Blockchains are one of those most discussed mainstream
topics nowadays! if you are leading a regular life on the web & heard of cryptos, then without a doubt, you must have heard of blockchain too! isn’t it?
But now the question is, what is a blockchain? How do they actually work? what problem do they solve and how they can be used in our daily life?
Fundamentally, blockchains are growing list of data or records, called blocks. Which are linked to each using some cryptographic hashing technique. Where each next block contains a cryptographic hash of the previous block, this way these blocks are linked to each other and forms a chain of blocks, called blockchain.
By allowing digital information to be distributed securely without allowing it to be copied, it timestamps the digital document so that its impossible to manipulate them or to backdate them.
Or in other terms, it can be said that blockchain was created to authenticate digital documentation and avoid manipulation of it.
Use of Blockchain
Blockchain technology created the backbone of the new era internet. blockchain technology is already in use, it is being used in
- Payment processing and money transfers.
- Copyright and royalty protection.
- Retail loyalty rewards programs.
- Digital IDs
- Data sharing
- Monitor supply chains.
- Digital voting.
- Real estate, land, and auto title transfers.
Tech communities are continuously looking for other potential uses for this technology. It is quite possible that we may see more uses of this awesome technology in the near future.
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