5 Amazing Facts About Blockchain That You May Not Know

Remember the year 2009, when the world’s first digital currency, Bitcoin made its presence? Well, that year not only marked the beginning of digital transactions but also made people think about more meanings of money and since then people started searching for the foundation technology behind its existence everywhere. If you are among them and looking to know more about the technology behind the existence of bitcoins, then we are here to answer all your questions regarding blockchain technology!

In addition to this, we will be talking about some of the best blockchain consultants in India, who can advise you on how this technology can shape your business and make it more resourceful and efficient.

What is Blockchain?

Blockchain is a set of digital information (called the “blocks”) that are stored securely in a public database (called the “chain”). The digital information that is stored over these digital blocks can be the transactions or other such sensitive details. In these digital blocks, the transaction details are stored with complete information like the transaction amount, the date, and the time.

How does Blockchain work?

In order to understand the working of a blockchain, let’s first under the concept behind it with a simple case. A person “A” wants to lend a sum of 100 INR to person “B”. Then in this very situation, person A is not required to have any permission from any intermediary person “C” for transferring the amount and in a similar sense, person “B” is not required to take the permission of “C” to receive the sum of amount. Thus, it’s a completely decentralized process, in which the transaction takes place from the sender to the receiver, without any involvement of any intermediary party.

Every block that is present over the blockchain network not only contains any information but also contains a hash of the previous block’s information. These hashes are the mathematical codes that are subjected to modification if in case the information in the blocks is modified. Hence, if a hacker tries to attack any of the blocks over this blockchain, then there will be a change in the information over the associated hash, which will not match with the original one and as a result, the transaction will stop. Thus, it’s secure, encrypted, and tamperproof.

What are the interesting facts about Blockchain?

By now, you would have got an idea about what is blockchain, how does it work! Next, let’s talk about the five interesting facts about blockchain, which makes it necessary to avail the blockchain consulting services in India from some of the best blockchain consultants in India.

No Middlemen Required

Blockchains are decentralized in nature, which means that the users are given total ownership access to their digital assets, which are encrypted with an access key. The users can thereby, easily transfer the asset to anyone, they want.

Fastest growing technology

Another interesting fact about blockchain is that it is the fastest-growing technology, with a Compound Annual Growth Rate (CAGR) of 67.3 percent and expected to be worth 39.7 billion US dollars by 2025.

Best technology for eGovernance

Since, India is one of the fastest-growing economies in the world, with a huge scope for further development across different areas, thereby, the governance has to be efficient, robust, and resourceful. Hereby, Blockchain holds great significance in making the entire system more efficient and transparent.

Most Secure Network in the world

Unlike the centralized exchange, which is prone to hacking because the database’s security is totally dependent upon the third party’s trust, in the case of blockchain, the transaction details are completely immutable and nearly impossible to decode, which makes it the most secure network in the world.

Processes Transactions in less than 10 Minutes

Traditional banking generally takes more time for a transaction to process, but, by the means of blockchain, the entire transaction process can be made faster, which will make the entire transaction process to be completed within 10 minutes.

Application areas where the blockchain technology is used

Today, technology is changing at a great pace, which makes it difficult for one to make accurate estimations. Likewise, within a short time, a new technology pops up and another one expires. But, this is not the case with blockchain technology that has got a brilliant technological aspect that will make it last longer than we can think, which thereby makes it necessary to seek blockchain consulting services in India.

  • Banking:The banking and finance sector is eventually one of the biggest adaptors of Blockchain technology, where it is used to make transactions secure, faster, and accessible.
  • Healthcare:Healthcare center needs to maintain a number of patients’ records in their database. Further, keeping patients’ records safe and secure is the major concern of the administration. By the means of blockchain, the records can be kept safe and secure over the digital ledger.
  • Enterprise: From facilitating those business contracts which are also called “Smart Contracts” to maintaining the client’s database, blockchain holds great importance.
  • Travel and Tourism: For a travel company, managing client data can be a very difficult thing, and thereby, they lookout for a technology that could support them on a more frequent basis. Here, Blockchain technology can be very helpful in managing client data, facilitating bi-lateral agreements via Smart Contracts, process transactions, track client feedback regarding the services, and much more.
  • Gaming and Entertainment: In the world of gaming, blockchain is being used for enhancing the overall gaming experience of gamers. It allows gamers to make in-game purchases using digital currencies that are more convenient and secure in comparison to any other method.
  • Summary

    No doubt each one of us aspires for a system that is more transparent, reliable, secure, trustworthy, and faster and in this search, Blockchain emerges as a great option to choose from, which is yet to see more applications in near future. The importance of this technology can further be realized with the fact that very soon a new era is coming where blockchain will get enrooted into more technicalities and will help in setting up a more convenient ecosystem, such as digital voting, citizenship identification cards, and much more. So, rather than waiting for blockchain technology to come to your business, bring it today with one of the leading blockchain consulting companies in India, Clover IT Services.