Over the past few years, you might have heard about blockchain technology, probably in the context of a bitcoin. However, as the blockchain grows and becomes more user-friendly, you would come to understand that it is not only limited to bitcoin and instead delves into several other aspects of the enterprise ecosystem.
What is blockchain technology?
Blockchain technology is a record-keeping tech that stores all the transactional information, called blocks, in several databases, making it impossible to hack into the system or try altering the data stored it in. It means that all the transactional records stored in blocks throughout chains are secure and immutable. Each computer in the blockchain system maintains a copy of the ledger, and any change made in one copy is immediately reflected in the other systems.
Blockchain technology is said to be different from the other traditional databases in its storing and managing of information. Instead of storing data as columns, rows, and files, blockchain stores data in blocks that are digitally managed and maintained.
Why is blockchain technology so popular?
Blockchain technology is one of the most-hyped innovations of the 21st century. Although it was developed to support and popularize bitcoin, today, mobile app developers in Gurgaon employ and integrate it with their enterprise systems across industrial verticals, including logistics, medicine, finance, etc.
Suppose you want to send money to your friends via your bank account. Traditionally, you would have to log in to the online banking portal, transfer the amount to the other person’s account, and you’re done. Once the transaction is complete, your bank updates you on the deduction and updating the transaction records. This straightforward way, although it has one issue, can be easily tampered with. And this is where technologies like blockchain come into play.
Blockchain’s digital ledger record-keeps the data and transactions; however, without indulging with third parties like brokers, bankers, lawyers, etc. It maintains a copy of the transaction record in the block, and if any change is made to it, blockchain stores it as an updated record linked to the original record.
The advantages of blockchain technology
The traction and popularity around blockchain technology are such that several mobile app developers in Gurgaon are diving into learning this tech and implementing it in modern systems. Here are a few advantages of blockchain technology.
Highly secure:
As it uses a digital signature to conduct the transaction, it makes it impossible for hackers to corrupt or change the data stored in the block without it.
Decentralized system:
To complete transactions, you need approval from regulatory authorities like the government and the bank; however, with blockchain, you can efficiently conduct transactions via mutual consent between the sender and the receiver. This results in smoother, safer, and faster transactions.
Automation Capabilities:
As blockchain is modern technology, it can be easily automated to generate systematic actions, events, and payments when the criteria for a trigger are met. This automation power is one reason why blockchain is being explored by mobile app developers in Gurgaon.
