Blockchain technology — one of the most discussed technologies in 2022 is widening it’s footprint rapidly.
Blockchain is a persistent and seamless process
Blockchain is an ongoing process and a system that comprehensively records the critical numbers and facts related to transactions carried out in an ecosystem. Structured reasonably as a web of ledgers, a Blockchain records in detail, every new transaction that occurs between parties in such a way that each participant has a detailed and stagewise record of the concerned transaction. All respective blocks of the ” distributed ledger system” have a duplicated original copy of the transaction. The exact same data is available to all participants online. This means that for any party to make unofficial, random, or irregular changes undetected becomes extermely difficult and near impossible.
A Blockchain is essentially, a kind of Distributed Ledger Technology ( DLT ). It is maintained and managed in a decentralised way and each transaction is recorded with an immutable cryptographic signature called a hash. With every legitimate transaction, the encompassing system of Blockchain registers the changes or additions in a completely secure manner.
The key attributes that make Blockchain technology a sustainable system that retains the sanctity and legal validity of every transaction in it’s original form acceptable to all participating parties are that it is,
Smart contracts are an effective instrument with inbuilt automation based on programmed software. It basically incorporates conditions pertaining to the “ifs and whens” between concerned parties or participants. Such conditions or actions could relate to fulfilling of conditions like payments, registration and so on. Fulfilling these conditions completes or updates the transaction stage-wise. The network of computers executes the requisite fulfillments or actions based on the predetermined requirements. Once the participants verify this, the transaction is complete.
A change in a transaction must be based on mutually agreeable terms between the participants. If a change is made in a random block without it being reflected in corresponding or all concerned blocks, the chain is seen to be missing a link and deemed to have been tampered with and is rendered invalid. This means that every participating block should have recorded such a change in order to be legitimate and valid. It is, therefore, well nigh impossible for a hack job or an illegitimate change to go undetected. It is this structure of the Blockchain that makes the system secure and hack proof. The Bitcoin Blockchain System seems successful, smooth and dependable.
There is secure encryption of every transaction and detail. This makes it nearly impossible to make exclusive changes to affect a transaction.
The system allows and enables the concerned, active parties to freely participate to enter, close, and register a transaction exactly as it occurs. This participatory nature of Blockchain makes the system a satisfying and fair experience.
The absence of organisational hierarchy and it’s virtue of being an open-source platform lends Blockchain a high degree of neutrality. Further, participation in it is potentially, perpetually widening in a transnational way, allowing vast numbers of people to be a part of the ecosystem.
Distributed and unanimous
The very participatory and distributed nature of the Blockchain system makes the transactions unanimous and acceptable to all concerned, thereby, retaining the validity and sanctity of each transaction and the system itself.
Each transaction or altered detail is recorded and stamped in time so, it is historically traceable, relevant, and retains transparency, therefore its vaildity cannot be questioned.
Manageable and reliable
Blockchain is operated and run by the people who participate in transactions in a unanimously acceptable manner. It does not have a designated in-charge who can voluntarily or individually change an entry. Being inclusive and mutual in nature makes it acceptable and reliable and hence, comfortably manageable.
Blockchain is a system or network, that indelibly records every transaction that can be accessed by participants readily and easily. It is a continuously growing system willing to include more and more participants and transactions.
The future of Blockchain
The decentralised database system of Blockchain is finding increasingly greater relevance in business and societal applications. It is increasing it’s footprint rapidly in the areas of intellectual property, cyber security, healthcare, and banking. Its influence in the modern digital landscape is only growing. Therefore, there are more scope and opportunities that brings ease of functioning as well as greater functional efficiency and effectiveness to systems and individuals.