What is Blockchain?
Blockchain is a system of having information in some sort of way which is very difficult and impossible to hack or cheat because blockchain is a digital ledger of transaction that is distributed across the entire computer systems so the basic thing about blockchain is blockchain creates a set of requirements which are impossible to hack and provide the basic security to the users for their transactions .Actually blockchain provide us the facility to connect and make transactions in any sort of coin like Ethereum or Bitcoin
Blockchain is decentralized Ledger which creates all the transactions peer-to-peer with the help of this technology users can confirm transaction without clearing authority and centralized method they don’t need any sort of central authority this application includes fund transfer, voting and many other issues
The basic purpose of blockchain is to create transactions in a secure network for this reasons people prefer blockchain because it provides payment facility in end-to-end encryption method that is the reason people choose blockchain because it eases them from the tension of any sort of hacking and to create inside organization transactions and worldwide.
Advantage of blockchain:
- The basic advantage of blockchain is its security
- Secondly blockchain create transaction in end-to-end encryption mode for that reason people prefer it
- Blockchain create tokenization and that token will be executed within some time and after some time the token is expired and for this reason you have to create another token this scenario is same exactly like one time authentication
- Blockchain creates immutable records and increase the speed of transactions
- Blockchain creates a security key for extra protections.
Disadvantages of blockchain:
- Large amount of data is required for larger transactions
- Once users have forgotten the security key then their access is revoked.
In Real Life Where Blockchain is Used:
Real-estate:
Blockchain gave us the facility to hide data sharing, secure streamline rental collections and add speed up the payments of property owners and also provide premium due diligence across the portfolio.
NFT:
Non fungible token (NFT) that represents a unique asset like digital content, media and piece of art. NFT creates a revocable digital certificate of power of attorney of certain piece of land that will give us the ownership and authenticity of a given asset whether digital or physical in these terms blockchain will help us to create those transactions in end-to-end encryption way and basically speed up the transaction in the whole world
For instance, you are living in England and you wanted to have something which is in Australia if you want to create that transaction you don’t have to be limited in your banking system you just have to you create that transaction in the blockchain medium in that ways that transaction will be done in a very short amount of time and gave us the basic security which every user requires while having transaction.
Data anchoring:
In blockchain every transaction and each record are immutable and independently verifiable and gave us a facility of time-stamped this technology resembles an “append only” Ledger and transaction order distributed across many entities within the decentralized Ledger each transaction creates an identical copy of the Ledger.in this way every transaction log is created and can be used later on for different purposes but can only be accessed by the user with the help of private key.
Copyright:
Copyright data is contained in the block each block is linked with blockchain with the help of timestamp through the hash pointer pointing to the values of the previous block in this manner it guarantees that digital copyright information cannot be manipulated and once user have some sort of authenticity on something the other user cannot use or cannot manipulate it because timestamp and hash pointer is only accessible by the right user.
Identity system:
Blockchain gave us the feature of maintaining data in an encrypted way and immutable manner it gave us the security through cryptography in maintaining digital identity with the help of this blockchain can help ensuring that this particular user has the digital identity and easily traceable.
Blockchain as a business resource:
Transfer apps for cryptocurrencies are now experiencing an explosion in popularity, led by Bitcoin. Due to the time and money that blockchain may save financial institutions of all kinds, it is particularly well-liked in the industry.
Blockchain can save the biggest banks a tonne of money by decreasing third-party fees, getting rid of bureaucratic red tape, and making ledger systems real-time. These businesses efficiently move money using blockchain technology.
Zain