Blockchain is a database that exists in the digital space. It is distributive, and various computer networks share it. Blockchain technology is one of the greatest and widely used database structures of recent times. Several industries and sectors are slowly warming up to the concept of a blockchain. The world of digital currency would not have existed if not for Blockchain.
How does it work?
A blockchain works in a slightly different way than other mainstream databases. While other forms of database give a table-like structure to the data stored in them, a blockchain doesn’t work similarly. As is evident from the name in itself, information or data is stored in the form of a chain. Data is stored in blocks. All the blocks have a specific capacity beyond which they cannot hold any more data. Once this happens, the block is linked to the previous block in the form of a chain. Therefore, it is called a blockchain. The whole of the information stored in a chain is entirely secure and accessible only to the owners.
Importance and fame of Blockchain
Cryptocurrency is one of the most remarkable phenomena of the 21st century. The decentralised digital currency has taken over the world, and people are getting increasingly interested in it. The technology behind crypto is Blockchain, and this technology has helped it gain trust and popularity. Although many other sectors have adopted blockchain technology, crypto will always be responsible for its massive fame.
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What makes Blockchain revolutionary?
- If we have to look for keywords of the present century, surveillance will be one of them. While modern technology such as social media has brought the world closer, it has also brought the population under strict supervision. And we all know what it means for the ones who sit in the position of power. Data is everything, and both world governments and leading people in business use it to further their capitalist projects of expansion and empire-building. People’s money, their capital, is essential knowledge for these establishments. And, this is where the Blockchain is a revolutionary structure.
- The decentralised nature of Blockchain means that nobody has direct control over the transactions that take place. Instead, there are various control points, and each transaction is verified by miners placed all over the world. The system is revolutionary and one of its kind.
- Another critical point that proves that Blockchain technology is revolutionary is that many governments worldwide have become insecure about it, especially when it comes to digital money. Countries such as China, Egypt, Russia are a few who have imposed a ban over cryptocurrency because it uses Blockchain Technology. Others, such as India, has restricted its use and decided to build a digital currency of their own. The uneasiness and insecurity arise from the concept of decentralisation. When the value of the money and other things are not under the authority’s control, it cannot be influenced as well.
Conclusion
Blockchain is beneficial for digital currency and other sectors such as supply chain management, healthcare and travel and tourism. It is one of the most significant advancements in digital technology and will be of immense help for millions worldwide in the future. We will have to see what it has in store for us in the future.
