Data and AI Learning Group

Blockchain + Integration

  • 1.  Blockchain + Integration

    Posted Sun September 05, 2021 11:36 PM
    Edited by Justin Doebele Thu September 09, 2021 11:30 AM
    Though there are many developments currently going on in the business world, one that is attracting a lot of attention is that of blockchain. This fascinating development could lead to many changes for diverse industries and commercial sectors. Indeed, it might completely transform the relationship between customers and companies and how business is conducted. Let's take a look at how blockchain works.

    Where Did Blockchain Come from?

    Blockchain emerged with the cryptocurrency industry. Though we are now seeing other applications that blockchain can be used for, it was originally and is still used as the ledger for cryptocurrency transactions.

    By its nature, cryptocurrency carries an element of anonymity with it. Unlike a regular transaction which requires details such as names and financial information, a cryptocurrency transaction just needs the IDs of the digital wallets involved. However, this means that there is little data to record about the transaction. The blockchain was created to be an accurate and honest record of this data, as well as being a record that cannot be altered.

    What Industries Can Benefit from Blockchain?

    With blockchain technologies being examined by other industries, one has to consider precisely why they are interested in it. One of the reasons why many are interested is because it places the power into the hands of users and customers rather than keeping it with the company. Though it might seem odd that corporations would want to do this, it will help to foster strong relationships between them and their customers.

    We are beginning to see many companies accept this stance. From the best in the online games sector to healthcare and retail,There is a massive scope for this technology to be adopted across many different sectors. With the benefits that this technology could bring, it could potentially overhaul the way we currently manage online payments.

    Why is Blockchain Secure?

    So, why is blockchain so secure? It all comes down to how it is actually made. Ultimately it is made up of two parts – the blocks and the chain. The blocks are the records of the transactions. They carry the data of each transaction. This includes important details like what the transaction was, when it was made, and the IDs of each of the participants.

    These blocks are then chained together. A single blockchain can have thousands of transactions stored on it. To prevent them from being altered, some of the data of the block is placed in the one above it on the chain. It will also get a little from the one below it. Editing any block means that you would also have to change the other blocks, and the power to do this simply doesn't exist yet. It is simple, but it is incredibly effective.

    Blockchain could prove to be one of the biggest innovations of the 21st century, and we are very much at the start of innovation and development surrounding it. More and more industries are looking into ways that they could adopt it. It might not be too long until we see this as a common part of any other website.

    ------------------------------
    Justin Doebele
    ------------------------------