Blockchain: One of the best ways to understand blockchain implementation is to think about its digital ledger, which tracks all transactions between the parties.
The code behind the technology is more advanced than that, but thinking of Blockchain as a digital record that tracks all the actions involved is a good start. What makes Blockchain unique is its interconnected structure between stakeholders. In other words, every person connected to a blockchain is aware of every transaction made through it. Each transaction is verified and applied to the Blockchain with a unique digital signature.
Benefits In Practice
The most interesting thing is the transparency of the technology. No transaction can be made in a hidden way, nor can it be deleted by any network member. Anyone can check all of them, starting with the first one, to see what each person has done. This reduces and even eliminates the possibility of corrupt or malicious transactions. Each node has a copy of the entire Blockchain, which other nodes can verify.
Another powerful aspect of blockchain technology is the elimination of trust between users. It may sound strange, but this is one of the main fundamentals behind the technology. Blockchain systems do not require any trust or good faith between users to guarantee the validity of a transaction. When two blockchain nodes start and validate a transaction, they do not need any prior contact. While this anonymity can be problematic in cases like Bitcoin, it can also have positive applications in real-world applications.
Blockchain In Mobile Apps
Currently, the most common technology implementation is in cryptocurrencies such as Bitcoin. New coins are created quite frequently, and they all utilize blockchains in one way or another. Despite this, market volatility and the possibility of failure overshadow the uses of technology. If your app relies on transactions between users, blockchain technology might be a natural fit. In other cases where you need to keep unalterable records of transactions, Blockchain can also help.
Implementing a stable, secure and reliable blockchain can be the solution for your business, and it can bring even more security to those you want to help with your application. If your idea is to develop a smart app that can grow in today’s market, you need to work with a reliable partner.
It can transform democracy and governments, which would be less corrupt and have much lower costs. With it, governments can become platforms. Dubai wants to be the first government to run entirely on this, and the Estonian government has changed people’s identity to a Blockchain. Today some companies, like Carbon, have used it to provide better services to society, which governments should do.
With Blockchain, we can create identities within the chain, like virtual avatars that keep all our information about digital life. It’s identity could record absolutely all data, from financial transactions to health or education information. It would be private, secure and you would be the real owner of your information, able to use it any way you want.
Conclusion
Today financial services are very complicated. You swipe your card at a store, and a series of messages is sent to several different companies, each with its computer system, and days later, the message comes back with the settlement of the account. But if this were Blockchain-based, it wouldn’t need all this time and bureaucracy. It would just be a simple change of a record, no need for parties/companies to assess transaction risk, no cost for each action and no delay in the process.
This technology is the solution for all kinds of transactions and exchanges globally, not just cash or Bitcoins, to be done with more security agility and without third-party intermediation. While this technology has been used most prominently in the development and widespread use of Bitcoin and other cryptocurrencies, it can also be used for many I.T. implementations such as the Internet of Things.