The blockchain is undoubtedly the gifted invention that has sprung into something greater, created by Satoshi Nakamoto. Over the last few months, the sudden rise of this ingenious technology has been so impressive and the initial phase has already showed a great ability to rule the domain of marketing technology landscape. Let’s take a deep look at the release of this brand new technology and how it can help us to create a whole new market for future.
What is Blockchain?
•It is the digital ledger to maintain and record several economic and financial transactions that is of value. Blockchain is a distributed database which is being copied for thousands of times across a vast network of computers. This unique network is created to update the database on a regular basis. This technology allows decentralization and its database is maintained by any peer-to-peer network. Through the blockchain technology, you can now facilitate the transfer of the digital money without any entity i.e bank. The data is available publicly. As a matter of fact, you must know that blockchain is not bitcoin at all. Many of us can get really confused between Bitcoin, cryptocurrency, blockchain and what not! Blockchain is why the cryptocurrency exists, as it enables the continuation of cryptocurrency. The cryptocurrency acts as the medium of exchange, such as the euro, with techniques to control the monetary units that are responsible for creation. Bitcoin is one of the well-known cryptocurrencies available out there. Additionally, the popularity of this technology has created a huge demand for skilled blockchain professionals. To have the in-depth knowledge on how it works, there are some prestigious blockchain certifications available that helps in reinforcing the principles of this technology.
The Essential Attributes of the Blockchain
At this point, we are all clear that blockchain is just a database that is good with transactions or something abstract. But it surely consists of essential characteristics or attributes that makes it compelling!
•Blockchain was created to be distributed across a vast network, which makes it perfect for massive business networks like financial consortiums or supply chains organizations. The beauty of blockchain technology is that it motivates companies to come out from their comfort zone in order to become more transparent about sharing data.
•Many of us are slightly terrified about blockchain as we tend to think that with the freedom that is given, can be easily exploited. But the truth is you just can’t do anything that you want with the data. The transactions has to be agreed between the peers in prior and they are being stored in the realm of blockchain known as smart contracts. This makes it safe and secure to play with. The most important fact is before blockchain professionals can even implement any transaction, there has to be an agreement amongst all the parties to make the transaction valid. This step is called as consensus and it surely helps in keeping the transactions out of potential fraudulent.
•Each of the nodes in the blockchain is responsible for creating a robust and powerful network system. Many of the blockchain professionals truly believe that this technology will lead us to a completely secure ecosystem. The self-reviewing system in blockchain is what makes it incorruptible. As it is evolving fast, it has become essential to build knowledge through the numerous blockchain certifications available online and offline.