Blockchain has not been in the world for a very long time but the impact it has left on the world’s technologists in its awe. Blockchain technology is on its way to absolutely change the way we do business. With the fast-paced world and blockchain being incorporated in every industry, if you too are looking for a guide to start with Blockchain app development and make it a part of your business, you’re in the correct spot.
Going by the statistics about the growth of Blockchain where the finance and tech companies alone have invested over a billion dollars in blockchain technology. With the rapid progress in the field, Blockchain app development companies are surfacing all around the world as well.
Blockchain technology started as an obscure technology and today it has the major most chunk of R&D in major government institutions, universities, financial institutions and MNCs. With the help of this guide, entrepreneurs and innovators/developers can learn how can they incorporate blockchain technology in their work.
Blockchain – Introduction:
The first question that comes to mind who gets into Blockchain technology for the first time is that “What is Blockchain?” Blockchain, in the most basic sense, is a highly sophisticated and secure Database. It is a database that is immutable, decentralised and transparent. The name Blockchain came into existence because its digital structure is literally a “chain” made with timestamped “blocks” which store digital data records. And all these blocks are cryptographically linked with each other.
In extremely simple words, it means that whatever data is stored on a blockchain stays there and cannot be altered or tampered with under any circumstances.
Decentralisation – An innovation
Decentralization is a property of Blockchain that makes blockchain more powerful and secure that all the other databases. This is because it potentially eliminates the middlemen by replacing them with distributed nodes, i.e., computer systems in the Blockchain network. And each of these nodes consists of their own copies of the entire blockchain to successfully take part in a peer-to-peer network.
Along with decentralisation, Blockchain is the first ever technology that allows a peer-to-peer networking, a distributed consensus and encryption of public-key. All of these properties ensure the reduction in overall technological uncertainties, building user trust and data validation.
As an example, we can explore the technological features of Bitcoin – The very first, well established, practical application of Blockchain technology. For every single transaction to be completed in bitcoin, the blockchain network gets the approval from all the nodes of the network on the basis of their local blockchain. And for the transaction to see it through, at least 51% of the total nodes have to be in agreement of the transaction. This is how the consensus system works.
Blockchain Out of Bitcoin
There was a time when Blockchain and Bitcoin were synonymous with each other. But as the time has progressed, there have been considerable developments in the field of the blockchain technology outside of cryptocurrencies. This could have been possible because Blockchain is capable of storing all kinds of data and information. Not just this, almost any physical asset can be digitised and exchanged with a smart contact based on the blockchain technology.
Let u take a look at what are the other major industries that Blockchain is disrupting with its unique technology:-
- Property Dealing/Real estate: Smart Contracts are one of the biggest advantages of blockchain technology when it comes to resolving legal matters.The basic premise of a smart contract is that once all the conditions of the Contract are met, the blockchain executes the “contract” automatically and the asset exchange takes place.
- Finance: The properties of Blockchain in line with decentralisation and flawless identification technology can help in considerably reducing frauds surrounding the financial and economic sector, along with banking and stock market. Additionally, the traditional ways of raising venture capital are positively changing their directions as ICOs (Initial Coin Offerings) come in the picture.
- Healthcare: With Blockchain introduced in the whole picture of healthcare around the world, there is a proposal of bringing the world healthcare data on a blockchain which will last there permanently and help the patients and doctors in researches, studies and referrals.
- Logistics and SCM (Supply-chain management): Supply-chain of any business, especially a product based business is a highly opaque area consisting of multiple points of contact. Bringing a supply-chain on a Blockchain will solve all the issues revolving around counterfeiting, safety of the product, inventory management and fraud. Identity verification and Decentralisation can prove to be boons.
Blockchain has opened numerous doors to technologies and (better) safeguarding of already existing technologies and businesses. The opportunities that blockchain technology has presented the world with are nothing less than a sci-fi movie coming to reality. In fact, if the news is to be believed, Dubai international airport is all ready to implement a passport system based on Blockchain technology by the year 2020. Not only this, there are a number of other companies which are moving towards the actual implementation of Blockchain in their structure. I think it is a major step towards future.