Block Chain Technology- A Future Need and Revolution


The world is so much overburdened with the information today that it is becoming impossible to manage the stress of this overload. Though it is being stored regularly there is no justified reliability over the transfer and its accuracy. Without intermediaries, our world has become imaginable. The transactions that are done on regular basis and this reliability over the intermediaries facilitate them to flourish. This is also very ironical because as we diminish the intermediate barriers we will surely suffer from lack of veracity.
The blockchain is one of the terms that is now heard quite numerous times. It is a technology which does not require any central governing agency and is an open source having no data center. It is basically a distributed technology that connects across multiple systems together and stores information to enable peer to peer transactions in a secured manner based on reliable sources. Each data piece is named as a block while series of this data is known as blockchain. It is surely a digital ledger that will improve the network by demolishing the middle sources. This will change the scenario of the world. It is far improved invention than cryptocurrencies There are numerous of uses if this technology and the main motive if this lies in the ease of making payments and other transactions safely and generates a digital currency. Moreover, the blockchain can never be failed because the information is stored across multiple systems known as nodes. Many leading companies like Infosys are working with different banks to bring out the concept and let it rule the world. Because if this technology flourishes the way it has been vision it can cause miracles to happen in the field of networking. This will also help the commercial growth as it will cut the cross transaction charges.
Blockchain and Cryptocurrency
It is surely mistaken that cryptocurrencies and blockchain are the same things. As they are not same they are surely connected. Cryptocurrency is a part of blockchain but blockchain is not restricted only to cryptocurrencies It is a far big concept and has multiple uses and features which will improve the payment networks.
Besides cryptocurrencies, blockchain will prove helpful in various businesses across the world. New start-ups can raise funds for their businesses using initial coin offering technology in the blockchain. It is also a place called the stock market.
Secure payment option
There is a problem of privacy with the data and data leakage issues. Many times it has been noticed that many payment networks are hacked and money is lost just in seconds. To remove this problem blockchain will prove as a good alternative because no hacker in the world can hack this currency. This is so sure as the blockchain technology do not store any history of the transaction and since there is no central idea of data center thus the transaction we saved across thousands of computer around the world. Hence hacker will not get any particular hacking address for extracting the information. And for hacking the blockchain one at least require 50%of the database which is practically impossible.

Resolving problems and fast settlements
The banking process is time-consuming and takes around 2 days to settle up with the problem. However, using blockchain these problems can be resolved in no more than an hour. Thus it can surely improve the financial sector.

Commercial growth
Cross-border payment is something where most of the company lose their revenue in the form of paid fees.
Blockchain reduces the fees considerably by removing the intermediate parties. It can also benefit the civil court cases pertaining to land issues. It can be used for maintaining proper and uniform records thereby reducing the burden. The food supply chain can also be benefited as improved data sharing will improve the stockholders to clear their dues and consumers will get good quality food. It can be extended to various industries like manufacturing, retail, healthcare, and telecom.
Though realistically this is so empowering it is not that easy to implement as the geeks are wanting. Because the public see the system very differently. Banks are prohibiting virtual currencies because they are confusing this with cryptocurrencies. This can really prove a harsh blow to this. It will bring a revolutionary change and will overtake the bitcoin technology. The fundamental uniqueness of this technology is that it is surely immutable because it shares a cloud with back account book which can only be accessed by a righteous person. The tedious can be easily avoided. All this needs a support from the government because it needs a great support from adopters to flourish. If given a chance this can surely reduce many data storing problems around the world.