Introduction:
Blockchain is a shared immutable ledger useful for recording transactions and recording assets. In addition, it is a digitally distributed database that maintains a continuously growing list of ordered records, called blocks.
Is Blockchain Secure?
Yes, Blockchain is one of the most secure technologies in the current era. It is nearly impossible to hack therefore is useful for making transactions all over the world. It stores new blocks in chronological order and places them at the “end” of the blockchain. This technology is difficult to hack because it is extremely difficult to go back and alter the contents of the block unless a majority of the network allows that. In addition, each block includes its hash along with its previous block’s hash. These hashes are nothing but mathematical functions that turns digital information into a string of numbers and letters.
Furthermore, Blockchain transaction ledgers are also decentralized and they have numerous copies on various “nodes’. Nodes are computers that participate in a particular Blockchain application. After doing a transaction through Blockchain, it is nearly impossible to change it. To hack this technology a hacker will have to reverse engineer the hashed block and make a change to the transaction data to over at least 51% of the copies of the ledger held on different nodes. To further know about it, one can visit Blockchain Online Training.
Use Cases of Blockchain:
Being a decentralized digital ledger, Blockchain has numerous uses in today’s world. Its blocks store data about monetary transactions and today more than 10,000 cryptocurrency systems are running on a blockchain. This technology is a reliable way of storing data about other types of transactions as well. Many institutes provide Blockchain Training in Gurgaon and one can enroll in them to start learning this technology. Given below are some of the uses of Blockchain.
- Banking and Finance- As back and financial institutions only work 5 days a week, it is necessary to make transactions on these days. However, integrating this technology into banks will allow consumers anytime regardless of holidays or the time of day or week. Moreover, this technology ensures that the exchange of funds goes more quickly and securely.
- Currency- Blockchain forms the bedrock for cryptocurrencies and allows them to operate without the need for a central authority. It makes them more secure and eliminates numerous processing and transaction charges. Blockchain helps in developing a more stable currency with more applications and a wider network of individuals and institutions.
- Healthcare- Hospitals and medical institutes can use it to securely store their patients’ medical records. Writing medical records in Blockchain provides patients with the proof and confidence that the records are safe. It ensures privacy and ensures that only a limited number of people can access these records.
- Property Records- Using this technology for maintaining property records eliminates the need for scanning documents and tracking down files. Storing ownership in Blockchain ensures that the deed is accurate and permanently recorded. Moreover, it helps in establishing transparent and clear lines of property ownership.
Conclusion:
Blockchain is a shared immutable ledger useful for recording transactions and recording assets. It is one of the most secure technologies in today’s era and is useful for several operations. It is decentralized and is nearly impossible to hack, therefore is useful in developing cryptocurrencies. Furthermore, it also has uses in recording digital assets like property records, medical history Etc.
