Lesson 4 of 12By Sana Afreen
Last updated on Feb 25, 2021312026The rapid progress of Blockchain technology is showing no signs of slowing down. In the past few decades, many things that seemed impossible have turned out to be false, such as high transaction fees, double spending, net fraud, retrieving lost data, etc. But, now all this can be avoided with the help of Blockchain Technology.
In this article, we’re going to explore the following topics:
Blockchain is a ledger (database) of immutable records called blocks that allows data to be stored globally in a secure manner.
Note: The data is recorded in chronological order. Also, once the data is recorded, it cannot be changed.
Here's a list of key benefits you can expect to achieve when adopting Blockchain technology into your business:
Let’s go beyond the benefits of Blockchain, and move on to the concept of how blockchain will disrupt industries.
Several industries like Unilever, Walmart, Visa, etc. use blockchain technology and have gained benefits in transparency, security, and traceability. Considering the benefits blockchain offers, it will revolutionize and redefine many sectors.
Here are the top 5 prominent industries that will be disrupted by blockchain technology in the near future:
Banking has transfer fees, which can be both expensive and time-consuming for people. Also, sending money overseas becomes even more difficult due to the exchange rate and other hidden costs.
Blockchain eliminates the need for a middleman. Blockchain is disrupting the banking system by providing a peer-to-peer payment system with the highest security and low fees.
Let’s consider an example of ABRA
Earlier, cyberattacks were a significant threat to the public. Several organizations were developing an effective solution to secure the data against unauthorized access and tampering.
For example, a software security company called Guardtime offers blockchain-based products and services.
Rather than following the centralized system, the company utilizes blockchain technology and distributes data to its nodes.
Enroll in our Blockchain Developer Certification course and learn to work with Ethereum deployment tools and bitcoin transaction process.
Due to the lack of transparency, supply chain management often had its challenges like service redundancy, lack of coordination between various departments, and lack of reliability.
Tracking of a product can be done with blockchain technology, by facilitating traceability across the entire Supply chain.
Blockchain gives the facility to verify and audit transactions by multiple supply chain partners involved in the supply chain management system.
Let’s consider an example of the Pacific Tuna project.
Here, the blockchain supply chain management provides a step-by-step verification process to track tuna fish. The process results in preventing illegal fishing.
In the healthcare system, patients can connect to other hospitals and collect their medical data immediately. Apart from the delay, there are high data corruption chances since the information is stored in a physical memory system.
For example, United Healthcare is an American healthcare company that has enhanced its privacy, security, and medical records' interoperability using Blockchain.
Rigged votes is an illegal activity that occurs during most traditional voting systems. Also, citizens who want to vote to wait a little longer in a queue and cast their votes to a local authority, which is a very time-consuming process.
Consider an example of MiVote
Moving forward, let’s understand the fundamentals of Blockchain.
Proof of work (PoW) is a method to validate transactions in a blockchain network by solving a complex mathematical puzzle called mining.
Note: Users trying to solve the puzzle are called miners.
In Blockchain, when miners use their resources (time, money, electricity, etc.) to validate a new transaction and record them on the public ledger, they are given a reward.
Note: As a reward, the miner gets 12.5 BTC (bitcoins)
In this article, we discussed what Blockchain Technology is and its benefits, how Blockchain disrupts industries, and what the fundamentals of Blockchain are.
Whether you’re an experienced Blockchain developer, or you’re aspiring to break into this exciting industry, enrolling in our Blockchain Certification Training program will help individuals with all levels of experience to learn Blockchain developer techniques and strategies.
Do you have any questions for us? Please feel free to leave them in the comments section of this article; our experts will get back to you as soon as possible.
Sana Afreen is a Senior Research Analyst at Simplilearn and works on several latest technologies. She holds a degree in B. Tech Computer Science. She has also achieved certification in Advanced SEO. Sana likes to explore new places for their cultures, traditions, and cuisines.
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