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Blockchain Technology Explained - Easy Guide for Beginner

Learn Everything about Blockchain Technology

blockchain technology

Blockchain technology is referred to as distributed ledger which keeps track of all the data exchanges. Here, data exchange is also known as the transaction.

Blockchain technology verifies each transaction using the distributed system. Once a transaction is verified and added to the blockchain, it is immutable.

As the blockchain technology uses a distributed system, copies of the ledger are stored in different locations. Hence, it is difficult to destroy each copy present in each location. Blockchain uses peer to peer network topology.

Advantages of Blockchain Technology:

  • Users have control over all transactions and information
  • Data stored using blockchain technology is available, consistent, complete and accurate
  • As distributed system architecture is used for blockchain, it does have single point failure and information is reliable and safe from malicious attacks
  • As protocols used in blockchain removes the need of the third-party app for verification of the transaction, users can trust this
  • Changes made to blockchain are transparent and all the transactions added to the blockchain cannot be altered.
  • As single and distributed ledger is used in Blockchain, there is no complication of creating and managing multiple ledgers
  • Transactions time can be reduced using blockchain and are available 24/7
  • Blockchain technology reduces the transaction fees involved in exchanging assets
  • Data stored in Blockchain can be used to verify the authenticity of assets and preventing fraud.

The scope of Blockchain Technology in various industries:
  • In the Banking industry, blockchain technology can be used to performs transactions in a fast and secure way
  • In the Healthcare industry, blockchain can be used to access information of patients at any time and at any place immediately
  • Rigged votes in Politics can be eliminated using blockchain technology
  • Using blockchain in real estate industry reduce the transaction fees involved in exchanging assets and simplify the process
  • Blockchain can be used in government transaction to eliminate corruption and prevent fraud
  • Blockchain also can disrupt the industry which involves rentals and sharing of good eliminating third-party companies and reducing transaction fee
  • By using blockchain in Charities and Aid organizations, it can be ensured that money donated will reach the correct recipients
  • Using blockchain in Education industry helps students to view and verify their transcripts at any time and location in less time

Resources to Learn Blockchain Technology:

  • IBM developer works have a good resource to learn on blockchain technology and Hyperledger playground
  • Udemy has a lot of courses to learn blockchain and hyper ledger technologies
  • Block geek is a platform dedicated to learning blockchain technology

Projects on Blockchain Technology:

  • Gem is a project on Blockchain to track cryptocurrencies at one place
  • Tierion is another project on Blockchain to build products that reduce the complexity of trust and reduce transaction costs
  • PokitDok is a blockchain project in the healthcare industry to access data at any place in a secure way
  • Horizon State is a blockchain project that helps in secure voting
  • AidCoin is a blockchain used in the Charity sector for immediate and transparent donations

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