BLOCKCHAIN SYSTEM Revolutionary Solution for all the Industries
Blockchain Technology is considered as one of the most popular sectors in recent technology and has opened the door to another dimension of technology.
What is a Blockchain
Let’s consider this with most trending digital currency unit, Bitcoin (BTC). BTC is based on Bitcoin Blockchain. When someone makes a BTC transaction, a Block will be written according to that transaction and when this happens all the time simultaneously it will be recorded in NODES as Blocks. After fulfilling the block with records, this block will be connected to the network using Hash codes. Newly generated codes will be considered as an internal network process.
Safety of the Blockchain System
When it comes to information and technology, Cryptography has been expanding from the beginning. BTC and Blockchain system uses SHA 256 Cryptographic Technology for their platforms’ operation. All the BTC transactions take place as an anonymous user and each user has very own private key and also a public key. To complete a transaction there must be some definite amount of confirmations from nodes. Therefore, fake transactions do not take place. Because of that, the reliability of the transaction is high. It is impossible to change transactions that happened previously because it is recorded in all nodes in the blockchain network.
Main Advantages of the Blockchain
When someone made a transaction without a central exchange and using a digital media, there was a huge barrier which is called Double Spending Issue. This means when someone makes a transaction it can be replicated somewhere else. This issue will be solved by the Blockchain platform. When someone makes a transaction using Blockchain system, it will be recorded in each and every Node in the blockchain and at the same time, the system automatically executes some verification process, and this will eliminate the Double Spending possibility. As we said before, this process took place in Nodes and all the transactions will be recorded in the Nodes itself. This is unchangeable and also gives higher protection by the Blockchain system. Using blockchain we can also have the benefit of the smart contract and creating decentralized platforms. Nowadays blockchain technology has been used for industries such as Healthcare, Cybersecurity, Finance and Transportation.
Top Businesses Use Blockchain System
Most of the global giant companies such as Microsoft and IBM have embraced Blockchain system. In December 2017 Microsoft partnered with the Wave platform to Microsoft Azure in order to fulfill the requirement. The Waves coin price skyrocketed because of this incident. Even IBM company now provide blockchain-technology-based services to their clients.
This image is an infographic of Blockchain startups in several industries. This image has to contain bottom of the “Blockchain Applies on all the Industries” shows the usage of blockchain technology in varies sectors.
Finance Sector Embraces Blockchain System
Cryptocurrency is considered as the currency on the blockchain platform. Cryptocurrency does not have a central exchange, cost-effective and also it can be sent to anywhere in the world with maximum protection. All the transactions are based on Peer to Peer system which enables a fast and effective transaction process. Cryptocurrency market is now worth $250 Billion and it is growing daily. In present, some Blockchain based startups are using Initial Coin Offering (ICO) to crowdfund. Invasion of the financial world by Cryptocurrency can be identified as a direct impact for the financial sector as well.
Bitcoin is the main and most popular cryptocurrency in the world. BTC was created by an unknown person in 2009. People call him as Satoshi Nakamoto. It is the first cryptocurrency in the world. In mid-2015, the Bitcoin price was just only around $500 but now, in mid-2018, it is worth around $7,000. The all-time high price is around $20,000. It shows how fast the demand increase. Most of the Giant companies are tending to accept bitcoin as a payment method. Microsoft is accepting BTC for their transactions. One of major hosting and domain provider ‘’Namecheap’’ accepts BTC for Domain or for hosting buying and renew process. For examples, “Overstock” online shopping store, “Expedia” hotel booking website and technology equipment seller “Newegg” accept Bitcoin as a payment method.
How does blockchain work. This image is after to the safety of the blockchain system. This is a infographic of how a blockchain works.
Blockchain Applies on all the Industries
Most of the businesses tend to embrace blockchain system other than a transaction method such as,
- Basic Attention Token
The creator of the Java Programming Language and the co-founder of the Mozilla Project Mr. Brendan Rich is trying to use blockchain system to solve a number of issues related to online digital advertising sector by a blockchain based Browser called ‘’Brave’’.
This company uses blockchain systems to solve issues related to online contents. Most of the online content creators do not gain the real value for their effort but the middleman. This platform tries to solve this issue using the blockchain platform in order to give the real value for the intellectual properties.
This company introduces a digital asset and is giving a chance to its users to perform transactions, deposit and trade the digital asset.
- Ethereum Platform
Ethereum is an open-source, public, blockchain based distributed computing platform and operating system featuring smart contract functionality.
This company is creating a decentralized cloud storage platform.
This is targeted for traders. It gives blockchain based tools to create prediction markets.
This is a chart of cryptocurrency market behavior. This image have to contain after the sub heading “Finance Sector Embraces Blockchain System” It shows the increment of the market capitalization.
This simply reflects that the blockchain system is the solution for most of the unsolved issues in the present. It applies not only to the financial industry, but it is also simply applicable to all the industries. A number of industries have come up with new projects using blockchain and even existing industries are shifting from outdated methods to blockchain system. Blockchain caters to all the industries in a favorable manner.
Exposition Magazine Issue 14
Department of Industrial Management
University of Kelaniya