Actually Blockchain is also called new internet and backbone of web version 3.0 because it allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet. Originally devised for the digital currency, Bitcoin but the tech community is now finding other potential uses for the technology.
A Blockchain is a digital ledger of records that’s arranged in chunks of data called blocks. These blocks then link with one another through a cryptographic validation known as a hashing function. Linked together, these blocks form an unbroken chain — a Blockchain.
The reason that this type of data structure is useful for things like cryptocurrencies is decentralization, meaning the records inside this chain aren’t stored in any single location, are accessible by everyone, and are immutable by any one party.
Use Cases in the Blockchain Industry
The technology has the ability to transform a wide array of industries with the simple idea of a secure, decentralized, immutable database.
Namely, some of the industries that have found a use for the technology so far are:
1. Financial Services :-In account to the technology being immediately associated to Bitcoin, it wasn’t a surprise that one of the first applications for it was in the financial services – banks.
Key Features are:
2. Smart Contracts:-A “Smart Contract” is the digitalization of the traditional approach to contracts. A method that can enforce a contract simply through the blockchain. The contract is given the terms and those terms are saved as instructions inside the code, and presto, you have a smart contract.
what it mean for smart contracts in blockchain?
The traditional approach to contracts heavily relies on a third-party, like the judicial system, to enforce the agreements, which is very time-consuming and inconvenient.So you can say that blockchain will remove the third party or middle man from the contract.
3.Identity Management:-Identity Management (IDM) works on the basis of how a person gains identity on the network and the technologies that are set around securing that identity. It deals with giving access to the right person at the time of the request.
4.Cloud Storage:-Another perfect example of the variety of this industry and the application of the technology; StorJ is an open-source, decentralized cloud storage that uses the distributed ledger of blockchain technology.
Example Blockchain as Google Docs
traditional way of sharing documents with collaboration is to send a Microsoft Word document to another recipient, and ask them to make revisions to it. The problem with that scenario is that you need to wait until receiving a return copy before you can see or make other changes because you are locked out of editing it until the other person is done with it. That’s how databases work today. Two owners can’t be messing with the same record at once.That’s how banks maintain money balances and transfers; they briefly lock access (or decrease the balance) while they make a transfer, then update the other side, then re-open access (or update again).With Google Docs (or Google Sheets), both parties have access to the same document at the same time, and the single version of that document is always visible to both of them. It is like a shared ledger, but it is a shared document. The distributed part comes into play when sharing involves a number of people.