Introduction To Blockchain

All of us know that so many of our credentials and so on can be changed not only by us but by others too. But blockchain doesn’t let it happen. Blockchain is a type of database and as the name suggests, it stores data in different blocks which are later chained together. It makes it difficult for people to break through, use a cheat code, hack or do any unfair means with the system. It is very much encrypted in that way.

Blockchain, to be very precise is used in the world of sales, stock markets, bitcoins, or just say cryptocurrency. It’s basically related to mostly investments or transactions. It’s usually referred to as a digital ledger. What happens is, there are tons of transactions in each of the blocks and every time a new transaction is made or say, occurs. That particular new record is added to that particular participant’s ledger, yeah that’s how it goes as much as I have done my reading on it. You know right, there’s so much in and around talks about this blockchain world in everyday articles, its stats, growth, and so on. Of course, it is known for its security the most. Because, if anybody tries to misbehave with one block among the many then they will have to alter every block that’s following and it is indeed a very hard job to do it and therefore, it’s very highly secured. I’d speak.

In a blockchain, the transactions are made and then, later on, made dupes of and of course, distributed among the systems attached or chained along with it.

Interesting, isn’t it?

Now, the question that comes to almost every person’s mind is “can we get an accurate description of where and how this blockchain is used or useful?”

Well, of course. I’ll just name a few because there’s already a lot to talk about and I cannot just fill in right away (you know, leaving some for the later kind of stuff).

Blockchain, as I mentioned earlier, in brief, are usually used:

- To compile data for sales purpose

- And of course, to track and keep a record of the digital usage of payments to the ones who work online you know. Such as online writers, bloggers, individual content creators, and the ones who sell their tunes or music via online means or platforms to say.

- Not just in these backgrounds but the blockchain is used in daily life fields such as healthcare and stuff. How you may ask, it keeps a secured analysis of the medical data.

But even after all these and so much more, blockchain is widely known because of bitcoin or cryptocurrency.

Now, you may be curious about what is bitcoin or cryptocurrency.

Bitcoin is a digital currency without a definite, designed, governed, or centered bank. It goes in and around in a peer-to-peer-based system and it does not need a median.

The value of each bitcoin-only increases if its demand increases but as the saying or doing goes, bitcoin stocks tend to go up and down. We cannot always assure for it to have an increment and be on top.

Once your bitcoin is up to the point that can cause you profit, you can convert it into cash by moving it to the bank or by using the bitcoin ATMs and your existing debit cards. As you know that bitcoin is digital money, we cannot get anything without a tad bit of hard work. That’s the same with bitcoin, you need to mine it and then wait for almost 10 minutes as that’s the time it takes to mine on, and then the other steps will eventually lead you to where you wanted to when you first thought of bitcoin. Or maybe not. Depends on the demand and stocks, like it always has.

Anyways, getting back to the blockchain. Blockchain is going around increasing its hype in the world. Blockchain is also the reason for the existence of cryptocurrency and all of us know what cryptocurrency is, I mean, that’s what's been going around lately. Even the very known Elon Musk has talked about it.

Curious about the inventor of this blockchain stuff we have been talking about? Well, it’s Satoshi Nakamoto. Cute name with a great mind I must say. But it’s a pseudonym, real name hasn’t been known to or been revealed yet.

But look at the odds, this person literally brought a change into the world by introducing the blockchain. Quite advantageous.

So, as it is an online ledger, of course, it will have a distributed strata of the online ledger technology and it goes like this:

- Of course, the blockchain being auxiliary (programmable, to say in simpler words)

- It is highly secured as I have mentioned before.

- The people who participate in it do not actually have to reveal themselves you know. they are either anonymous or have a pseudonym name

- The records and validation are all unanimous among the users and participants.

- It is distributed among all

- Immutable type of data

- Time and occurrence are always recorded in each block

Blockchain on its own is so many things in one and along with it, it does have a lot of applications.

It is of course useful and will always have tons of applications in all the fields. Therefore, here are some of the uses in precise first:

- Medical data is shared in a safe and secured manner

- It is used in NFT (non-fungible token) marketplace

- Tracking music-related data and records

- Helpful in cross-border payments

- Processes in the platform of real estate

- It is helpful in supplying chained and logistics monitoring

These are the uses (of course, there are more but who even gets into depth these days?)

Anyways, here are the applications:

- Bursitis, is of the healthcare industry and helps the patients and doctors to deal with the secured sharing of medical information as I said earlier.

- Mediachain (music industry)

- Property (real estate field)

- Opskins (gaming, fintech, and cryptocurrency part of the world)

- Circle (of the same backgrounds as that of the skins)

- Chainalysis (same as the previous two applications but including the cybersecurity part of the day-to-day life)

- Chain (related to storage clouds)

- Filament (related to hardware and software purposes)

- Hyper (internet purposes in support with cybersecurity)

- Illinois blockchain initiative (it’s a source of government and technological part)

- Civic (secures identity and fintech department)

- Evernym (IT department and the stuff related to it)

- Patientory (as the name suggests, it is also a part of the healthcare industry)

- Medicalchain

- Dhl (delivery source, logistics, and supplying industry)

- Block array (same as that of DHL)

- Ship chain

- Dapper Labs (sports industry)

- Voatz (governed and political background industry)

- State of Delaware (government-related, similar to somewhat that of Illinois blockchain initiative)

- Madhive

- Steem

- Open music initiative

The last three are a part of the digital media industry.

Also, isn’t it very alarming to see so many applications of blockchain?

Then and there, we have a lot of uses for it but nothing comes without the bad side of it.

Keeping that in focus, we shall even talk about the disadvantages of blockchain:

- Slow processing systems, it’s a similar kind of situation as that of a hub, in a hub (a computer device), too many users at once can slow down the network transfer at a high rate and somewhat same case goes on with blockchains too.

- High energy is consumed. You know it’s like you will not get tired doing small chores at your home but once you do a very tiring chore that too, only one. Your energy is drained, then and there. A similar instance occurs with blockchains, some processes or solutions consume so much energy that it takes time to fill it up in proper ways.

- Inefficiency, all depends on its operational systems

- High cost. Hehe, we all know about it. Wouldn’t go in-depth only for few bank accounts to start crying.

- Interoperability is what we call the exchanging and using of information among computers and their systems, which the blockchains do not offer yet.

- It’s hard to scale blockchains because of their general agreement method

- Immutable date. Yes, it’s an advantage but can turn into a disadvantage sometimes. Isn’t it?

- There’s a self-maintenance expectancy from every user. Not even expectancy, it’s kind of a necessary protocol or something.

- It indeed is very widespread and known but it hasn’t grown that much on its own. But there is a guarantee that it would flourish in this technological world

- Integrating blockchains is much harder than it seems and looks

See? Many advantages but just as many disadvantages. But to be very honest, it is a safe platform that can be used. And as it grows more in the world of business and technology, it will be safer than ever. Yes, it’s true that transactions have to be made time-to-time and by everyone. We still cannot happen to ignore the pros of it. One of the biggest examples is DHL, it uses blockchain and is very efficient. Even said to be one of the fastest logistics mediums. And of course, the data encryption is going to be there. More or less.

What I mean is, blockchains are a win-win thing. And it has brought in changes in the world, creative and innovative technological outsource without sabotaging anything.

Blockchain is a great aspect.