Blockchain is usually associated with Bitcoin and other cryptocurrencies, but these are just the tip of the iceberg. This technology was first conceived in 1991, when Stuart Haber and W. Scott Stornetta described their work in a series of encrypted cipher blocks But it was not until 2008, with the advent of Bitcoin, that this technology began to become widely known. According to MarketWatch data, the company is currently gaining demand for other commercial applications, and its annual growth rate is expected to reach 51% in many markets by 2022, such as financial institutions and the Internet of Things.
What is blockchain?
Deblockchain is a unique, consistent record, distributed on multiple network nodes. In the case of cryptocurrency, you can think of it as an accounting ledger that records every transaction.
Blockchain transactions are complex. If you delve into the internal details of how it works, it may be difficult to understand, but the basic idea is easy to understand.
Each block stores:
Some valid records or transactions.
Information about the block.
The link between the previous block and the next block is connected by the hash of each block-this is a unique code that can be considered a block fingerprint.
Therefore, each block has a specific and immovable position in the chain, because each block contains information from the hash of the previous block. The entire chain is stored in each network node that makes up the block chain, so an exact copy of the chain is stored in all network participants.
When a new record is created, it is first verified and verified by the network node, and then it is added to the new block linked to the chain.
How can the blockchain be so secure?
As a distributed technology, each network node stores an exact copy of the chain, and the availability of information is guaranteed at all times. Therefore, if an attacker wants to cause a denial of service attack, they must cancel all network nodes, because only one node operation can make the information available.
In addition, since each record is desirable and all nodes contain the same information, it is almost impossible to modify it to ensure its integrity. If an attacker wants to modify the information in a block chain, they must modify the entire chain in at least 51% of the nodes.
Ultimately, since each block is mathematically linked to the next block, once a new block is added to the chain, it becomes unchangeable. Therefore, if the relationship between a block and the chain is modified, it will be destroyed. In other words, all the information recorded in the block is immutable and permanent.
Therefore, blockchain technology allows us to store information that can never be lost, modified or deleted.
In addition, each network node uses certificates and digital signatures to verify information, and verify the transactions and data stored in the blockchain to ensure the authenticity of this information.
You can say that the blockchain is like a record holder. A method of attesting and verifying any type of information. A reliable, decentralized registry, it can resist data manipulation, everything is recorded.
We are now accustomed to using a centralized model. We give all our information to companies such as Google or Facebook to manage, and send all our information through Telegram or WhatsApp servers so that they can send this information, or spend our wealth on record managers and institutions, To prove and store our important documents or documents.
In the deblocking chain, data is distributed on all network nodes. In the absence of a central node, all nodes participate, store and verify all information equally. It is a very powerful tool for transmitting and storing information in a reliable way; a decentralized model in which the information belongs to us because we don't need a company to provide services.
What else can the blockchain be used for?
Essentially, blockchain can be used to store any type of information, which must be preserved intact and provided in a safe, decentralized, and inexpensive way, rather than through intermediaries. In addition, because the stored information is encrypted, its confidentiality can be guaranteed because only those who have the encryption key can access it.
The use of blockchain in the healthcare industry
For example, the use of blockchain in healthcare records can be consolidated and stored in the blockchain. This will mean that the medical history of each patient will be safe, and that no matter where the patient is treated, every doctor can be authorized. Even the pharmaceutical industry can use this technology to verify medicines and prevent counterfeiting.
Use blockchain to get documents
Blockchain is also very useful for managing digital assets and documents. The problem with digital technology so far is that everything can be easily copied, but blockchain allows you to record purchases, behaviors, documents, or any other types of online assets without being forged.
Other blockchain uses
This technology can also revolutionize the Internet of Things (Internet of Things) market. The challenge is that thousands of devices are connected to the Internet, and these devices must be managed by supplier companies. In a few years, the centralized model will not be able to support so many devices, not to mention that these devices are not safe enough. Through the blockchain, devices can communicate directly, safely, and reliably through the network without the need for an intermediary.
Blockchain allows you to detect, verify, track and store all types of information, from digital certificates, democratic voting systems, logistics and information services to smart contracts, and of course currency and financial transactions.
Currently, the following items worth checking out are already in development:
HyperLedger project
This involves a consortium of large companies hoping to develop blockchain-based solutions. They have several active projects.
R3 Cev
The 40 largest banks in the world came together to develop blockchain-based solutions for their financial processes. They also write reports and conduct research on this technology.
Storj
The first blockchain-based storage plan is available to everyone. User data is encrypted and stored in the blockchain to ensure its security and availability.
Proof of existence
Provide online certification services for any type of document. It allows users to save documents in the blockchain, and the blockchain can never be modified or deleted.
According to a survey conducted by consulting firm Deloitte, 74% of the companies surveyed believe that blockchain is an improvement to their business and plan to invest in this technology, and nearly half of them have already done so in some way in their business. Implemented the blockchain.
There is no doubt that the blockchain has turned the constant and decentralized level that the Internet has always dreamed of into reality. This technique removes reliability from the equation and replaces it with mathematical facts.
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