What is Block Chain Technology

What is Block chain Technology?

• Posted bySocial Prachar
• CategoriesBlog
• DateApril 1, 2019
• Comments0 comment

Block chain is innovative technology that gives 100 %trust and allows consumers and suppliers to connect directly.

Block chain is the distributed ledger technologies that can be programmed to record and track anything of value and stands to revolutionize the way we interact with each other and distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way

Why Block chain Technology?

1. The way it track and stores the data
2. It creates the trust in the data
3. No more intermediaries

INDUSTRIES THAT WILL DISRUPTED BY BLOCK CHAIN:

1. Banking

The transfer fees can be both expensive and time consuming also sending money overseas become even more complex due to the exchange rate and other hidden fees involved

Block chain is disrupting this system by providing a peer to peer payments system with security and low cost of fees where, peer to peer payment system eliminates the need of central authority and provides fast and cheap and borderlines payments across the world

And crypto currencies like bit coin eliminates the need for a third party to make transactions

Block chain records all the transactions in a decentralized ledger which is publicly accessible by bit coin users

2.Cyber security

Data is verified and secured using crypto currency resistant to unauthorized changes and hacks Cyber security attacks are great threats to the public it’s essential to develop an effective solutions to secure our data against unauthorized access and tampering which eliminates the need of the middle men

Block chain is decentralized system which makes it suitable for environment where high security is required all the information stored on the bit coin networks are verified and encrypted using a cryptographic algorithm which leads to no more single point of entrance for a wide scale attack

With the block chain it’s easy to identify malware attack due to the peer to peer connections where data cannot be altered or tampered by eliminating the central authority block chain provides a transparent and secure way of regarding transactions and without disclosing your private info to anyone

3.Health care and insurance

In spite of using large number of documents and files the block chain has created the better data storage against hackers who has greater transparency

The insurance market is based on the trust management here the block chain is the new way to the managing trust and can be used to verify many types identity of the insured identity

The oracles integrated real world data with smart contractors and this type of technology is use full for any types of insurance that relies on the real world data

4.Supply chain management

In the supply chain management the transactions are documented in a permanent decentralized record, and monitored securely and transparently which leads to time consumption and cost effective which understands the environmental impact of the products

The block chain is also to verify authenticity or the fair trade status of the products by tracking from its origin and some where the skuchain, provenance, and fluent and block verify are working to improve supply chains

5.Networking and iot

In the networking system the companies like Samsung and ibm wanted to created a decentralized network of iot devices using the block chain

This helps to eliminate the need for central locations to handle communications for iot devices which could communicate directly update software manage bugs and monitor energy usage

6.Private transport and ride sharing

The block chain can be used to create decentralized peer to peer ride sharing apps allowing the end-users to agree with the terms and conditions in a secure way in this process we can automatically pay for parking tolls and fuel

7.Voting

The most important thing to happen in the politics the block chain will disrupt voting because to overcome from the rigging of the elections the block chain can be used for voter registration and verification and vote counting

The electronic voting is to count the exact votes and not to meant for rigging immutable publicly viewable ledgers of records votes would make elections more fair and democratic

8.Government

The Government systems are often slow opaque and prone to corruption due to the many reasons by implementing the bock chain which can reduce bureaucracy and increase security efficiency and transparency of governmental operations by which the government can run faster and efficient

9.Real estate

In the real estate industry the main issues which causes them are in buying and selling the real-estate where the bureaucracy lack of transparency fraud and mistakes in public records

By using block chain technology can speed up transactions by reducing the need for paper based record keeping and also the block chain helps with the tracking verifying ownership ensuring accuracy of documents and transferring property deeds.

I have been writing articles from a long time now and have published lot of articles on lot of websites as well