Blockchain Technology: Making Digital Assets Unalterable.
In our daily life we are using various types of invention of science. The term which is very closely related to the security of those technology is Blockchain. Block chain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system.
What is Blockchain?
A block chain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the block chain. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the block chain, a record of that transaction is added to every participant’s ledger. The decentralized database managed by multiple participants is known as Distributed Ledger Technology (DLT).
History of Blockchain Technology
Block chain has the potential to grow to be a bedrock of the worldwide record-keeping systems, but was launched just 10 years ago. It was created by the unknown persons behind the online cash currency bit coin.
- In 1991 cryptographically secured chain of blocks is described for the first time by Stuart Haber and W Scott Stornetta.
- In 1998 Computer scientist Nick Szabo works on ‘bit gold’, a decentralized digital currency
- Stefan Konst publishes his theory of cryptographic secured chains, plus ideas for implementation in 2000.
- Developer(s) working under the pseudonym Satoshi Nakamoto release a white paper establishing the model for a block chain in 2008.
- In 2009 Nakamoto implements the first block chain as the public ledger for transactions made using bit coin
Till now block chain is one of most invention of 21st century Block chain technology is separated from the currency and its potential for other financial, internationalization transactions is explored. Block chain 2.0 is born, referring to applications beyond currency.
Applications of Blockchain
Block chain applications go far beyond crypt currency and bit coin. With its ability to create more transparency and fairness while also saving businesses time and money, the technology is impacting a variety of sectors in ways that range from how contracts are enforced to making government work more efficiently.
Some of the applications of block chain is given below-
- Secure sharing of medical data
- Music royalties tracking
- Cross-border payments
- Real-time IoT operating systems
- Personal identity security
- Anti-money laundering tracking system
- Supply chain and logistics monitoring
- Voting mechanism
- Advertising insights
- Original content creation
- Crypto currency exchange
- Real estate processing platform
This means organizations can securely issue credentials to individuals, who can then allow third party verifiers like recruiting firms or companies check to make sure they are real and up to date. No one party has control, and the parties don’t even need to trust each other, only in the power of the block chain.
Written by: Ommey Salma
Content Creator||Article Writer||Data Analyst||Team Leader ||Student at the University of Dhaka
Department of Statistics
E-mail: [email protected]