BLOCKCHAIN- THE FUTURE
Blockchain is the underlying technology behind the famous CryptoCurrencies as Bitcoin, Ethereum etc. The tech allows digital information to be distributed, but not copied. That means each individual piece of data can only have one owner.
Think of it as sorts of a ledger, one which stores all transactions online and open to everyone to read. Assume this ledger is similar to a spreadsheet, and it is copied and duplicated in thousands of computer across a connected network. This spreadsheet is then regularly updated by these computers over the network. This is the basic concept of Blockchain
If you have used a google sheet, you can find that some fields are locked as it is being edited by someone else. A blockchain is very similar to that. No two user can make the same entry twice. If by chance two entries are made simultaneously, then only one is selected by majority voting. Each and every entry made by a user is verified by other systems. A new entry must be linked to the previous entry, and each entry has an incorruptible hash of the earlier transactions. The implication of this is very simple- ‘No one can edit the past transactions by any means. Therefore the transactions on the ledger are carved into a metaphorical stone.
The possibilities of Applying blockchain technology is enormous. Imagine a property transactions into blockchain, no more illegal occupancy of land and every transactions are accounted for, and anyone can verify the ownership of the same. Imagine using freemium streaming of digital contents, where creators are paid by users only for using their content. Revenue streams, financial auditing, content creation, marketing, healthcare… the list goes on.
At Techversant we are constantly evolving our skills, and blockchain is one of them. Stay tuned for more updates as we challenge ourselves with the ever expanding universe of technology.