The Blockchain technology is recognized as one of the full proof database storage facility in the world. The fact that the data cannot be duplicated or corrupted makes it an effective option for many transaction-based software and digital currencies. Many major players of cryptocurrencies have adapted this technology and have integrated it into their systems. It has been around for almost ten years after it was founded by the first cryptocurrency, the Bitcoin. The Bitcoin gives its major credit for business success to Blockchain as it has made Bitcoin trustworthy even though it was new to the market.
The Blockchain follows a long chain of computer users that keeps safe the same data within so that the data cannot be tampered with. The introduction of Blockchain was initially and majorly in the field of currency and the transaction field. But as it was further developed by developers, it opened new gates to many sectors such as social media, military application, education, healthcare, etc. Here is a brief view of what is Blockchain and where has it reached after ten years since its invention.
What is Blockchain?
The blockchain is an online digital ledger that stores the information in real time and makes sure that the data is not being tampered with. The strategy that Blockchain uses to make it possible is by saving the complete data in multiple devices that are in the network. In the terms of cryptocurrencies Blockchain stores all the transactional and account details of the users so that the authenticity and credibility of the currency can remain unharmed at all times.
The word Blockchain can be divided into two words, “Block” and “Chain”. The data that is collected from the system is stored in these blocks that are interlinked with each other that makes a blockchain. These blocks are secured by hash or cryptographic algorithm that are hard to bypass. This chain of information can be linked back to the sender and to the receivers and all the peers that are connected with these entities. Here are some achievements that will show the capability and the journey of Blockchain in these 10 years.
Bitcoin – The beginning
The beginning of the Blockchain was from Bitcoin, which is the first and currently the most successful cryptocurrency in the world. This makes Blockchain more interesting as there are more possibilities that can affect the being of Blockchain. The success of Bitcoin is definitely based on its security and anonymity which has been made possible by Blockchain that makes it a vital factor in the business of cryptocurrency. After the success of Bitcoin, many other upcoming alt coins have adapted the same technology to make their currency safer.
Better data sharing models
This definitely shows the capability of Blockchain as a decentralized and controlled infrastructure. This has also encouraged many users to share data that is possible with less friction and more efficiency. The data storage model can be created for multiple entities that can remain secure and private to each entity. These data sharing model can also establish a vibe of trustworthiness that can only be achieved by a secure network.
The decentralized cryptocurrency has been a major hit amongst investors that is only been made possible by Blockchain. The government policy cannot affect the cryptocurrency because of the decentralization. The security of the transaction and the funds are guaranteed by the Blockchain that can reduce the chances of fraud cases. The corrupt governments cannot ask for tax as it is decentralized and hence the blockchain can be useful in this sector. Hence Blockchain has shown notable changes in the currency and online transaction sector and will definitely evolve in other domains.
This goes without saying that nobody can question a field in which blockchain has been an active and vital part. The Blockchain has shown its magic even in the Cryptocurrency Exchange field where the exchanged currency details are stored in the Blockchain ledger. Here we stand after ten years of successful journey, the blockchain still continues to fuel different research and application in various different fields.