What is Blockchain Technology?

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t12 Essential Steps for GDPR Compliant Mobile App
What is Blockchain Technology?
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Ultimate Guide to Blockchain Technology
According to Statista Report 2017, the global
blockchain technology market will be 2.3 billion
USD in size by 2021, assuming a CAGR of 61.5.
Blockchain is proving to be one of the most
promising technologies of 21st century.
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What is Blockchain Technology?
Blockchain is basically a digital ledger where
data can be entered, verified and then processed
further by the approval of computer nodes on a
peer-to-peer network. Whether you want to enter
new data, validate existing ones or delete data,
a predefined number of nodes on the P2P network
must validate each transaction.
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Features of Blockchain
Having a P2P network implies that all users are
equal there is no server that is superior than
its clients, as in the case of Internet. This
gives rise to decentralized control over the data
contained in the whole blockchain.
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Bitcoin and Blockchain
Blockchain was first implemented as Bitcoin, a
digital currency design by Satoshi Nakamoto. Or
rather, it was the other way around. Blockchain
was invented so that digital currency could
become a reality. This is the reason why many
people think of blockchain as Bitcoin and find it
difficult to believe that blockchain is a concept
that can be taken much beyond cryptocurrencies.
However, blockchains contribution to
popularizing digital currency cannot be glossed
over.
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How Does a Blockchain Work?
The backbone of any blockchain is the P2P network
formed by nodes with huge computing capabilities.
The huge computing capability is required because
nodes are needed to solve complex puzzles to find
new blocks or validate transactions. The moment
they join the network, the blockchain is
automatically downloaded on their system. There
is no copy of the blockchain, the node simply
shares the blockchain with other nodes. When a
new block has to be created or data has to be
added to an existing block, it must be done by a
node. Once this new node is put out on the
network, it is verified by all the nodes. This is
called reconciling the transaction. The network
checks itself every 10 minutes to see if any new
transaction has taken place, which needs to be
reconciled.
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Impact of Blockchain Technology on Industries

• Blockchain can be used in supply chain to verify
  authenticity of products being delivered.
• Smart contracts can be used to perform
  transactions without the need for middlemen.
• Blockchain can be used for crowdfunding where
  people donating can easily track if they are
  donations have been put to correct use.
• Patient data can be shared across healthcare
  organizations to ensure better and more efficient
  care.

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How Governments are using Blockchain
Governments are embracing blockchain technology
to implement transparency and data security
issues. As all information on a blockchain is in
the public domain, which can be verified, all
government measures become automatically
transparent. Smart contracts are also being used
to ensure that all the promises made by the
government are enforced by concerned parties.
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Future of Blockchain Technology

• The future of blockchain technology will become
  self-evident when you read these numbers
• A simple search on AngelList shows more than 7500
  blockchain start ups
• Blockchain related jobs posted on LinkedIn
  tripled between 2017 and 2018
• Global spending on blockchain solutions was USD
  2.1 billion in 2018

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Conclusion
Blockchain is essentially an immutable,
decentralized and tamper proof ledger. As we have
seen, it has the potential to make life easier by
providing secure, fast, transparent and
middlemen-free way of performing transactions.
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