Blockchain technology is creating a buzz in the market. With the noticeable rise in the interest in the technology among businesses and individuals alike, Webgen Technologies has decided to devote this entire article in the effort of providing you with a comprehensive picture of the technology to enable you to gain a better understanding on the subject and make an informed decision in the future.
What is Blockchain Technology?
Basically a digital ledger technology includes a cryptographic hash of the previous block, a timestamp, and transaction data. It further enables higher security owing to its resistance to modification of the data.
The first whitepaper concerning Blockchain was released in the year 2009. However, the history of blockchain dates way back to the 90s. Invented in 1991, it initially includes a cryptographically secured and unalterable chain of blocks. A year later it able to include more than one document in a single block. However, it was only in 2008 that the technology of blockchain gained some relevance owing to Nakamoto’s work on Bitcoin. From there, the blockchain technology has been perpetually evolving to introduce newer features to make it relevant and functional beyond cryptocurrencies.
The advantage of using Blockchain Technology:
- Elimination of third parties for verification.
- Unalterable and as such heightened security of collected data.
- It ensures consensus of all ledger participants resulting in heightened trust verification.
- It ensures timestamped blocks of all transactions within the blockchain.
- Distributed and accessible by all participants of the ledger resulting in higher transparency.
- A decentralized form of the digital ledger that makes it easily recoverable.
- Traceable and verifiable
- Secured against duplicate entry and fraud owing to the requirement of various consensus protocols while updating an entry.
- Enabling businesses to pre-set the conditions by using smart contracts.
Future speculation regarding Blockchain Technology
The fact that blockchain enables updating of all sorts of documents containing transactions or digital assets makes it all the more plausible to expect for the exponential growth of the same in the future. Owing to its feature of restricting duplicity or fraudulent activities within the ledger, it is supposed to penetrate different industries ranging from music and entertainment to governance and real estate alike. It is further going to empower businesses and individuals with Etherium project, additionally known as self-executing contracts. The technology is further capable of preventing identity theft with its highly decentralized feature.
Considering the above, it is safe to conclude that Blockchain technology is here to stay. It can be expected to bring definite changes in our digital lives and the manner that corporations perform online.
Are you looking for a reputed blockchain developing company to build your most innovative and secured blockchain solution specifically designed to suit your business requirements? Contact Webgen Technologies today! We hold a reputation in the market for serving the best to our clients.