Blog

WHY WE SHOULD USE BLOCKCHAIN TECHNOLOGY

Blockchain- a path-breaking discovery of the century. The concept was first visualized by David Chaum in 1982. But the real mentor of this technology is Satoshi Nakamoto.

Blockchain technology is the system in which information blocks are chained together. Here the information is stored in such a secured manner. This technology facilitates us to record and trace any object. It may vary from cars, land or assets or your copyrights, patents too.

Working principle

The first step is building a block. A block is one piece of information that we need to store. Here everything is saved including the name or other details and even the minute data also.

Next, each block is sequenced together in a secured manner. These blocks are made into an irreversible chain. The chain is the sequence that cannot be altered without permission.

Cryptography is the basic working principle. It is the integration of mathematics, computer science, and engineering. It is converting the information from a readable format to a higher-level format.

Why should we use it?

Blockchain throws out a new vision to us. It helps us to secure information and shifts conventional record-keeping to newer dimensions. It develops a sense of transparency and security.

Applications in various sectors

●     Health

The health sector can use this technology to store relevant information. The patient-doctor relationship can be improved. Data regarding medical history, clinical trials, or drug history can be kept intact. There is an increase in efficiency and errors can be avoided. In this era of a pandemic, the history of infections, antibodies tests, vaccinations can be stored effectively.

●     Finance

Banks are the important institutions where the blockchain sees their widened applications. From managing data to distributing loans to whatever it may be, banks find this helpful. Contracts or bonds can be signed and saved digitally without a third party's involvement.

●     Supply chain management

When we take an example of the food industry, blockchain records the data when the food is picked, its temperature, shipment details, and a lot more. It helps to trace the path of food. It will be a blessing for wholesale dealers as well as retailers.

In the shipping industry, it will be a boon for them. The minute details of cargo can be noted, their shipment details, location history and everything. It opens the door of transparency.

In related mining, the suppliers, dealers or customers can get a clear picture. The information regarding its transportation, price-quality, quantity can be handled easily.

●     Social security questions

Blockchain technology can help us answer social security questions. It helps us detect information regarding counterfeit currencies. It will be a good companion for the police or other security agencies in the country to store data confidentially. The documents or images regarding border management and vital secret services will remain intact.

●     Cryptocurrency

Whenever we hear the term blockchain, we will hear cryptocurrency or especially bitcoin adjacent to it. Bitcoin and White Bitcoin (WBTC) is one of the cryptocurrencies in which blockchain technology is used. It is a digital currency where the money is transferred from user to user through a private network.