Let’s start with what is a Blockchain:
A blockchain collects all the financial accounts; one can call it a public record or a ledger. It was invented by Satoshi Nakamoto to be part of the Bitcoin network, which may give a safer, reliable transaction within the Bitcoin ecosystem.
Knowing the Potentiality of Blockchain
Within the Bitcoin ecosystem, we have the Miners, who plays a crucial role in developing the ecosystem. Traders who trade the profit from Bitcoin, Hoarders who hold their coins in the hope of Bitcoin having worth billion dollars in the future, the coin storage Wallets, the payment processes, and most importantly the developers who developed tools allowing the Bitcoin protocol to thrive. All these are in and about Blockchain.
Satoshi Nakamoto has used the Blockchain to run the so-called cryptocurrency ‘Bitcoin.’ This development was in 2008 when Bitcoin was first made public. Today, with the increase in technology, the smart world is in need of an open source software like Blockchain.
Its decentralize characteristics allow transparency and privacy to coexist. All the transaction are transparent, they are open up to be viewed, unlike the physical, financial Bank, with the use of cryptography. Cryptography is fundamental coding, based on complex mathematical and computer science, therein making any technological device that uses cryptography safe and secure.
Implementing Blockchain in this Tech World:
There are different kinds of Blockchain. Bitcoin blockchain and Ethereum Blockchain are trusted and highly valued by many. The new age technological world is in need of a better version of data storehouse. With blockchain ‘Trust’ is the indispensable. Users trust the network itself to make a transaction, therein means that knowledge about the second party is not necessary.
This measure of trustworthiness Blockchain obtains by being a ledger creates a significant impact in this digital world. Jalak Jobanputra, an entrepreneur, and the developer of Future Perfect Venture have used Blockchain as the core function of her newfound company. The reason for adding Blockchain is to make Venture Capital worldwide and to increase the amount of security.
Being a shared ledger which eliminates centrality increase the capabilities of Blockchain, the authenticity of a transaction, the Public and Private key and the cryptography used in Blockchain gave rise to popularity among digital device users. By using Blockchain the ability to identify counterfeit and original goods is possible. Thus, the Blockchain supply chain may help in finding the valuable products and the requirement for storage of the same.
Blockchain has a potential of entering the tech world by making digital devices shrink in a way it holds all data chronologically and safely. Its availability worldwide further gave an opportunity for all technology to function magnificently. Internet of Thing (IoT), smartphones, and the artificial intelligence are believed to operate effectively with the help of Blockchain.