The Imperative Role of Blockchain Technology across Various Domains

Blockchain technology is a rapidly growing technology which is turning heads for millions in the crypto currency industry. Many organizations have been investing in it and testing its abilities in hopes of finding incredible results. In layman’s terms, blockchain technology is a form of a shared ledger which is accessible to the general public through which data between various entities can be exchanged and monitored.

The process does not include a middleman. The miners communicate with one another through encrypted language. Once the communication has been done, the transaction is sent to all the network nodes.

The block consists of two important entities – its header and its content. The header consists of metadata, which is an ID and one of a kind, and it includes the time the block started and it also has a link which is related to the previous block. The completed transactions are also a part of the block’s content.

The Functionality of a BitCoin Blockchain:

When a payment is made, the individual needs to have an online wallet app, which is basically a virtual bank. For this, the person’s private and personal keys are needed. Once the person has the keys, the miners are notified and they verify if the person has enough bitcoins to make the transaction. All transactions that occur are clustered together and they are called a block. Each block has a unique ID of its own. Cryptographic computations are complex computations which make sure that the transactions are legitimate. Each new block then joins the previous block, hence the term blockchain.

The blockchain keeps all the data within it secure and updated with the continuous transactions taking place. This way, the information is always credible and reliable. In this technology, the more blocks that are formed, the more secure the network becomes.

Bitcoin happens to be a widely spread and recognized blockchain entity. There are many others, but not as popular and they have different characteristics such as enhanced speed and larger data capabilities. One such example is Litecoin, which is not much of a competitor to bitcoin but it offers faster transactions.

It’s often said nowadays that bitcoin will eventually turn the world around. Big organizations and entire industries are investing in it. The process is transparent, accessible to the public and lacks a middleman. There is no doubt that blockchain technology is here to stay and will play an imperative role in the future. The more it spreads, the more alterations will be seen in financial transactions, payments, loyalty cards, etc. But because it’s technical and a lot of people don’t understand it yet, it still has to establish roots with the general public, but as most have predicted, this technology will change the course of mankind.

Blockchain technology offers a shift from the current methodology and ways of reporting and recording transactions which can be interpreted as ‘disruptive’ for the existing digital processes. Consumers and potential customers from all over the world require more security and transparency from every industry which is why its trend is increasing and these industries will be forced to adapt to the change. There is no point in blockchain where hackers can disrupt or steal your data. Known sometimes as the public ledger because all of the data is visible while the personal information of the individual is still secure and the log is encrypted. Even though economic transparency is in high demand, this technology still has a long way to go.

Once it is adopted though, it can be noted that it will help secure data leading to no more identify theft and fraud. Consumers will be able to battle fraudulent activities. The blockchain industry is expected to evolve as time passes and of the biggest benefits will be that of a safer internet, eliminating all the potential threats, protecting crucial documents and maintaining a history of its alterations.

With blockchain technology, we have a highly exciting future ahead of us that’s full of possibilities and promising experiments. But until this technology is available to general public we still need to protect ourselves online with an effective security suite. I’ve always loved Frontier Internet service because they offer an incredible amount of security with my internet package, including antivirus software that protects my online activities from cyber threats like malware, spyware, hackers and more. Plus, their blazing-fast speeds don’t hurt either.

Guest article written by: Elisa Collins. A Tech Junkie / Content Marketer who is happily associated with Frontier Communications. She loves to listen soft music in leisure time. Follow her on Twitter, Google+.

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