Many people think of blockchain as the technology that power Bitcoin .But block chain and bitcoin is not even comparable. If you compare these two it will be like correlating internet and E-mail. Block chain is apt for more .Despite the sound of the word there is not one block chain. Block chain is distributed all over .Don't get tensed by the introduction. You can simply define what is block chain after reading this article.
WHAT IS BLOCK CHAIN TECHNOLOGYÂ
Block chain technology is a suite of distributed ledger technologies that can be programmed to record and track anything of value from financial transactions to medical records or even land titles. The most exiting feature of block chain is it is not a a centralized owner process .It is a link of many business partners. You might be thinking we already have process in place to track data then what’s make the block chain this much special?. Let’s breakdown the reasons why block chain technology is a revolution to this era. Let us look for the reasons.
THE WAY IT TRACKS AND STORES DATA
Block chain stores information in bunches of called blocks that are pertained together in an ancient fashion to form a perpetual line. If you make change to the information recorded in a particular block you don’t rewrite it instead the change is stored in a new block .
TRACKING DATA
Our data of our property and everything is stored in the block chain .for example if their any land dispute among two relatives .By checking the block chain we can track the current owner of the property and everything relate to it will get revealed. It is a Non destructive method to store data
SECURITY 🔓Â
Unlike the former ledger technique it is decentralized and disseminated among a vast network of computers this decentralizing of information reduces the ability for data smuggling. It creates a trust among people.
TRANSPARENT
So many people buy products without knowing their origin .On the other hand block chain allows consumers to access the whole history of a product. Throughout it’s supply chain ⛓️ , from manufacturing to distribution
ACCESSIBLE
Block chain is accessible .Allowing different parties to share information ℹ️ , ensuring a smooth and fast flow of data. So whenever you hear about Block chain remember it’s not just a standard base It is distributed, immutable, transparent, secure and accessible.
LIMITATIONS OF BLOCK CHAIN
EARLY STAGE
Block chain is in a very nascent stage. There aren’t that many projects fully fleshed out and developed that apply blockchain. There are lot of conversations and plans but actual developed proofs of concept that are successful and out there still in juvenile stage.
LACK OF AWARENESS
There are lot of buzz about block chain. But they really not aware of true value of block chain and how they could implement it into different situations. There is only a limited amount of pool of technical talent. There are lot of developers that do a lot of different things but there is not that many developers that have specialized expertise in block chain. It is actually a hindrance to block chain
NO REVERSALS OR MODIFICATION
Block chain helps to store data .It helps to store all kind of payment details but if you want to make change of this entered data , It is clearly impossible.
FUTURE OF BLOCK CHAIN
In India itself the farming sector in Andhra Pradesh is completely transferring into the block chain. Block chain makes our job easier. Each and every category depends on block chain. Farming, business, science, all regions will widely hinge on block chain. Coming years we will hear a lot about block chain .And a new era will come that all data stores in block chain.