What is blockchain technology?
In the simplest form – Blockchain is a type of database. To understand the concept of blockchain technology, we need an understanding of the word ‘database’: A database is a collection of digital information stored in a computer system. The information in the databases is commonly stored in the table format for easy searching and filtering of information. This format is better than using the Spreadsheet, as spreadsheets only allow an appointed individual or a small group of individuals to store or get access to a limited amount of information. On the contrary, a database is streamlined to collect a large amount of data that can be filtered, accessed, and even manipulated easily by any number of users at the same time. The difference between a blockchain and a database is in the method of data structuring. A blockchain gathers information in sets, which are known as blocks. Blocks have specific storage capacities, and when one block is filled, it is chained onto the previously filled block, which eventually forms the chain of data known as the “blockchain.” A database structures its data into tables, and a blockchain structures its data into blocks that are chained together.
How is Blockchain Technology beneficial?
There are plenty of benefits that Blockchain Technology has to provide. Listed below are a few of them:
1) The log is made public, so the transactions that occurred can be recorded and cannot be modified.
2) Because of the encryption feature, the information saved in the blockchain technology is safe and secured.
3) The transactions are done instantaneously.
4) No go-between fee is required as it is a decentralized system.
5) The validity and legitimacy of every transaction are verified by participants.
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Ways that blockchain is changing the shape of industries.
1) Banking industries:
Among several other industries that have adopted Blockchain Technology, the banking industry is at the frontline. Banks are the primary institutions responsible for keeping people’s money secure and issue it back to them whenever required. Concerning the success of the industry, banks need to go through many processes and moderators. It makes banking slow and expensive. In addition to that, the participation of mediators makes the banking process open to errors and fraud. Blockchain fastens the transaction and payment process.
Also, it is developed on cryptography principles. And hence there is no complete dependence on one individual only. It increases security and decreases the chance of fraud.
2) Digital marketing industries:
Several companies like Google, Amazon, and others have been targeting the consumers with personalized marketing messages and information by harvesting the email addresses, cell phone numbers, and names. Blockchain, on the other hand, offers a key to unlock some apps that will immediately return to the user once they are finished. No form of traditional social media surveillance is needed, as it is a decentralized network.
Blockchain also provides better leads to marketers. Marketers can get sources of data i.e. directly from the customers which ensure first-hand information from the correct people.
3) Gaming industries:
Blockchain technology empowers the developers. Smart contacts help developers to control the gaming economies by setting a defined context to control trading.
Decentralization creates a decentralized gaming economy. For example, in the game Age of Rust, players receive Enjin Coin(ENJ), a cryptocurrency is needed to complete some specific objectives. The ENJ can be used to buy gift cards from popular companies like Uber.
Another blockchain feature focuses on transferring ownership of in-game assets from the developers to the players. For encouraging the players with long playtime, developers are motivated with rewards to put more effort to attain a specific objective.
4) Cybersecurity Enhancement:
Blockchain makes the applicants worry less about their personal information being stored because they are the only ones who can change their information. Blockchain application is made to improve user validation and limits access to control the systems. Decentralized data is important if a firm is a prey to distributed denial of service (DDoS) attacks. It occurs when hackers increase traffic to a website.
5) Advertising and Marketing Industries:
Blockchain technology is useful in marketing and PR( Public Relations) as it increases credibility.
It helps the PR organizations to decide whether the clicks and mentions they receive from social media are from bots or humans. Companies that are receiving genuine human participation have better customer loyalty and improved services. Blockchain technology allows PR organizations to confirm the authenticity of their social media posts, press releases, and media advisories. It assists the company to come up with coherent content on its social media platforms.
6) Healthcare industries:
Blockchain can help in the maintenance of medical records. The moment these records are created, they can be written on the blocks in the blockchain technology cannot be manipulated. The origin of the medical records is important in the caring of the patients and upholds justice in legal cases that are involved.
Blockchain facilitates the process of consent management. The blockchain can also be used to track the patients if they keep their appointments and reward them to stay healthy and contribute the data for furthermore clinical research purposes.
Blockchain technology helps in tracking the vehicles as well as the payments and disputes of any sort of resolution. We can easily track the vehicles and know their status.
Having a smart contractor ensures the delivery of any product that is being transported. Smart contracts are the best application of the blockchain industry. The applications are pre-programmed and have refined conditions. These conditions are pre-decided, and when those required conditions are fulfilled, the payment is made.
There is growing excitement about bitcoin, and the interests of people in blockchain technology are also increasing. Blockchain is increasingly adopted by many industries to streamline their activities and achieve faster operations.