The past few years have seen the term blockchain gain more popularity. Blockchain was initially developed for bitcoin transactions but has now grown and is impacting so many industries. Blockchain technology has revolutionized how business activities are conducted now and how they will be conducted in the future.
A blockchain is a decentralized and distributed public database that records multiple transactions across many computers around the globe. Blockchain technology ensures that each transaction can uniquely be identified. Each transaction within a blockchain is authentic.
Blockchain technology is used by cryptocurrencies to record transactions. Once a bitcoin user initiates an operation, blockchain can record this transaction. This transaction can be seen through the blockchain since a trade that is done is usually shared onto the computers’ database. Its transparency enables the public to see the transactions too.
Blockchain technology was first majorly applied when bitcoin was introduced back in 2009. It was then that this technology came to light. It was used to record the transactions that were made using bitcoins. The rise of bitcoin can be significantly attributed to the blockchain technology.
The computer system within blockchain has now eliminated the need for third parties within transactions. For instance, there is no need for you to send your money to another user through a bank. Blockchain has done away with the need for a centralized source of authority that one has to pass through to carry out business.
Blockchain technology’s incorruptibility and authenticity make it very trustworthy. This technology is highly encrypted thereby ensuring that the transactions made within these computer systems are hack-proof. Cyber crimes have been on the rise in the past decade with so many individuals losing their assets through it. With blockchain, it is hack-proof making it impossible for anyone to commit cyber crimes.
The technology’s durability makes it able to perform loads of transactions and store information without interference. It cannot be controlled from a single point or by a single firm thereby making it more durable. The is no risk involved in system shutdowns for maintenance or doing away the technology. The decentralization of blockchain makes its life unlimited.
This technology has been embraced into mainstream industries. Finance, automobile, health and medicine, fashion, and the agribusiness industries are examples of where blockchain is now being adopted. Processes within these industries are now done with more efficiency due to the application of blockchain technology. This technology guides its operations and inventories.
Blockchain technology in medicine is used to track drugs from the initial production to the final consumer. This follow-up is made to ensure the drugs’ integrity is not compromised during the whole process. If a drug is faulty, it is easier to know now who might have taken the medication. A company can easily track the consumer using blockchain.
The blockchain technology has without a doubt revolutionized how transactions are done and tracked today. The storage of information on the shared network on blockchain has also made data safer. Its encryption has led to large financial institutions in the world to start using this type of technology for them to curb cyber crimes. It is the future of how transactions should be done. People and institutions around the world should start embracing it.