Blockchain: The Backbone of Secured Technology

Blockchain: The Backbone of Secured Technology

Blockchain is emerging as a booming technology because it possesses various features. Every global economy is eager to adopt this because of its numerous advantages. In 1991, the idea of blockchain was given by Stuart Haber and W. Scott Stornetta. 

Blockchain comprises many practical applications; one prominent example is a cryptocurrency that gets a lot of popularity and a hike in the market. Though cryptocurrency is quite complex and not secure, blockchain has made it more reliable and convenient. So, blockchain has great use, and blockchain certification courses can help a lot to enhance knowledge and skill sets.

What is Blockchain?

Blockchain can be defined as a constantly growing ledger in which a record of the transaction is maintained permanently in a secure, sequential, and immutable manner. As blockchain is like a software protocol, running it without the internet is impossible. To understand the blockchain more simply and progressively, let’s first understand some basic terms. 

  • Ledger: A constantly growing file is known as the ledger.
  • Permanent: Once the transaction is done in the blockchain, it gets stored permanently in the ledger with a unique hash identity.
  • Secure: Blockchain uses advanced cryptography to store information in the ledger.
  • Sequential: It means that the transaction in the blockchain will be assigned a unique sequence number and will only happen one after the other.
  • Immutable: Once the transaction is done and stored in the ledger, then the ledger will not be changed or altered.

Features of Blockchain

Reliable

As blockchain comprises a ledger in which every transaction gets the verification and unique hash identity, it eliminates the chances of a double record and faulty transaction.

Decentralized 

There is no supervising authority and node available. Due to standard rules and protocols, every transaction is verified and checked. 

Secured

Blockchain uses the advanced cryptography technique, which makes it stable. In a blockchain system, every user comprises a copy of the original chain in a distributed ledger technology, making it operative and stable.

Immutable Transaction

When a block is added to the ledger, it is assigned a sequential number, a unique hash id function that makes the transaction unalterable.

Cost-Efficient

As there is no requirement for a third party or any intermediary, it minimizes the cost of the transaction.

Application of Blockchain

Digital Currency

Blockchain is becoming one of the essences of digital currency. Due to blockchain, many types of cryptocurrencies, like bitcoin, Ethereum, bitcoin cash, etc., have been launched. Due to the security aspect of blockchain, many countries are exploring the field of virtual currency. India has recently launched its central bank digital currency, and the Bahamas has become the first country to launch the same. 

Internet of Things

IoT refers to the system of interconnected devices in a network. IoT is gaining the boom in almost every aspect of life, be it a smartphone, smart homes, electric vehicles, etc. IoT comprises sensors that store sensitive data from real-time objects. As the data stored is sensitive and the chances of misuse are high. So, from a security perspective, blockchain technology allows only authorized and authenticated users to use the network.

International Payments

Blockchain technology can facilitate cross-border payments by providing end-to-end remittance without intermediary or third-party involvement. Cross border transactions become very complicated and lengthy with banks. Technology like blockchain provides convenience for the payment of transactions and strengthens security protocols.

Cybersecurity

As blockchain works on various consensus protocols like proof of capacity and proof of work, it provides access only to the authorized user.

Big Data

It comprises various techniques to deal with unstructured data like files, videos, text, images, etc. which cannot be computed traditionally. Blockchain can be an amazing tool to manage the data as every node in the network continually verifies, create, and stores the data.

Voting System

It comprises various techniques to deal with unstructured data like files, videos, text, images, etc., which cannot be computed traditionally. Blockchain can be a fantastic tool to manage the data as every network node continually verifies, creates, and stores the data.

Conclusion

With the advancement of time, technology is also improving, and that’s why there is a need to have good proficiency in technology and related stuff. Blockchain is becoming one of the essential and evolving technologies, and it has also shown its caliber in implementing cryptocurrencies. 

Some studies have predicted that many job opportunities related to blockchain will emerge in the upcoming years. A certificate in blockchain can help a lot in building proficiency in it. To know more about blockchain and related certifications and courses, look at the courses and certifications of HeroVired