Tag: blockchain technology

6 Things Everyone Should Know About Blockchains

Imagine! If you can have your own personalized database. Isn’t it fascinating? Yes! It is. But, we are here in the 21st century and everything is possible in it. The future will turn our fascination into reality. The technology behind this revolution is Block Chain. But what is Blockchain technology and how does it work? Blockchain contrived by Satoshi Nakamoto in the year 2008. It was designed to devise the public transaction ledger of the cryptocurrency bitcoins. Here we at Arya College discussed blockchain technology.

Introduction

A blockchain is the list of emerging records which combined with each other by cryptography. However, blockchain is an asset transaction model in which it is an artifact for the daily use. Moreover, it is also a civil artifact which is modeled as an asset. The transactions through blockchain record the change in the Meta – information.

According to its design, blockchain opened and distributed ledger which records all the transaction data between two ends. The transactions recorded in blockchain are authoritative and permanent.

To create a basic level understanding of what blockchain is capable of, let’s look at the 6 things blockchain can do

1. Decentralized Database

Blockchains are called so because they are blocks where data is stored in linear containers. These blocks form a chain, so the name blockchain.

Anyone can notice that you’ve placed data there, since it is semi-public and carries your signature. However, only you can unlock what’s there in the block (container). You can do so securely by using the private keys to that data block.

2. Distributed and shared accounting ledger

Firstly, blockchain is a semi-public and therefore distributed ledger. That makes it shareable across multiple entities without sacrificing security.

What’s more, the ledger is time-stamped. This makes every single transaction verifiable and traceable. All computers on the network can validate every single transaction. That becomes one of the key strengths of blockchain – it automatically prevents double-counting. As a result, the chances of both errors as well as fraudulent transactions are virtually zero.

This may appear to be the single most important application of blockchain but there are many more, equally powerful uses of blockchain.

3. Peer-to-Peer Network

You would’ve noticed by now that being shareable, there’s nothing that is “central” about blockchain. It’s architectured in a way that there’s no central server that dictates transactions – it remains a peer-to-peer network over nodes. Your computer, if a part of the network, can verify transactions happening over the network. You could call it thin computing in its best decentralized format.

Because of this, users can reach out to other users and transact with each other instantly, irrespective of geographical or time-zone differences. There are no intermediaries like a main server to filter or slow down the transaction. Hence, the transaction happens without delay. All nodes on the network have equal importance and can offer their knowledge of all transactions over the network.

This goes beyond just being a peer-to-peer network and creates a marketplace for users, a distributed economy. The size of such marketplaces varies greatly in size without compromising the integrity of blockchain.

4. Cryptocurrency

Without doubt, cryptocurrencies (aka token) are the most popularly known application of blockchain. Famous examples of cryptocurrency include Bitcoin (BTC), Ethereum (ETH) and Ripple.

Basically, cryptocurrency is an economic proxy of the operations and security of blockchain, a cryptographically encrypted currency. Cryptocurrencies follow a set of protocols and are not dependent on a single government body, entity or authority. They have an open source code, which means anyone can available for everyone to use or modify.

Cryptocurrencies, like other currencies, can have a compensatory as well as production role. Miners who mine out cryptocurrencies and successfully validate blockchain transactions can be awarded the currency. Additionally, there is a consumption role, where you pay a small fee for running smart, blockchain-backed contracts (using Ethereum), an equivalent of transaction fee (with Bitcoin or Ripple). These costs and compensations are placed so as to prevent abuse of the blockchain system. In a larger, more advanced case, tokens may be used simply for internal value, asin DOAs (Distributed Autonomous Organizations).

5. Open Source Software

Technologies with open source software are not just transparent. They have the benefit of huge improvements by way of collaborations that add massive, valuable features on the top of the core software. That way, users keep tinkering and adding value to the core. 

A good case is Bitcoin. Its core protocol is fully open source. From the time Satoshi Nakamoto was inspired by Nick Szabo, it was clear that open source was the way to go. Since its inception, Bitcoin is being maintained by a collaborative group of “core developers”. Their work is continually complemented by contribution from thousands of independent developers the world around. These independent developers constantly come up with complementary products, services and applications that benefit from the Bitcoin protocol and its robust nature. Eventually, we can see an extremely strong ecosystem being built around Bitcoin. Essentially, it’s the open source nature that has led to the level of excellence that Bitcoin is.

6. Trust service layer

The core benefit of blockchain is trust as the basic unit of service. It’s a function, a delivered service.

However, trust isn’t restricted to transactions only. Trust is built in data, services, processes, agreements, objects, business processes and logic and so on. In fact, anything that can be boiled down to digitization and carries an inherent value can benefit from blockchain. Banks are already exploring cross-border transactions where blockchain can add huge value.

This is a list of the 10 applications of blockchain technology. It’s not difficult to see there will be many more that you can add to the list. So which other applications would you like to add to this list?

Future of Block Chain

In the present time, the blockchain effectively used in the transaction of the digital currency like Bitcoins. Bitcoins are the first digital currency. It does not require any trusted authority or main central server for transactions.

But the blockchain technology has the enormous potential of holding something huge for the future. The technology of blockchain has the zeal and potential to personalize the digital IDs of social and civil artifacts.

Benefits of Block Chain

The users of the blockchain are much benefited by its features. Moreover, with the help of blockchain, the users can make entries into a single record and data at the same time. However, there is a community of users which will control the amendment of the information in the records.

The blockchain delineated as a revolution in the registration and distribution of information. That abolishes the necessity of having a trusted party who will untangle the digital relationships between two ends.

Thanks for Read our blog, you can check out full blog on official Page Arya College, Arya College is one of the Best Engineering College In Jaipur Rajasthan. In This College Many Branches for Engineering you can make great future with us. Arya College Provides Computer Engineering, Electrical Engineering & Electronics Engineering’s Branch for our Engineering students with top companies placements in campus.

Blockchain Technology Use Cases You Should Know in 2021

Use of Blockchain Technology With the increased popularity of Bitcoin, many industries have turned their attention to Blockchain technology. It is a major power behind all the digital currencies in terms of blockchain technology. People or engineers of top engineering colleges in Jaipur have found the uses and applications of this technology in many other industries as well. Blockchain technology also enables easy distribution of the digital information without copying. If the network is designed in a special way, it will regularly and automatically update the spreadsheet.

Decentralize an Information with the Use of Blockchain Technology

In a Blockchain technology, all the information is shared and it has no centralized version of it. It exists as a shared database and are truly public to use by the students of Best Engineering Colleges in Rajasthan. They can host the data by thousands of computers simultaneously. Anyone also can access its data using an internet. A new software is popular as ‘Ethereum’, which has been developed using blockchain technology. Also, this is an open software platform which allows the developers to develop and deploy such application in the network which are decentralized.

To develop your understanding about how this technology is being used across different industries. So, engineers of Best BTech Colleges in Jaipur uses Industrial use cases of the Blockchain. Some of them are as follows:

Blockchain Applications in Banking & International Payments

In the Blockchain technology, all the data is shared. Also its entries are encrypted and confirmed like a verified Google document. It also must create a safe and secure log of all the sensitive activities. This feature of the Blockchain technology can be used by the students of engineering colleges in Rajasthan excellently for money transfers and international payments.

A large commercial bank has many retail clients who can get efficient and cheaper payments, especially in the case of international transfers. This need of the clients can be settled through the blockchain technology, as its application will reduce the requirement of manual settlement of the transactions by the bank.

Blockchain Use Case in Audit and Regulatory Compliance

Due to the extremely secure nature of the Blockchain, it is useful for audit and accounting. As all the data in the Blockchain technology is secure, encrypted and confirmed, it keeps the integrity of the records and reduces any possibility of error by the students of btech colleges in Rajasthan.

The special advantage of using this technology in the accounting field is that once the mark records. That created and locked with blockchain technology. No one is authorized to change the records, not even the owner of the records. This could potentially reduce any need of the auditors.

Uses of Blockchain Technology in Insurance

In Insurance sector, the Blockchain technology of private engineering colleges in Jaipur can be used with the help of smart contracts. Smart contracts will be influenced by the blockchain. So, the contracts and claims if validated by the network could be recorded on the blockchain, will eliminate any invalid claim made from the multiple claims made for the same accident.

Blockchain Applications in Healthcare

The Blockchain technology can be used very effectively in the healthcare sector by the students of engineering colleges India. In this sector, it can be used in two different ways:

  • To keep the health data of the patient secure, the data will include age, medical history, gender or other vital information of the patient without attaching any particular name of the patient. This data when synced with the blockchain will enable easy access without any privacy invasion.
  • Today, health records are frequently connected with the medical devices. So, the blockchain technology can be used to connect health devices with the health records of the patient reducing the risks of the data related with the medical devices.
Uses of Blockchain Technology in Real Estate

The real Estate data can be linked with the Blockchain technology. And also help students of top engineering colleges in Jaipur will really reduce the chances of any fraud and help them in the quick verification of the finances. As this technology is highly encrypted. The real Estate data gets connected with it and offer wider transparency in the selling and purchasing process.

Uses of Blockchain Technology in Media

Some work has already been done in this industry. The blockchain content distribution platform is in the name of ‘Decent’. It will launch a platform with the name Publiq. Which will enable the writers and the content creators to channelize their work with the help of blockchain.

By using this process, students of best btech college can get the immediate payment without any risk. Various companies have also developed a new technology. So, with the use of which it allows the companies to purchase any ad through the blockchain technology.

Uses of Blockchain Technology in Voting

Students of top BTech college uses the blockchain technology in the Voting area. The most important and interesting thing of the blockchain technology store past data cannot be changed. The present cannot be hacked and the system cannot be altered in the future.

All the nodes will see the exact same result. All the votes can be traced to their source without sacrificing the voter. The voter should verify the recording of their votes, if a ballot is modified or missing, before the election is over with the help of end to end encrypted and verifiable voting system.

Conclusion

These are some of the potentials of the Blockchain technology that BTech graduates have explored. Blockchain technology also can be used in different other areas like record management, supply chain management, identity management, peer-to-peer transaction and many. So, this technology has immense hidden potential to explore with time. 

Thanks for Read our blog, you can check out full blog on official Page Arya College, Arya College is one of the Best Engineering College In Jaipur Rajasthan. In This College Many Branches for Engineering you can make great future with us. Arya College Provides Computer Engineering, Electrical Engineering & Electronics Engineering’s Branch for our Engineering students with top companies placements in campus.