What is “THE BLOCKCHAIN”?
- May 13, 2020
- Field Buddy
- 0 Comments
Blockchain is a word we continue to hear more and more, and it’s just getting started. Looking forward to grasp more about Blockchain and how can you make use of Blockchain across various industry verticals, you’re in the right place.
What is “THE BLOCKCHAIN”?
Blockchain technology is an emerging trend which can be defined as a decentralized record-keeping system which keeps a record of all the financial transactions and everything of value .It’s termed as a blockchain because all sort of transactions takes place in the form of blocks , basically a chunk of time-stamped data.
Each of these blocks are associated in a cryptographical format wherein the information is hidden and is only accessible to the original data owners and others to whom owners allow to have access.
Let’s make it more precise by taking an example into account:-
As we are well aware that these days we have centralized record keeping system, say if you have to make any transactions using ATM, you use your debit card to take money out of an ATM which furtherly checks with your bank to make sure that you have required funds to proceed desired transactions. Resultant of which is ample of control and powers in the hands of banks, governments, record keepers.
To overcome this , Blockchain technology came into picture wherein network of computers are working simultaneously to keep and verify such records. Each computer keeps the records in the form of a “block”, basically a chunk of time-stamped data which is cryptographically linked with the next computer where another block is stored. Once the data has been recorded in the blockchain , it can’t be altered, nobody has the right to fiddle with the block chain , thus making it safe .
APPLICATIONS OF BLOCKCHAIN
Blockchain supports wide range of applications in which cryptocurrency like bitcoins are the most well-known. Blockchain based applications involve:-
- SMART CONTRACTS:- Blockchain technology involves coding of smart contracts which are executed when desired conditions are favourable thus eliminating the involvement of third party.
- THE SHARING ECONOMY:- Blockchain technology involves peer-peer networking wherein payments are executed by direct interaction between the two involving parties, resultant of which is a decentralized sharing economy.
- CROWD FUNDING:- By using Blockchain technology smart contracts for crowd funding can be generated wherein certain conditions can be predefined on smart contract thus leading the system to execute the smart contract while managing rewards based and equity-based crowd funding campaigns.
- GOVERNANCE:- By using distributed- ledger technology full transparency to elections and other kind of poll taking can be achieved.
- SUPPLY CHAIN AUDITING:- Distributed-ledger technology certifies the authenticity and transparency of things we purchase.
- FILE STORAGE:- Decentralizing and distributing the data using peer-peer network avoids files from being tampered, hacked or lost, Case in point blockchain is safe.
- PROTECTION OF INTELLECTUAL PROPERTY:- Smart contracts can eliminate the risk of file copying and redistribution thus protecting the copyright.
- INTERNT OF THINGS (IOT):- Blockchain –ledger technology ensures security to Internet of things. Billions of devices are interconnected and exchange of information and data takes place, to make this distributed information secure, blockchain ledger system ensures that information is only accepted and released to trusted parties.
- IDENTITY MANAGEMENT:- Distributed-ledger technology ensures the authenticity about who you are, having a secure identity helps in online interactions- for instance, in sharing the economy.
- DATA MANGEMENT :- Using Blockchain technology users can manage and sell their data which is generated by their online activity because that data can easily be distributed in small fractions called Bitcoin or something like that.
- STOCK TRADING:- Peer-Peer networking makes trade processing instantaneous thus violating the use of middle-men such as banks, governments, auditors and corporations.
How to approach and hire a Blockchain developer?
If your company is going ahead with this emerging concept of Blockchain technology and wants to build Blockchain projects, then the foremost thing which comes into picture is approaching and hiring a great Blockchain developer.Before hiring a great Block chain developer , let’s get into knowing what makes a great Blockchain developer.
- What makes a great Blockchain developer:-
The prime factor in hiring this very niche skill is to identify between a great Blockchain developer vs. a developer who is only aware about some Blockchain coding skills.
On generalized part a great Blockchain developer possess following key skills:-
- A great Blockchain developer has a firm belief on the concept of decentralization.
- Game theory is their forte.
- Truly passionate and energetic about the technology.
- Intellectual and curious personalities when presented with any set of obstacles , can find a quick-witted solution for that.
- Where to find a great Blockchain developer?
Conventional ways of scouting the talent won’t work when I talk about hiring a great Blockchain developer .Generally speaking, traditional ways of hiring through social recruiting tool ,case in point Linkedln , Google won’t work out. In order to find a good Blockchain developer try connecting “experts” on linkedln , you will find them participating in public forums such as Reddit and Gitter. You can even find them imparting knowledge amongst various start-up events such as hackathons.
ADVANTAGES OF USING BLOCKCHAIN
- User Information and transactions are in control.
- High quality data available.
- Decentralized networking concept leads to durability and reliability.
- Practices integrity.
- Elimination of tampering of data.
- Transactions occur at a faster pace.
- Reduction of time, cost and risk.
Blockchain is booming and looking forward to the future of Blockchain? Then you’re in the right place.Get in touch with our vibrant and energetic team who has it’s expertise in Blockchain development and can design and develop numerous Blockchain architecture as per your business requirements.