At the realm of a completely tech and digital savvy world makeover, there arises the serious threats of hacking and misuse of one’s precious online data information. Thereby it results in cyber scams, threats involving huge amount of money and it’s net worth. So curious mongers would be eager to know whether there’s any way to reduce or stop this menace from looming up. The good news is a definitively yes. It’s yet not completely a known phenomenon and under it’s frontier or naive stages,yet rapidly taking shape in a wide range of applications and Industries. At this point a definite query arises that: So What is Blockchain Technology??? And the future road ahead.
Decoding Blockchain Technology:–
Blockchain Technology is “A new naive set of secured futuristic technology using the amalgamation of a set of well knit Decentralized Networking nodes/modules (Individual Administrators) and a set of growing records also called as blocks embedded through a secured and encrypted third party communication protocols also known as Cryptography or Cryptocurrencies”. Thus in general it protects valuable financial, user and other relevant data through use of decentralized encrypted secure nodes and thus mitigates loss of valuable information.
Transactions are broadcast, and every node is creating their own updated version of events.
Though this unique and emerging concept’s inventor or founder is quite unknown. However tech geeks give the credit to an Individual or a group of Individuals on a secretive corporate mission (Japan based) known by the Pseudo name “Satoshi Nakamoto” in the year 2008.
However it’s being predicted as per historians that first work on a cryptographic secured chain of blocks was described in 1991 by Stuart Haber and W. Scott Stornetta who also instrumentally developed Merkle Tree Chain.
Roots/Origin of Block chain Technology:
Block chain technology though still naive for most of the fields or expertise came first into fold in the year 2008 when it was conceptualized and incorporated by “Bitcoin”- Digital Gold or Digi Currency Pioneers. However the first fully integrated Blockchain technology without the differentiation between Block and chain came into fold in early 2016.
Blockchain Structure Module and Nodes:
The other name for Blockchain Technology is Peer-to-Peer Technology (P2P). The biggest USP of this technology is:
- Complete Transparency occupied Network Embed Data:- Blockchain Technology is completely hassle free from malicious software, hacking tools and is free for public use. Only in rare cases data stored can be hacked or misused.
- Incorruptible source of Data:- Embedded Data is free from external and internal threats viz (Malicious Software, Virus transmissions) etc thus making it completely secure.
- A futuristic technology that curbs manipulations:- Though in it’s starting era, Blockchain technology is fastest and rapidly taking shape as global leaders like Google, lead research analysts like KPMG and Delolite, Morgan Stanley and Banks are adapting this technology to avoid Data being hacked, going to wrong hands.
- Cutting off Middlemen and opening new era of Banking and Transactions:- Since Blockchain uses “decentralized and Interconnected Nodes” as medium for communication, these in turn acts as individual bonded chains each one acting in itself as an administrator operating wide variety of functions at same time. Thus general public can themselves access a wide variety of data.
- Blockchain as global technological concept helps to perform wide array of functions like Supply-Chain Management, Procurement, Auditing function, strengthen the governance bodies, Over viewing Internet and social applications, Safeguarding intellectual property rights, KYC’s of customers in Banks and financial institutions, Right to Authority, Banking and Transcriptional files, Micro and Macro Finance concepts, Ledger and other valuable data.
Future of Blockchain Technology and Conclusion:
So Needless to state that Blockchain is going to completely change the global outlook of Networking and protect user rights from having a complete secured encrypted networking Module.
Who Says What regard Blockchain:-
According to Don & Alex Tapscott, authors of Blockchain Revolution (2016)- “The blockchain is going to be an incorruptible digital ledger of economic transactions that can be programmed in such a manner as to record not just financial transactions but virtually everything of value.” According to Ian Khan-A Tedex Speaker and Author Technology Futurist- “Blockchain Technology will revolutionize and trend a mechanism that will bring in highest degree of Accountability free from man made and technical machine based errors“. Thus It will also be less prone to third degree frontal attacks from cyber sleuths, hackers as it would make utilize a much secure encrypted validation mechanism.”