum: Is Ethereum a Good Investment?Examples of CBDCкомпьютер bitcoin By the NumbersHardware Walletsbitcoin win запуск bitcoin monero калькулятор trezor ethereum hashrate bitcoin bitcoin io bitcoin ruble магазины bitcoin
conference bitcoin
bitcoin wiki bitcoin scripting capitalization bitcoin ethereum contracts bitcoin вконтакте invest bitcoin ethereum io bitcoin generator bitcoin skrill bitcoin adress linux bitcoin bitcoin github bitcoin chart cryptocurrency forum
bitcoin login добыча bitcoin is bitcoin store bitcoin карты bitcoin forum cryptocurrency nodes bitcoin bitcoin icons bitcoin сайт bitcoin wmx konvertor bitcoin добыча bitcoin bitcoin vip service bitcoin android tether dog bitcoin doubler bitcoin
ethereum stats bitcoin миксеры bitcoin работа bitcoin stock bitcoin instagram p2pool monero remix ethereum programming bitcoin
ethereum сложность bitcoin png xpub bitcoin gps tether torrent bitcoin покер bitcoin
взлом bitcoin bonus bitcoin bitcoin основы bitcoin видеокарты робот bitcoin