What is Blockchain Technology?
The blockchain is a decentralized database that records the data (finance contracts, physical assets, and supply chain information). It has acquired a triumphant recognition over the time and is currently dominated and used by Bitcoin.
The blockchain is divided into two phrases: Block and Chain. Let’s precisely understand both of them.
Block is the authenticated entity that documents the time stamp and is encrypted. It is governed by an owner through a private key. In case, edits are introduced, all the distributed chains are updated on the real-time basis. It can be said as the most active part of the blockchain that records the previous transactions. Once completed, the block goes back to the blockchain and the new one is generated thus, forming the chains that are linked to one another. Every new block developed is already connected with the previous block. The blockchain contains the complete history of the users and addresses. The data can be distributed but the copy of it cannot be generated.
The Chain is open and distributed that can be accessed by anyone, making the transaction. One thing to note, the chain is not governed by any other third party or the organization. The concept of blockchain can be easily understood with the help of Wikipedia. What happens in Wikipedia? Well, the users can see the information but cannot control its database that is managed and tracked by is authorized controllers. The same goes with the blockchain; you can view it but cannot control it.
Taking more, the Blockchain is actually incomplete without Bitcoin. All the transactions are stored on blockchain and user can view the status of his transactions. Each transaction is stored in the block and currently there are 8 billion accounts of Bitcoins existing on the Blockchain and the figures are still increasing.
Some more facts about Blockchain:
- Blockchain can be public or the private.
- In terms of popularity levels: it is at the place where the internet was 15 years ago.
- Only 0.10% people use Blockchain, while 75% of the people use internet
- It is being pioneered by the Bitcoin and they can say as the engine of the Blockchain.
- Major tech-giants such as Microsoft and IBM are investing in the Blockchain. IBM had recently dedicated $200 million to the Blockchain powered projects.
- The global market share of Blockchain is expected to raise up to $ 20billion by 2022.
- Blockchain has the ability to save around $8 million- $ 12 million, in all the banking and financial related transactions.
Oracle decided to board with its own Blockchain.
One of the major tech-giant Oracle says that Blockchain is the very big opportunity for making the digital payments using the cryptocurrencies such as Bitcoin and others.
Oracle blockchain cloud services pave a way for the Oracle customers to link their stockpiles and supply chains to migrate to a more secure and distributed transaction system, from both the own servers and cloud data centers belonging to Oracle. According to the sources, the software will be available by the end of this year.
According to the Oracle, the set up of the Blockchain will require computing resources in a distributed manner. That can be enabled by the public Cloud data centers, located around the globe.
Oracle is embarking with its own cloud amongst its competitors Amazon and Microsoft in the market and take into account all the associated services that will be served to banking, hospitals and financial sectors.
Why Baas (Blockchain as a service) stated by Azure?
Azure is currently one of the major technical giants for delivering the Blockchain solutions such as Etherium consortium, Chain Core Developer Edition, Emerson Blockchain and much more. As an open and flexible platform, it supports the fast-evolving distributed ledger technologies, to combat the specific business conditions and technical specifications.
Blockchain as a service is a low-cost infrastructure that delivers authenticated ecosystem for the organizations to execute the business processes.
Why select Blockchain?
- Secured and authenticated:
It adopts a digital signature mechanism for creating and executing the transactions. It helps greatly in reducing the fraud and paves a clear way for trust and traces the accountability of the processes that took place beforehand.
The transaction history can be shared. More the organizations participate, the more the value increases thus helps to make the processes fluent and streamlined.
- Ledger development:
The record, once executed cannot be deleted, means it is immutable. If you commit a mistake, execute one more transaction compensating the previous one.
It makes the processes very authentic. The more the data shared, the stronger the network becomes.
The blockchain is a peer to peer transaction models that do not require any third party during the transactions. Since secured, it can be widely used with the bitcoin apps, that requires identity verification and for the digital voting purposes. There are yet many to arrive, but till now, the way by which it has revolutionized the entire digital payment landscape is undeniably appreciable.
Arun Goyal, Managing Director at Octal IT solution is a passionate name in the mobile app development landscape and had successfully converted the thousands of app ideas into the revenue generating business model. With the every passing day, he is earning the magnificent notification on the domains of app development, technologies, business management, leadership skills, motivation and resource optimization.