Nowadays, the news about BlockChain Technology is buzzing all around the world. Recently, it has been observed that the value of Bitcoins has gone above the $10000 and it’s really surprising. The investors, who have invested just $1000 in 2012 -2013, are now able to make a huge profit margin with the Bitcoins. Well, the value of Bitcoins has been very fluctuating all throughout these years, and still, the situation is not that stable.
But slowly, the blockchain technology is gaining its vitality in the global market. According to a statistic report of World Economic Forum, it is predicted that the BlockChain Technology may capture 10% of world’s GDP by 2025. It means soon to the cryptocurrencies like Bitcoins are going to be used in the common places.
But again, there are some sectors which are unaware of Blockchain technology and are also not in a mood to understand the concept of Cryptocurrencies. Though the concept is pretty complex, still the numbers of individuals from different sectors are showing keen interest towards the BlockChain Technology.
BlockChain Technology in Simple words
You can term BlockChain technology as a valuable thing over the internet. With this technology, you can change the way; you manage the online transactions. In simple words, BlockChain technology is a decentralized domain where all the transactions are traced and recorded by the buyer and seller.
As it is a decentralized domain, here no one is there to regulate your transactions. Thus, the identities of parties involved in the transactions are protected. You can also consider this innovative technology as an online transaction methodology without any middleman. So, here you are going to decide your regulations and rules.
Whatever changes are maintained to the agreement or transaction will be visible to all the parties associated with the particular transaction. Thus, the chances of blundering are highly reduced. Mainly, the BlockChain technology offers three important functionings – Establishing an identity, Recording transactions, and Establishing Contracts.
The centralized financial sectors offer all these functionings. They regulate every transaction and also record all the transaction so that there won’t be any issues in future. The cryptocurrencies like Bitcoin, which are maintained with all these functioning and thus they don’t need a centralized authority to guide them.
Well, this is the main reason, why the technology freaks are highly attracted towards the concept of Blockchain technology. Even, the reputed brands like Google, Apple and others have also supported the BlockChain technology for the future transactions.
Is the BlockChain Technology safe and secure?
The Blockchain technology is keenly developed with higher modules of protection to restrict the modification of contents and access to malicious members. To make it more convenient, the transaction data are shared with all the parties involved in the transaction. In case, someone modifies the contents of the transaction; then the other users will be notified instantly.
Well, in that case, you can consider Blockchain technology as the most secure platform for online transactions. But still, there is some security threats associated with BlockChain technology. In case, someone confuses or freezes the network, then he/she can modify the contents, and no user will know about that.
Apart from the hacking, there are also threat risks from the firewall protection. If the firewall blocks or delays your messages, then you won’t get any notification regarding the changes. To reduce the chances of threat, some algorithms have been introduced to the designing of BlockChain technology. The Byzantine Fault Tolerance is simply the most efficient algorithm, which restricts all kind of security threats in the transaction of cryptocurrencies.
Depending on the transmission of messages and network, different levels of BFT are designed. But the asynchronous BFT is termed as the strongest algorithms amongst all. The proof of Work mechanism also confronts the risks to a greater extent. So, with the development of technology, Blockchain technology is keenly improving its security features.
Application of Blockchain technology in various sectors
- Health –
With the help of blockchain technology, medical professionals can share and transfer important medical data among the networks for faster and better patient treatment. As the data is encrypted with blockchain technology, it is maintained with good security.
- Banking –
The Blockchain technology can be very helpful in the banking sector. It can initiate the automation of compliance processes by reducing all the errors. The transaction details are safely transferred to the network banks in real time and the duplication of KYC data are strictly eliminated. Again, the patterns of criminal activity and irregularity are also keenly identified.
- Entertainment –
The artists can directly communicate with the fans and clients through digital agreements and transactions. The peer-peer transactions over the virtual currencies seem more secure rather than the bank transactions and email agreements.
- Gaming –
With the blockchain technology, it will be feasible for the gamers to manage the in-game transactions instantly. They can simply use the virtual cryptocurrencies to buy their desired products. Again, it will be comfortable for the developers to introduce safe and secure payment methods with Blockchain technology.
- Digital media –
The virtual currencies can be effectively used in the digital media, mainly in the advertisement segment. Whether you need to pay for the delivered news article or the CPM management, you can simply use the cryptocurrencies to manage your online transactions. With blockchain technology-based transactions, all the records are kept safe, and thus the risks of blundering and cheating will be greatly reduced.
Well, apart from these sectors, the blockchain technology can be used in other sectors also. Look, if you think, the blockchain technology is only used for value transaction, and then you are wrong. With this innovative technology, you can easily share your necessary information and data, without any regulations & interferences.
Though today the blockchain technology is not recognized by certain sectors, soon there will be a time, when all the transactions will be maintained through the cryptocurrencies. Stay tuned with the fluctuations of Bitcoins to know more about the Blockchain Technology.
