• Bitcoin
  • Ethereum
  • XRP
  • Bitcoin Cash
  • Bitcoin SV
  • Litecoin

What is Blockchain and future of Blockchain Technology

The blockchain is a genius invention of a person or a group of person that is simply known by the pseudonym, Satoshi Nakamoto. But since then, it has developing continuously in greater way. This is the reason every single person is asking only a single question what is blockchain? How it works and what are its future uses and all. If these same questions are also arising in your brain then now you are not necessary to move on any page. Here, we are providing you entire information related to blockchain, its uses and future also. so, stay tuned with us and go through the entire page.

Do You Know What Blockchain Is?

According to Don & Alex Tapscott, authors Blockchain Revolution, “A blockchain is a digital record of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.

In simple words, “a blockchain is a time-stamped series of immutable record of data that is controlled by not even single identity even by the group of computers. This record that is also known as blocks of data is secured and bound by using cryptographic principles.

How Blockchain Works? 

Now, a question arises in mind that how it works. We will tell you main aspects of blockchain working. There are some important points are include in working of blockchain that has mentioned below.

  • Peer to peer network

  • Cryptography

  • Digital signatures

  • Nodes

  • Hashing

  • Consensus protocols

  • Byzantine Fault Tolerance

  • Proof of Stake

  • Delegated Proof of Stake (DPoS)

  • Proof of Work & Mining

 Some of the technology applied in our day to day life. For example, if you are using wattsapp then if you use encrypted message through cryptography on a daily basis. Some are less commonly used like P2P networks, whereas consensus protocol are specialised to blockchain.

What Are The Uses Of Blockchain?

Blockchain is used in many wide fields at very promising nature of different industries and business. Here, we have mentioned 2 main uses of blockchain.

Supply Chain

Blockchain has the capacity of improving transparency and accountability across the supply chain. There are many applications are used for tracing and track materials back to the source, prove authenticity and origin.

Public Sector

Through blockchain, frauds can be controlled and improve back-office functions like purchasing. It is also looking for the chance through which it can serve as the official registry for government and citizen-owned assets like buildings, houses, vehicles, and patents.

What Is The Future Of Blockchain?

As blockchain become very famous for its role in facilitating the rise of digital currencies over the past several years. There are so many a chance has increases the future uses of blockchain in various fields.

Cross-Border Payments

In a traditional way, border payments are done through different banks as a currency varies from one country to another country. Blockchain has the potential to provide faster and secure transaction traditional cross-border payments methods.

Smart Contracts

Blockchain has the potential to get smart contracts, as it is essentially limitless and could extend to almost any field of business in which contract law would normally apply.

Identity Management

Blockchain provides secure and tremendous level of security for private and government organizations. As many organizations maintain their client’s identity then blockchain has the potential to maintain identity through online mode.

Shailly Kashyap

I am a freelance blockchain writer. Having 4 years of experience in blockchain industry, I have written many articles and blogs on cryptocurrency. My goal is to work with dedication, deliver accurate and transparent information that helps to companies and users to grow.