Technology is rapidly advancing at an alarming rate and the world as we know it would be completely changed within the next decade. One of the things that would cause this dramatic encompassing change is the concept of blockchain. After its introduction into the technological scene some years back, it has become the center of focus, attracting even more attention from governments, financial institutions and the general public as a whole. However not everyone knows much about this new technology, so let’s begin with an exposition of its meaning and underlying concepts.
Blockchain is simply a distributed database system in which its data and transactions are decentralized. Let me break this down a bit, so, you know how the information about transactions (be it financial or otherwise) are stored in a particular server/location. This data is accessed to and fro via the server of that organization whenever needed. With blockchain the case is different, transactional data are copied into uncountable pieces and stored at different locations, on different computers over the network. The fantastic part is the fact that every piece of data is updated constantly.
For example, your identity data using the blockchain technology is copied into several pieces and scattered over the network at different unknown locations. Whenever there is an update made to your details it is automatically reflected in all the stored locations at once. This technology removes the data power from individuals and organizations that have all the information of everyone with them on their servers.
The Blockchain Process
· The blockchain network through cryptography encrypts every piece of information it is about to store.
· The encrypted data is turned into a block – a block is a group of related information/data.
· The block is broadcast to all the nodes of the network for authentication.
· After verification it is added to the end of record, beneath other blocks, and this is automatically updated on all computer nodes of the network.
· The process of adding a new block at the end of other blocks is called the chain.
Advantages of BlockChain
From the explanation above it should be noted that blockchain is the storage of blocks of related information in chains on many computer nodes of the network. This is a decentralized data store as opposed to the usual database storage system. This new technology comes with a lot of advantages enumerated below:
· All the information stored is not in private server or network, rather it is in a public server and network. Every operation here is clear to all. When this is fully implemented, it will put an end to the monopoly of data by the internet super data powers.
· An individual or organization does not have control over the information stored. This is because data is not kept at one particular location, so no particular individual can control it.
· All information on this platform cannot be corrupted or hacked, because no one can trace its location since it is everywhere.
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