Are you an investor or a professional working in the field of IT and yet not aware of Blockchain technology?
It’s better to know the impact of Blockchain technology in various IT related spheres or else it might be too late.
Believe it or not, within the next few years down the timeline from now the technology is going to rule the digital world!
So, it’s time to bite the bullet as hard as you can!
What’s a blockchain?
In a simple form, blockchain is a technology that was invented 1991. The technology follows a protocol of data storage, in which the data is stored in multiple blocks or units. Those blocks are no ordinary ones. Rather, it’s a chain of blocks interconnected with one another. Once a data is written and stored in those blocks, re-writing them is next to impossible.
It’s one of the reasons for which bitcoin traders highly rely on it while buying and investing cryptocurrencies.
If you are interested in knowing the basics of bitcoin trading and investing, the news magazine sites and journals like Bot can be your best minion. But, that will only give you a rough idea on how the technology is affecting the bitcoin business in 2021.
To know about the broader applications of Blockchain in the world of digital and information technology, you have to scroll down a bit.
Uncontested asset for PDM and HIE in healthcare sector
The digital storage and exchange of patient medical data records are a common de facto in the health and medical sectors. The biggest crank is to maintain those huge chunks of data files in a secure. Ordinary servers working with API and data have chances of information loss. Relying on EH/MR i.e. Electronic Health/Medical records can be a risky deal ahead.
With blockchain technology the encrypted data structure is stored in blocks or units, each interlinked with the other. The decentralized database is accessible only with the authorized individuals. The technique integrates only those parties to access the data structure who’re a part of this technique chain only. Hence, the chances of third party breach barely arises. The technology restricts involvement of intermediate sources in the middle of the transaction, thereby making the transaction process much safer one.
Impossible to hack or target a single data structure
While ordinary data structure is easy to access and track. But blockchain technique works on a platform where the sender and the receiver of the data always have the encrypted copy of the information passed on in a chain.
So technically, there are multiple copies of data structure available in this open source network. Targeting any single data is quite a difficult job. That’s another reason for which the financial sectors, banking sectors, health and medical sectors rely on this technology for transferring data from one source to another.
Uses cryptography technique to prevent third party access
Cryptography is another added advantage in Blockchain. The cryptographic technique is a specific method to enhance privacy of a transaction or a communication that a third party user does not have access or knowledge to. The process involves a few basic things, like:
These technical aspects are a major part of cryptographics. The technique makes the entire process of investing, buying, selling and trading of cryptocurrencies much safer than any open source network based transactions or communications.
Eases the vote casting process
The process of casting votes turned easier with the Blockchain technology. The technique enhances a user to connect their laptop, desktop, smart gadget or any device in a block based network forum. The forum has a robust monitoring process that makes it impeccable to hijack.
The technology has been adopted by many countries to evade rigging and scamming while vote casting!
Secured node to store academic records
Each block in this technology is capable of creating smart contracts. A lot of academic experts believe that API and data servers are barely immune from cyber hacking while it comes to store the academic records and the certificates of the students. The technology offers a digital repository system to store maximum academic records of the students that can be fetched by multiple users.
Each time the data is being fetched, a chain of interlinked blocks are securing the decrypted nodes. Retrieving the previous form of node from the decrypted form is next to impossible.
That way, the nodes remain always secured whenever they’re accessed by two or more numbers of users connected in the same chain!
To know more about the impact of Blockchain in online trading and business, you may consult in detail.