Blockchain is defined as a chain of blocks which contains information,
this technique was originally described in 1991 by a group of researchers and
was originally intended to timestamp digital documents so that it’s not
possible to backdate them. It was adapted by Satoshi Nakamoto in 2009 to create
the digital Cryptocurrency Bitcoin.
Blockchain is having a very interesting property. Once data has been
recorded inside a blockchain, it becomes very difficult to change it. The blockchain is undeniably greatest and
most ingenious inventions of these decades and has been ever evolving and has a
wingspan covering and disrupting nearly all industries out there today
basically, blockchain is a group of distributed digital records (blocks) of
transactions that are secured chronologically by a network of computers on the
internet.
With the help of blockchain, many people can write entries into a
record of information, and a community of users can control how the record of
information is amended. Blockchain-based on the two words the term Blockchain
consists of blocks and a chain made of them, it is the underlying technology
that powers Bitcoin. Bitcoin is nothing but a form of digital currency
(cryptocurrency) which can be used in the place of fiat money for trading. And
the underlying technology behind the success of cryptocurrencies is termed as
Blockchain.
“Blocks” on a Blockchain are made up of digital pieces of information.
Specifically, they have three parts:
1. Blocks store information about transactions,
2. Blocks store information about who is participating in transactions
3. Blocks store information that distinguishes them from other blocks
Uses of blockchain in various
field:
1 Cryptocurrencies: A
Cryptocurrency is a tradable digital asset or digital form of money, built on
blockchain technology that only exists online. Blockchains serve as the basis
technology, in which cryptocurrencies are a part of the ecosystem. They go hand
in hand, and crypto is often necessary to transact on a blockchain. But without
the blockchain, we would not have a means for these transactions to be recorded
and transferred. Contrasted with blockchain, cryptocurrency has to do with the
use of tokens based on the distributed ledger technology. Cryptocurrency can be
seen as a tool or resource on a blockchain network. Anything dealing with
buying, selling, investing, trading, microtipping, or other monetary aspects
deals with a blockchain native token or subtoken.
2. Smart contracts: A smart
contract, also known as a crypto contract, is a computer program that directly
controls the transfer of digital currencies or assets between parties under
certain conditions. A smart contract is
a computer code running on top of a blockchain containing a set of rules under
which the parties to that smart contract agree to interact with each other. If
and when the pre-defined rules are met, the agreement is automatically
enforced. The smart contract code facilitates, verifies, and enforces the
negotiation or performance of an agreement or transaction. It is the simplest
form of decentralized automation.
3. Financial services:
Blockchain is a digital ledger technology (DLT), which focuses on recording and
storing transactions of any type in a shared platform.
4. Blockchain with video games: There are a variety of ways blockchain
could be applied to video gaming. Over and above its use as a payment mechanism
for game purchases (were a cryptocurrency to gain enough traction that we all
regularly shopped with it), Bitcoin transactional technology could be used to
create and manage in-game currency accounts. When a player wins various rounds,
stages, levels and competitions, they are rewarded with coins, gems and other
shiny collectibles that signify their ‘level of worth’ in any given game -- and
blockchain could be used to manage this backbone function.
5. Supply chain: There are
several supply chain startups such as Cloud Logistics who saw an opportunity to
provide blockchain-enabled supply chain solutions to improve efficiencies and
reduce costs for the massive supply chain industry
6. Blockchain in space: The
space age is speeding up with extraordinary momentum. Now, the U.S. National
Aeronautics and Space Administration (NASA) is exploring the potential of
blockchain technology and artificial intelligence (AI) to improve space
communications. Concurrently, private companies are already bringing blockchain
technology into space.
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