Future of global transaction BlockChain.
It is a game-changing technology!! It attempts to describe the outline of the blockchain.
From last few years, I work in the finance domain. Major in m-commerce, e-commerce, banking application & payment gateway integration. My friend asked me, you told me every bank is connected, e-money, digital world & how it is easy to purchase, sale & do the payment within a fraction of second, then for cheque deposit why it will take 2–3 days. Why claiming insurance takes time? Why for stock market settlement it will take 2–3 days. I told him some satisfactory answer & he satisfies, but I was not satisfied with my answer, and I was looking for a solution, then I encounter BlockChain.
Blockchain What is it?
Ref from a wiki. “A blockchain originally, block chain — is a distributed database that maintains a continuously-growing list of records secured from tampering and revision. Each block contains a timestamp and a link to a previous block”.
The blockchain is the new hot technology. If you haven’t heard about it, you should be knowing about Bitcoin that’s enough. It is a design pattern made famous by bitcoin, but its uses go far beyond. The blockchain is naming itself has explanation no need to explain more.
The blockchain is a technology for a new generation of transactional applications that establish trust, accountability, and transparency while streamlining business processes. I come to this technology when I encounter the TED talk which is really worth to watch it.
The block chain is a shared public ledger on which the entire Bitcoin network relies.
For sake of understanding, blockchain is a shared business ledger, So ledger contains the transaction details such as date of transaction, transaction name, transaction to whom, by whom, etc. Ledger is always growing.
Distributed ledgers, i.e. a list of transactions that is replicated across a number of computers, rather than being stored on a central server.
Generally, blockchain has two types.
- Public Blockchain:– Anyone, without permission granted by another authority, can read, write data. Bitcoin use underlying public blockchain.
- Private Blockchain:– Only trusted a user can read, write data. It’s private blockchain.
How Does BlockChain work? (Less is more.)
Why we should worry about it?
The blockchain is managed the global transaction in a ledger and it almost works on every type of transactions such as money, assets, property, contracts, identity, energy, art, votes, bonds & stocks. This is limitless. It also reduces the fraud, corruption because every transaction is recorded is distributed ledger. Across the country, banking is very easy by using the blockchain.
Who is using it?
Major companies are working on it, such as you know popular bitcoin, ethereum, abra app.
Banks and other financial institutions have also been active in investing (time and/or money) in this space.
What are the benefits?
- Protecting rights through immutable records.
- Creating a true sharing economy.
- Enabling the remittance rip-off
- Enabling citizens to Protect privacy.
- Ensuring compensation for the creators of value
- Empowered the users. Users control all transaction & data.
- The blockchain is complete, consistent, timely accurate & widely available.
- Fault tolerant, durable because of decentralized networks, blockchain does not have a central point of failure and is better able to withstand malicious attacks.
If you are open source lover. If you want to do some open source contribution in blockchain.
Hyper-ledger open source project. https://www.hyperledger.org/.
Open world Principle
- Collaboration
- Transparency
- Sharing
- Empowerment
Blockchain is future of money. Not physically only logical transformation.
The blockchain is not only affected by the financial domain, but there are also many more other domains below is the list & companies trying to harness the power of the blockchain.
- Banking:- e.g vault os new banking model.
- Payment & money transfer:- e.g bitcoin, abra app.
- CyberSecurity:- e.g. writes Goldman Sachs, Guardtime
- Academic records:- e.g Holbertson School
- Voting:- e.g Follow my vote
- Car leasing & sales:- e.g Docusign,
- Networking & IOT:- e.g IBM & Samsung have been working on a concept ADEPT(Autonomous Decentralised Peer-to-Peer Telemetry), Filament another one.
- Forecasting:- e.g Augur decentralized predication market.
- Online Music :- e.g MyCelia, Ujo music
- Ride Sharing :- e.g Lazooz
- Stock trading :- e.g TØ.com
- Real Estate :- e.g Ubiquity
- Insurance :- e.g Stratumn
- HealthCare:- e.g Gem Health, Tierion
- Supply Chain Management:- e.g Provenance, Fluent, Skuchain
- Cloud Storage :- e.g Storj
- Energy Management :- e.g Transactive Grid
- Sports Management :- e.g Jetcoin Institue
- Gift Card & Loyalty:- e.g Gyft, Chain
- Government:- e.g GovCoin Systems
There is a lot more to explore in the blockchain, there is only the outline of it.
Reference:– Blockchain Revolution book.