Technologies come and go, but only a few stick around to shift the focus of the world. Some of such technologies that have been gaining pace in the recent times are Artificial Intelligence, Augmented Reality and IoT, and now a new addition to the pack is the Blockchain Technology.
It cannot be denied that Blockchain, the underlying technology of Bitcoin, holds the capacity to create more efficient infrastructure for businesses. It can streamline their work processes with enhanced security and accessibility. This is why, the Blockchain technology is active in the spotlight, garnering immense attention from various sectors, for its potential possibilities. The booming IT industry has started recognizing the efficiencies of this Blockchain technology and is on its way towards harnessing the potential of this technology to power up the existing systems.
How Blockchain Technology Works?
Blockchain is the concept of a distributed database, managed by peer-to-peer networks and clever code rather than powerful intermediaries for settlement and authentication. It is an open-source framework that stores massive amounts of data with enormous processing power to handle virtually unlimited concurrent tasks. The implications and possibilities of this technology are staggering, just not for the financial-services sector but virtually across every industry.
The Blockchain technology is almost synonymous with cryptocurrencies and was introduced to the markets with its revolutionary application of digital currency or cryptocurrency called Bitcoin. It is this transformative technology of Blockchain that has made the cryptocurrency possible. Even though creating cryptocurrency is one of the applications of Blockchain technology, there are also numerous other applications that are being developed based on this technology.
Key Features of Blockchain Technology
Decentralized Technology: Blockchain is basically decentralized and is maintained by a group of nodes rather than any governing authority or a person or group to overlook the framework. It is a distributed database with distributed control. While every user in the Blockchain network holds access to the distributed ledger, they cannot modify or delete it on their own. This unique feature of blockchain technology makes it more transparent and secure while giving users the power to their assets.
Peer-to-Peer Networking: The peer-to-peer protocol model of Blockchain technology makes the interaction between two parties easier, without any third-party authentication. All network participants are provided with a universal data set, and each blockchain thrives on the consensus algorithms that runs at the core of this cleverly designed architecture.
Immutability of Data: What makes the Blockchain technology more appealing is its immutability property, which means that any data once recorded cannot be altered or changed at any cost. Each Blockchain is hashed cryptographically, which means that there is a layer of extra protection, making the data non-susceptible to changes or hacker attacks.
Tamper-Proof: Owing to the immutable property of Blokchain, any tampering of data can be detected easily and addressed smoothly using hashes and blocks. Hash codes, being the unique identification for every data block, are linked to one another in the chain of blocks, and so tampering of contents in one block is not possible without the alteration of all subsequent blocks, which is quite complicated and nearly impossible.
In a nutshell, blockchain technology is an immutable, not an easy to hack distributed database of digital assets. The concept of Blockchain holds a high potential for applications in various industries; while some have started adopting Blockchain-based applications in their businesses, many are still exploring the possible ways to start with. Nevertheless, one thing that’s certain is that Blockchain has immense potential, and has, in fact, emerged as a revolution in the world of IT.
We, at the Indore Institute of Science and Technology (IIST), a leading B.Tech College in Indore, understand the sheer importance of being acquainted with such a blooming technology for the young generation. We hence always lay special emphasis on keeping our students updated with the latest technologies like Blockchain so that they can easily make a place for themselves in the global professional world. Through the establishment of the state-of-the-art lab infrastructure with the latest equipment and technology, we are striving to endow our students with the scope to become technically-intellectual and industry-ready. To provide our students with ample opportunity to gain a detailed insight into Blockchain technology and its immense benefits, we, at IIST recently arranged a short term training program on ‘Blockchain Technology and Decentralized Governance’ at our institute. The program was organized by Rajiv Gandhi Proudyogoki Vishwavidyalaya to provide the students with the technological underpinnings of blockchain operations and its functionality.