Blockchain Technology

 

Block chain , sometimes referred to as Distributed Ledger Technology (DLT),is a growing list of records called the Blocks. It is linked using cryptography. Each block has a cryptographically hash of the previous block , a tuple ,and transaction data. Block chain is an open distributed ledger which allows transaction between two parties and also records it efficiently and in a verifiable and permanent way.

Google Doc is a simple analogy to understand block chain technology. When we create a document and share it with a group of people the document is distributed or transferred instead of being copied. It is a Decentralized distribution chain which allows everyone to access the document at the same time. No one is locked out awaiting changes from another party , while each and every modification to the document is recorded in the real-time and the changes here are transparent

Other analogies to understand block chain are:-

·       THE GLASS BOX ANALOGY

·       THE VILLAGE ANALOGY

Block chain is a promising and worldwide technology as it reduces risk , stamp out frauds and also brings transparency

Block chain applications

Some of the applications of block chain technology are:-

1.              BANKING:- The existing banking system is complex and often slow due to multiple layer of inter-mediation. Block chain provides a secure way of sending digital assets without these parties.  Not only it simplify the banking process but also open the door for those with no previous access to financial services.

 

 

 

2.              REAL ESTATE:-  Block chain can enforce title deeds for sanity transaction and even grant access to properties through smart keys. The technology could stream line property sale by saving time and money.

3.              SMART CONTRACTS:- smart contracts based on block chain technology executes with any human interaction. It reduces moral hazards and optimize use of contracts in general.

4.              ONLINE VOTING:- Another application for Block chain technology is online voting. It keeps track of the tallies of the vote. Using block chain they can verify that no votes are changed or removed and no illegitimate votes are added.

 

5.              STOCK TRADING:- Block Chain makes stock exchange more optimal through automation and decentralization. It reduces the cost imposed as commission on the customer. It speeds the process of transaction settlement and ease the paper work of trade and security of legal ownership transfer. It also eliminates the need of third party. Block Chain network act as a regulator for all transaction.

6.              FOOD PRODUCTION:- Block Chain in food production helps in simplifying the way of producing food , tracking it from farm to fork. Efficiency of supply chain is more profitable for company’s improved food safety and finished products.

7.              AIRLINES:- With block chain airlines can automate repetitive process and payment , simplify revenue accounting and payment reconciliation , reduce dependence on intermediaries and reallocate industry value. It improves customers experience , track components, luggage and shipments. It also helps in improving ground operations and on-time departure.

 

 

 

8.              PERSONAL IDENTIFICATION:- Block Chain technology could merge all source of identity into one open source and secure record. This helps in reducing theft and loss of documentation while protecting the individuals privacy.

9.              MUSIC RIGHTS:- Improve rights of producers and musicians in the era of digital streaming. The ledger could facilitate instant transmission of artistic realities each time a song is played online.

10.          HEALTH DATA:- Block Chain technology helps to securely transfer medical records of a patient , manage the medicine supply chain and health care researches unlock genetic code.