The three words that appropriately describe Blockchain technology are: Immutable, Encrypted, and Decentralized. Basically, it is a ledger that holds the potential of transforming every centralized process, activity, or even organization entirely autonomous. In other words, we can say that blockchain technology can eliminate unnecessary things like intermediaries, authorities, and churn.
Thus, the basic streamlining for an online business, government, and non-profit organization have become smooth. All of this may sound like the perfect tech solution for various tech organizations, but there is still a lot to uncover this emerging technology.
And in the midst of all of this,seem to be taking over the mobile app industry. Yes, that’s true! This technology of blockchain has made its way into the real world, and now more and more companies belonging to the technical domain are willing to adapt to it.
But to clearly understand the above-mentioned statement, first, we need to go through the basics of blockchain technology.
What Exactly Is Blockchain Technology?
As discussed earlier, Blockchain technology is a powerful distributed ledger-based system where the information of the end-users is stored in the various distributed ledgers. These distributed ledgers can only be accessed with a key’s help; this further makes the user information immutable.
In addition to this, the technology of blockchain also features a multi-participant cryptographic validation system. This system is one of the reasons why the data security aspect of blockchain is so strong.
Main Principles Of Blockchain Technology
Mainly, there are few basic principles on which the technology of blockchain is based upon, which are as follows:
In any case of blockchain technology, all the transactions that occur are first authenticated even before added to the respected chain. The advanced algorithms are used for every chain’s validation purpose to verify all the occurring transactions.
And once the encryption is done, all the data is then digitally signed, and then it is treated like a stored post whose authenticity is sealed.
2. Distributed Ledgers
The second principle on which blockchain technology operates is that of distributed ledgers. Here, a distributed ledger can be described as a spread out network of records shared with multiple users. This distributed ledger is updated in real-time while the authority of the ledger remains decentralized.
In these kinds of distributed ledgers, the network is maintained by its multiple participants. And one of the key elements here is that all the distributed ledger changes almost instantly reflect in real-time.
3. Private Key
Last but not least, we have private key cryptography on the list. In blockchain technology, a secure and private key is used mainly as a variable. This private key is also used along with some advanced algorithms to encrypt and decrypt the actual information.
When the algorithm is being applied, the key is encrypted and is not revealed to the users. This process is carried out by creating a reference to the digital encrypted identity when the transactions are being carried out in an open network.
Crucial Blockchain Applications In 2019
Here is a list of some of the essential applications of blockchain technology that we will see this year:
Over the years, we have witnessed digital advertising transformation from challenges like bot traffic to security obstacles like lack of transparency. But now, all of these issues with digital advertising can be solved, all thanks to blockchain technology.
Here, blockchain technology can provide digital marketing and advertising agencies with major features like data transparency, which can revolutionize the marketing sector.
2. Internet Security
Another major blockchain application that we will see this year is revolutionizing internet security. Security is one of the major aspects of blockchain technology, due to which manyare looking forward to integrating this technology in their mobile applications.
The security offered by blockchain makes sure that unethical activities like DDOS, spamming, phishing, malware, and virus attacks cannot occur in the entire network. They can comprise the private information stored in it.
3. Self-Driving Vehicles
If you have been listening to the latest podcasts of Elon Musk, then you might know that according to him, the future of flying cars is not that far away. But before flying cars, we still have to achieve the goal of building highly secure and innovative self-driving cars, and for that, we require blockchain technology.
Apart from being a digital ledger system, there is much more of a caliber in blockchain technology. In all honesty, it seems hard to imagine driverless vehicles without integrating blockchain technology in them.
What’s Next For Blockchain Technology?
There’s no denying that we will be seeing a lot more of this emerging technology in the coming years. The year 2019 will act as one of the most significant years for the blockchain and its quest to become a mainstream technology.
Our suggestion would be to stay tuned with all the latest talk in the town about blockchain and keep up with the massive adoption of blockchain technology in major industry verticals like healthcare and finance.