They say necessity is the mother of invention. However, in
They say necessity is the mother of invention. However, in today’s world, competition is the mother of invention. People are trying to monopolize the market with just their products.
There is one technology however, that has completely taken people aback. Blockchain, the technology that every government, every IT company, and every startup is aware of and experimenting with, is quite the invention.
Just a decade back, the mythical Satoshi Nakamoto, who is credited with the creation of Blockchain technology, came up with this terrific technological innovation. Since then, it has come a long way in being implemented across all sectors in various corners of the world.
It is now a self-sustaining technology that is still associated but no longer just limited to cryptocurrency transaction.
What is Blockchain Technology?
It is essentially a distributed ledger system of storing information and data. Users share this network amongst themselves on the virtual platform, vis a vis their nodes (computers). Any changes that are input in the ledger are cryptographically verified and is open for all to see.
It is an extremely transparent system where everyone has access to all the transactions or changes made on this network. It is this transparency of the system that attracts the public to it. It has been used in various sectors to ensure greater transparency in the administrative process.
Blockchain is the technology that you need to bet on at this moment because of the immense potential that the technology has. It has been used to verify authenticity of products, store data, catch criminals, in healthcare, in supply chain management and many other such areas.
Data today, has emerged as the most powerful asset that one could have. Everyone wishes that they had more of it and they could control data. In such a climate, blockchain technology is ensuring that decentralization is alive and well.