Here is how Blockchain technology is improving our lives in every sphere with its potentials
Blockchain technology is the only source behind the evolving Bitcoins which has been around since a decade. With the advent of this impactful technology the Blockchain development company in Kolkata is flourishing and new virtual currencies are being generated every single day. This technology holds the potential to impact our lives in many ways and has even influenced several industries because of being capable of providing immutable, transparent, and decentralized means.
Best depicted by the blockchain developers of a Blockchain development company, with successful implementation of this technology we can take advantage of the benefits which can radically change our lives without delving deeper into the technical aspects of the technology.
What is Blockchain technology in theory?
This technology is a simple technology which works on a distributed peer-to-peer or P2P ledger system helping eliminate the need for centralized management systems or any financial bodies such as banks. Blockchain application development is now adopted by many industries and as per the name “block” in blockchain, the technology works by storing information on a series of blocks that are chained together forming a network where information regarding every transaction is stored with a detailed history in real-time.
However, the good thing about the application of this technology in our daily lives is that the transactions stored in the network are stored safely into the blocks linked together, and every block contains a hash and time-stamped transaction entries as well.
This technology is an immutable ledger system developed by a top blockchain company in India facilitating the process of recording transactions and tracking the digital assets. Being a decentralized network application, the use of blockchain technology eliminates the interference of any governing body or any financial institution. The information or data recorded in the blocks it stays permanently, cannot be unaltered, and can be easily verified by all the participants of the network as well.
Some key components of blockchain technology not to be overlooked can be stated as –
• P2P or peer-to-peer networking
The computers working in the network are linked according to a peer-to-peer network and there is no involvement of any intermediaries like the centralized bodies like a company or any government agencies, thus removing any form of control element. Everything is synchronized and the computers working within the network will have all the data updated and shared regularly.
• Consensus network protocols
Consensus protocols or otherwise known as agreements made for the peer-to-peer networks and all the computers in the network need to work according to the agreement whenever a new block is added to the blockchain. The consensus protocols are a set of rules that are written into the software that is run by the computers working within the network. The software is always working in the background and makes sure that all the computers stay synched as per the agreement or the sprotocol.
• Blockchains
As depicted by a Blockchain development company, the agreement on the shared data is basically termed as the blockchain. The blockchains are best utilized by the computers and makes it easier to verify the data that is growing within the network. New data or information entered will refer to the previous data entries which creates a link in the chain of blocks.
What is the significance of blockchain and how it impacts our lives?
Companies offering Blockchain application development suggest that blockchain has a huge potential in terms of changing and improving our lives. The social impact of this technology is still in its developmental stage and have encouraged the use of cryptocurrencies which is best utilized by the developing countries. Compared to fiat currencies the cryptocurrencies are embraced by many and the social implications are quite significant as well. Blockchain technology gives the underprivileged access to the banking services helping build a strong and transparent financial system.
Taking the election or voting process in consideration, application of the blockchain technology will help in removing the possibility of vote rigging and all other negative elements associated with the voting process. In many developing countries the voting system is still doubted and the voters have been intimidated as well. With the application of this new technology rigging problems can be solved as the decentralized ledger of blockchain would provide the required information helping accurately record votes anonymously. After being recorded the votes are then verified the proper way and checked for any form of manipulation in the overall voting process.
However, apart from voting and cryptocurrencies, blockchain technology is much more than that and is used in different field of work such as –
• Asset management
According to Blockchain development company in Kolkata, when it comes to asset management, security and flexibility of the transactional data are indispensable. Blockchain is an encrypted technology which helps in reducing or eliminating any error by encrypting the data. It can certainly help in achieving transparency for asset data management by enforcing security, enabling open collaboration, reducing risks, and cancelling the need for intermediaries.
• Insurance claims processing
Processing of insurance claims can be a daunting task, and you may come across fraudulent claims, fragmented data sources, and abandoned policies. With the application of blockchain technology in this segment the information can be accurately shared and secured as needed for medical data exchange between insurance and healthcare service providers. This way it becomes easier for us to claim health insurance swiftly at the lowest cost possible.
• Cross-border payments
The blockchain technology supports cross-border payments and have made it possible to secure every payment transfer or transaction happening between an infinite number of bank ledgers. This allows you to go beyond the reach of any banking intermediaries serving as middlemen to transfer money globally from one bank to another.
• Internet-of-things (IoT)
The blockchain network is cryptographically secured simply using a distributed ledger, thus allowing us to transfer data between two parties in a more secure manner. The data being transferred is processed using the analytics before sending it to the IoT devices such as printers, security systems, smart appliances and other devices connected to a computer network.
• Facilitating healthcare
Blockchain application development has surpassed all our expectations with the application of blockchain into the healthcare domain. It has helped us securely maintain and distribute patient data, and has enabled the doctors, clinical researchers’ pharmacists, etc. easily access and maintain electronic medical records. This way personal privacy of the patient is ensured as per regulation.
These are just a few of the examples of how blockchain has impacted our lives and the technology is still evolving to improve our lives. Blockchain can be implemented in every sector of our lives as it is best adapted to solve many challenges of our modern lifestyle.
This technology is a simple technology which works on a distributed peer-to-peer or P2P ledger system helping eliminate the need for centralized management systems or any financial bodies such as banks. Blockchain application development is now adopted by many industries and as per the name “block” in blockchain, the technology works by storing information on a series of blocks that are chained together forming a network where information regarding every transaction is stored with a detailed history in real-time.
However, the good thing about the application of this technology in our daily lives is that the transactions stored in the network are stored safely into the blocks linked together, and every block contains a hash and time-stamped transaction entries as well.
This technology is an immutable ledger system developed by a top blockchain company in India facilitating the process of recording transactions and tracking the digital assets. Being a decentralized network application, the use of blockchain technology eliminates the interference of any governing body or any financial institution. The information or data recorded in the blocks it stays permanently, cannot be unaltered, and can be easily verified by all the participants of the network as well.
Some key components of blockchain technology not to be overlooked can be stated as –
• P2P or peer-to-peer networking
The computers working in the network are linked according to a peer-to-peer network and there is no involvement of any intermediaries like the centralized bodies like a company or any government agencies, thus removing any form of control element. Everything is synchronized and the computers working within the network will have all the data updated and shared regularly.
• Consensus network protocols
Consensus protocols or otherwise known as agreements made for the peer-to-peer networks and all the computers in the network need to work according to the agreement whenever a new block is added to the blockchain. The consensus protocols are a set of rules that are written into the software that is run by the computers working within the network. The software is always working in the background and makes sure that all the computers stay synched as per the agreement or the sprotocol.
• Blockchains
As depicted by a Blockchain development company, the agreement on the shared data is basically termed as the blockchain. The blockchains are best utilized by the computers and makes it easier to verify the data that is growing within the network. New data or information entered will refer to the previous data entries which creates a link in the chain of blocks.
What is the significance of blockchain and how it impacts our lives?
Companies offering Blockchain application development suggest that blockchain has a huge potential in terms of changing and improving our lives. The social impact of this technology is still in its developmental stage and have encouraged the use of cryptocurrencies which is best utilized by the developing countries. Compared to fiat currencies the cryptocurrencies are embraced by many and the social implications are quite significant as well. Blockchain technology gives the underprivileged access to the banking services helping build a strong and transparent financial system.
Taking the election or voting process in consideration, application of the blockchain technology will help in removing the possibility of vote rigging and all other negative elements associated with the voting process. In many developing countries the voting system is still doubted and the voters have been intimidated as well. With the application of this new technology rigging problems can be solved as the decentralized ledger of blockchain would provide the required information helping accurately record votes anonymously. After being recorded the votes are then verified the proper way and checked for any form of manipulation in the overall voting process.
However, apart from voting and cryptocurrencies, blockchain technology is much more than that and is used in different field of work such as –
• Asset management
According to Blockchain development company in Kolkata, when it comes to asset management, security and flexibility of the transactional data are indispensable. Blockchain is an encrypted technology which helps in reducing or eliminating any error by encrypting the data. It can certainly help in achieving transparency for asset data management by enforcing security, enabling open collaboration, reducing risks, and cancelling the need for intermediaries.
• Insurance claims processing
Processing of insurance claims can be a daunting task, and you may come across fraudulent claims, fragmented data sources, and abandoned policies. With the application of blockchain technology in this segment the information can be accurately shared and secured as needed for medical data exchange between insurance and healthcare service providers. This way it becomes easier for us to claim health insurance swiftly at the lowest cost possible.
• Cross-border payments
The blockchain technology supports cross-border payments and have made it possible to secure every payment transfer or transaction happening between an infinite number of bank ledgers. This allows you to go beyond the reach of any banking intermediaries serving as middlemen to transfer money globally from one bank to another.
• Internet-of-things (IoT)
The blockchain network is cryptographically secured simply using a distributed ledger, thus allowing us to transfer data between two parties in a more secure manner. The data being transferred is processed using the analytics before sending it to the IoT devices such as printers, security systems, smart appliances and other devices connected to a computer network.
• Facilitating healthcare
Blockchain application development has surpassed all our expectations with the application of blockchain into the healthcare domain. It has helped us securely maintain and distribute patient data, and has enabled the doctors, clinical researchers’ pharmacists, etc. easily access and maintain electronic medical records. This way personal privacy of the patient is ensured as per regulation.
These are just a few of the examples of how blockchain has impacted our lives and the technology is still evolving to improve our lives. Blockchain can be implemented in every sector of our lives as it is best adapted to solve many challenges of our modern lifestyle.
Comments
Post a Comment