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Break the Clutter: The Story of Blockchain

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It has been a long while since the discussion about the concept of Blockchain is hammering all the mediums of information. The buzz of the concept and the innovation behind is hence, necessary to address.

From what is Blockchain to the answers about Blockchain mining and its use cases, here is all the theory about the technology which has been gaining popularity on the search results.

So, let’s get started!!

Who Developed Blockchain and What is it All About?

The concept of Blockchain was introduced under a pseudonym, Satoshi Nakamoto in 2008.

The ‘block’ is a series of transactional records and chain is the component that links them all in a ‘Hash Function.’ In simpler terms, it is a digital ledger in which the entries are recorded publicly. When we say publicly, it means that the records are recorded in a decentralized manner rather than by a single entity or corporation.

This technology eliminates the need for intermediaries. Any transaction made is recorded on several systems, but no system can change it easily. This means that no single entity can rule the data. It is open and available for all. This avoids the chances of corruption and mismatching of the data.

To make it more understandable, Blockchain is like Google Docs. If you want to collaborate with someone to write it, you can send an invitation beforehand. Similar to this is the concept of Blockchain, it lets multiple people edit and view at the same time, and an update is visible to everyone.

What is Blockchain Mining, a Way to Get Rich?

Blockchain mining is a hyped yet a misunderstood concept. Mining is not related to producing more Bitcoins but solving complicated mathematical equations. The work of a miner is to validate the new transactions. This is done by solving problems based on the hash algorithm (Hash Function). The solution obtained after solving these equations is called the Proof-of-Work.

The ‘block’ is a series of transactional records and chain is the component that links them all in a ‘Hash Function.’ In simpler terms, it is a digital ledger in which the entries are recorded publicly. When we say publicly, it means that the records are recorded in a decentralized manner rather than by a single entity or corporation.

Once the work is done, the miners get an incentive. That incentive is either in terms of Bitcoins or Transaction Fees. On an average, a block is added by a miner in ten minutes. So, if you transact in Bitcoins, it takes ten minutes to confirm the transaction.

At the time of writing, the reward is 12.5 Bitcoins for a miner, which is worth almost $200,000. This is equivalent to buying an Audi every ten minutes. 

So, let’s get started!!

Domains Using Blockchain

Blockchain is not only associated with Bitcoins or cryptocurrencies but a lot of other things.

A few of the industries with a potential to use the Blockchain technology are:

  • The Banking Industry

The banking industry is expected to imbibe the Blockchain technology with a lightning-fast speed as it offers a solution to bank’s existing problems. Blockchain is a public ledger which can record millions of transactions that happen in the banks. This keeps the records open and accessible, making them authentic with a little or no risk involved. Also, funds can be transferred more cheaply.

  • The Real Estate Industry

The real estate industry involves much paperwork when it comes to buying/selling/leasing the property. Blockchain can prove to be a clutter-breaking tech which may be a solution to this cumbersome process. Blockchain can make the recording of transactions fast, secure and also reduce the role of agents or intermediaries.

  • The Health Care Industry

The healthcare industry can thrive by using the blockchain technology. In this sector, many records regarding the medical history, prescriptions, case studies, etc. have to be stored. This can be done by using Blockchain, which makes the data secure and accessible by the entities who have access to it.

  • The Legal Industry

The legal industry involves storing and authentication of the data available. With Blockchain, it becomes easy to store and update it. Any change in the data can be verified and unified with the existing data.

  • Politics

There are a lot of times when there is news of rigging of election results. This is because unverified voters vote according to their will. With Blockchain, this can be eliminated. The list of voters can be verified. Also, the numbers can be matched to make sure that only legitimate voters vote.

  • The Education Industry

The education industry is breaking through the shackles of primitive learning and moving towards using virtual reality and Blockchain for an enhanced study experience. Blockchain comes in the picture when the study system needs to be decentralized by involving a global community of faculty, students, campuses, and curriculum. Here the students of all ages, cultures, and locations can come together to learn more.

Startups Imbibing the Blockchain Technology

  • ShipChain: It is a logistics and freight Platform based on Blockchain. It helps in tracking and tracing the parcels among all chains and carriers.
  • Nano Vision: This startup helps the research papers reach the global citizens, be it, doctors, scientists or civilians. The aim is to empower the masses to contribute to disease prevention research and development.
  • BuzzShow: It is a platform which incorporates the information regarding contribution and rewards of the online video users. There is a full economic system around the same which is kept fully transparent because of the Blockchain technology. Every user gets his/her share by contributing, sharing and listing more content on the platform.
  • Cateina Technologies: It provides business process automation solutions based on the Blockchain technology.
  • RecordsKeeper: Founded in 2016, this startup aims to replace the cloud-based computing like Dropbox or Google Drive. It is based on Blockchain’s peer-to-peer documentation storage for individuals and businesses.

From domains to various startups to multiple use cases, there is no denial of the fact that Blockchain is the technology of the future. It is entering into all possible areas which require transparency, authentication, and distribution of a significant amount of data.

In 2018, the initial understanding of the use of the technology is well drafted but what has to be explored is how fast this technology will spread across various niches to make lives simpler and better.

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