Reliability is the much needed ability of this world of Internet Of Things (IOT). Every member, when steps inside a new community in today’s world steps with some lack of reliability,
Blockchain technology comes in the picture as the savior of all those who are afraid of fraud in this E- world.
Efficiency is doing things right and the world currently deals and seeks mostly for it and there are lots of people and organization to meet their needs and to impress them with their creamy performance. It comes handy with the fear of getting hacked. Blockchain on the other hand does the work with effectiveness which is basically doing the right things to keep away fraud.
Most transactions are worried of middlemen than hackers and fraud. Blockchain helps to do direct transactions with “smart contracts” which are equal to the paper documentations and proofs which we rely on these days. The world needs no middle men like banks or other agencies to act as an agent for a transaction who actually are the possible threats to swindle money.
Let’s get into some tech stuffs simplified for you to understand Blockchain technology better. Blockchain technology actually connects the ends of transaction directly with a complicated network of copies of transaction which are referred as “Distributed Ledger” or DSL system. To make it simple to understand, Block chain is a super complex form of Google docs where data is shared with the users instead of sending them the file to add or edit the data. Details of a transaction are encrypted as “Hash” which is actually an encrypted mode of the details in alphanumeric code. Each block carries the hash of the main transaction and the hash of the previous transaction too. These blocks are connected as a chain. If a hacker succeeds in hacking a hash and alters the details such as values and details of the accounts, the altered value doesn’t matches with the copies created in the consecutive block which makes the user to notice the threat.
A block in a blockchain technology is immutable i.e. unalterable to keep the history of the transaction more secure and tamperproof. Hence, one can create a new block with corrections in the details but, cannot alter the value of an existing block.
“The whole point of using a Blockchain is to let people – in particular, people who don’t trust one another- share valuable data in a secure, tamperproof way” says MIT Technology Review. Blockchain adds one more super specialty in itself which is “Mining”. Miners are people who actually keep the copies of transaction in blocks of similar kind. Mining in Blockchain technology is opted by the clients based upon their needs. More miners make the copies of transaction in more numbers which makes it more secure. Even if a hacker attempts to tamper the details, he needs to alter more than 50% of the miner’s block to make it work. It is said that it will take up to ten minutes to create a block with its puzzle model. So, even if the hacker attempts to hack, it requires lots of money, computing power and resources. This level of complexity is what made “Bitcoin” to be successful and hacker free since 2008.
Blockchain technology offers security with its multiple levels such as,
Decentralized mode of transaction.
Distributed ledger (copies of blocks).
Most of the creamy layer transactions in some countries are carried through Blockchain technology as the threat from High level authorities are getting eliminated which make the transacting parties free from extra expenditures.
Blockchain technology is the most reliable source of transaction of data nowadays in this world of Internet. Future is stepping with more confidence on this technology as it proves it success with “Bitcoin” encrypted currency since 2008. It will be more promising to Healthcare industry, banking sector and all other industries where data acts as the base and is more important to keep them secure. Present mode of managing data is storing all the data in a single server which always carry a threat of getting a cyber-attack. Blockchain technology makes you surpass cyber-attacks without getting worried of falsifying, tampering or loss of data.
To conclude with, not only the above mentioned sectors; future of deciding the future of country’s power could go more secure with blockchain technology.
This article was written by Savier Mut Jabraj.