Blockchain Technology- Concepts, Benefits, Working and Career
Blockchain is sometimes referred to as Distributed Ledger Technology (DLT), makes the history of any digital asset unalterable and transparent. Blockchain is ideal for delivering information because it provides immediate, shared and completely transparent information stored on an immutable ledger.
WHAT IS BLOCKCHAIN TECHNOLOGY?
Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack or cheat the system. It is a type of DLT in which transactions are recorded with an immutable cryptographic signature called a hash. It is a type of database. Different types of information can be stored on a Blockchain but the most common use so far has been as a ledger for transaction.
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TYPES OF BLOCKCHAIN
- Public Blockchain
- Private Blockchain
- Consortium Block chain
- Hybrid Blockchain
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HOW DOES IT WORKS
Blockchain consists of 3 important concept :
- Blocks
- Nodes
- Minors
Blocks : Every chain consists o multiple blocks.
Minors: Create new block on the chain through a process called mining
Nodes: Every node has it’s own copy by the Blockchain.
A Blockchain is a growing list of records, called blocks that are linked together using cryptograph. They are typically managed by peer to peer network for use as a publicly distributed ledger.
BENEFITS
- Ability to access information from anywhere at any time on any device
- Transferring data packet is over a connected network saving time and money.
- Better use of resources and assets
- Cost-effective operation
- Efficient operation management
- Automating tasks helping to improve the quality of a business’s services and reducing the need for human intervention
- Internet Of Things generate massive quantities of data.
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APPLICATION
It has a nearly endless amount of applications across almost every industry. The ledger technology can be applied to track fraud in finance, acts as a better way to track intellectual property in business.
BENEFITS OF BLOCKCHAIN TECHNOLOGY
- Enhanced Security due to the encryption feature Blockchain is always secure
- Greater transparency
- Instant traceability
- Increased efficiency and speed
- Automation
- Individual control of data
- Innovation
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WHY BLOCKCHAIN TECHNOLOGY IS IMPORTANT
The field of Blockchain technology in the IT sector is growing very fast. This provides one of the most secure and safe online transactions. Companies using Blockchain technology are –
- Infosys
- Tata Consultancy Services
- Accenture
- Capgemini India Pvt Ltd.
- IBM
- Hyperlink Infosystem
The average salary of a Blockchain developer is ₹6L/year.
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CONCLUSION
Blockchain technology has a far-reaching applications across many industries. It is already used to facilitate identity management, small contracts and much more. Full potential of Blockchain technology likely remains to be discovered.