The three words that appropriately describe the 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 as well as churn.
Due to this, 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 about this emerging technology.
And in the midst of all of this, the blockchain app development companies 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 in order to clearly understand the above-mentioned statement, first, we need to go through the basics of the 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 the help of a key, 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 take place are first authenticated even before they are added to the respected chain. At this point, the advanced algorithms are used for the validation purpose of every chain so that all the transactions that are occurring can be verified.
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 on is that of distributed ledgers. Here, a distributed ledger can be described as a spread out network of records that are shared with multiple users. This distributed ledger is updated in the 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 changes that happen in a distributed ledger almost instantly reflect in real time as well.
3. Private Key
Last but not least, we have private key cryptography on the list. In the blockchain technology, a secure and private key is used mainly as a variable. This private key is also used along with some advanced algorithms for the purpose of encrypting and decrypting 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 during the time 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 the blockchain technology that we will be seeing this year:
Over the years, we have witnessed the transformation of the field of digital advertising 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 the blockchain technology.
Here, the technology of blockchain can provide digital marketing and advertising agencies with major features like data transparency which is enough to revolutionize the marketing sector.
2. Internet Security
Another major blockchain application that we will be seeing this year is revolutionizing the internet security. Security is one of the major aspects of blockchain technology due to which many mobile app developers are 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 take place in the entire network as 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 the flying cars, we still have to achieve the goal of building highly secure and innovative self-driving cars and for that, we require the blockchain technology.
Apart from being a digital ledger system, there is much more of a caliber in the blockchain technology. In all honesty, it kind of seems hard to imagine the driverless vehicles without the integration of blockchain technology in them.
What’s Next For Blockchain Technology?
There’s no denying the fact 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 to you would be to stay tuned with all the latest talk in the town about blockchain and try to keep up with the massive adoption of blockchain technology in major industry verticals like healthcare and finance.