Have you ever come across the term “blockchain”?

While this may sound intimidating, it’s actually a very straightforward yet incredibly ingenious concept. For instance, a digital ledger that is impenetrably secure, fully transparent, and can be viewed by everyone but singularly controlled by no one. Let’s break it down.

Imagine a Shared Digital Notebook:

Imagine a notebook that isn’t owned by one person, but by an entire group of people. Whenever something significant occurs – such as someone giving someone else money – it’s written down on a new page in the notebook. When a page is full, it’s closed up with a special lock (that’s the “block” part). This locked page is subsequently connected to the previous page, employing another kind of special lock (that’s the “chain” aspect).

Since everyone within the group owns a copy of this notebook, and each new entry is reviewed and approved by numerous individuals before it’s set in stone, it becomes very hard for anybody to cheat or alter the records in secret. That’s basically the concept of blockchain technology.

So, what makes it so special?

• Decentralization: In contrast to conventional systems with information stored at a single place (such as a bank server), blockchain data is distributed among numerous computers. This implies there is no central point of failure, so the system is a lot more secure and less hackable. It’s similar to having numerous duplicates of that precious notebook in the possession of multiple individuals.
• Transparency: Although the identities of individuals who are involved in transactions may be private, the transactions themselves are typically public and can be accessed by anyone on the network. This provides a high degree of transparency and trust. Everyone can observe what is going on in the shared notebook.
  Security: After a block of data has been added to the chain, it’s nearly impossible to revisit and alter. The cryptographic “locks” securing the blocks are highly secure, and the information is tamper-proof. It’s similar to attempting to break open a closed page in the notebook without detection – nearly impossible!
• Trust without a Middleman: Since the system is secure and transparent, individuals can trust the data on the blockchain without a central authority such as a bank verifying each transaction. The network verifies it.

What is it used for?

You may have heard of blockchain when referring to cryptocurrencies such as Bitcoin. Bitcoin employs blockchain to log each transaction in a secure and open manner. However, the possibilities of blockchain extend much beyond digital currency. Some other thrilling applications are listed below:

• Supply Chain Management: Imagine tracking a product from the moment it’s made until it reaches your hands. Blockchain can record every step of the journey, ensuring authenticity and preventing counterfeiting. You could see exactly where your coffee beans came from and how they were processed.   
• Healthcare: Blockchain could securely store and share medical records, giving patients more control over their information and making it easier for doctors to access vital data.   
• Voting Systems: Some believe blockchain could create more secure and transparent online voting systems, reducing the risk of fraud.   
• Digital Identity: Blockchain could provide a secure and verifiable way to manage digital identities, making online interactions safer.   

The Future of Blockchain:

Blockchain technology is only just emerging, but it could change a number of industries by providing a safer, more transparent, and more decentralized method for storing information and making transactions. Although it may seem complicated initially, the concept of a shared, secure, and open digital notebook is something that we can all grasp. As this technology keeps evolving, we can expect to see even more exciting and innovative uses coming down the line. So watch out for blockchain – it’s a technology with a rosy future!

Read More :http://itnews.co.in

Source : https://www.google.co.in/