Technology has become an integral part of the day to day lives. Our future envisions the more and better digital shifts in the human race and therefore it will not be a crime to dream about the secured tech-savvy activities. Are we really secured in the era of technology? You can share the views in the comments about it.

The Internet is the good place to acquire the knowledge and the latest trends around the world. So how does it make a safe place for the people to share the personal data? It can be said that internet is not a too safe place to store the information regarding financial and the other important personal sources.

Does it mean that all your passwords and the financial transactions are not secured? It is. On very rare times, the important data is breached or hacked. Blockchain technology can be the end of such breaching activities. It not only will put the end to the hacking activities but also it will establish the trust among the users.

Why the Blockchain Technology? The businesses based on this technology will get diverse in different sectors- right from e-votes to managing the health cards. According to the Gartner’s research, the businesses running on the Blockchain technologies will be worth of $10 billion.

Isn’t that huge? Well, before you jump to the conclusion and decide to lay the business foundation on the Blockchain technology, we are sharing the basic information and how it will be helpful to the different industrial sectors. It’s time we understand the future of our digital technology- Blockchain Technology.

BLOCKCHAIN TECHNOLOGY

The name Blockchain first made its appearance on the white paper about the distributed database which was based on cryptocurrency- Bitcoins. It is the technology serving both ends of the sector- storing the information/ data and also as the digital register of the transactions as well as the contracts.

So how does the Blockchain technology differs? An important difference in the Blockchain technology is that the data register is not stored in one place rather it is distributed. The simple example here can be- the banks. The banking/ financial system makes the use of the centralized method to store the data whereas Blockchain technology uses the open digital transaction log using the decentralized method.

How does it work?

The technology is not as complicated as it sounds to be. The technology is, in fact, the most secured one as nobody can forge or hack the data because of its open source nature. How does the open source data cannot be hacked?

Well,

• The digital records on the Blockchain technology are combined into the blocks.
• These blocks are connected in the chain through the cryptographic encryption using the multiple mathematical algorithms.
• Each block is composed of its own set of data records, connecting to the previous one in the chain.

In the simple statement-

• The new block connects the previous one to the end of the chain.
• The new block will be then updated in the digital registry which cannot be changed by anyone.
• This means, no one can forge the data once stored in the digital registry, although it is available on the open source.

So how does it makes difficult to hack the stored data?

• The digital registry of the Blockchain technology is updated on all the network system synchronously, altogether.
• When someone is trying to forge or alter the stored block on the digital registry, the system will declare it as the non-compliant act.

That works as the wonder of the technology! What can be the advantages? There are many, although we have shared the few important one for the better insight of the working of technology.

ADVANTAGES

Since the technology is new, it is quite understandable that it will add the benefits for the user in order to be remarked by the public. Here are some advantages of the Blockchain Technology.

Secured Surveillance (Security)

The Blockchain Technology uses the advanced level of the security comprising of digital signature and cryptographic encryption. Together they can provide the stable system for the data recording on the network.

Zero Hacking Threats

Because the information stored on the multiple computer systems, it is impossible to hack or forge the data. Anytime, if required, the original information can be restored/ recovered from the neighboring source.

Zero payment for Medium sourced services

The major reason behind this- Blockchain technology is a decentralized system.

Smooth accessibility at different levels

You can either operate the network with the open accessed or even in the private along with limited membership.

Transparent engagement/ operation

The activities done on the Blockchain technology is transparent which can be accessed by the user in the general mode. For example, Banks and the customers with the help of the Blockchain technology can receive the real-time notifications for the successful financial transactions done.

CONCLUSION

It is safe to conclude that the Blockchain technology is going to make our digital future quite secure as well as user-friendly. Already some of the sectors have started to work on this technology so as to create more fortune based on the trending technology.