The Blockchain Revolution: Unlocking the Power of Decentralization


Srijita Nath | Indranil Roy

Published on 18-07-2023

Just like Artificial Intelligence (AI) and Machine Learning, Blockchain is one of the most sought-after technologies of today. It redefines how we store, update, and move data. It has the potential to revolutionize any business that holds structured data.

Data security, transparency, and trust are crucial for businesses and individuals in the digital age. Enter blockchain technology, a revolutionary concept that has disrupted numerous industries by introducing decentralized and immutable systems. Blockchain is famous nowadays due to its application in cryptocurrency (Bitcoin Framework).

Evolution of Blockchain:
1st Generation (2008-2013): Origin of Bitcoin
2nd Generation (2013-2015): Transactions with Smart Contracts
3rd Generation (2015-2018): Distributed Applications
4th Generation (2018-Future): The Future

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What is Blockchain Technology?

A blockchain is a distributed ledger that stores transactional records, also known as ‘blocks,’ in several databases known as ‘chains,’ in a network connected through peer-to-peer nodes. Frequently this storage is referred to as a ‘digital ledger.’

To understand blockchain, we must know the terms that are used while referring to a blockchain network or a part of it:

Step-by-step representation of a Blockchain Transaction:
  1. A node in the blockchain network requests a transaction via a wallet.
  2. Transaction is broadcasted to all nodes in the network.
  3. The network validates and verifies transactions using a consensus algorithm (rules set by specific blockchains).
  4. Transaction is either accepted or rejected; if accepted, the transaction is added in chronological order along with other transactions to create a new block of data.
  5. Transaction is now a part of the Blockchain and is permanent and immutable.

There are several ways to build a blockchain. They can be public, private, hybrid, or consortium-built.

Blockchain layers refer to building multiple layers of blockchain on top of each other, where each layer can have its own consensus mechanism, rules, and functionality. This ensures better scalability, as transactions can be processed parallel across different layers.

What is Blockchain Technology?

Blockchain store information on monetary transactions using cryptocurrencies and information like product tracking and other data types.

We can create our Blockchain application. To do that, we can summarize it into the following steps:

How We Are Using Blockchain in Different Industries:
  1. Blockchain in Healthcare – Medical records can be stored on a decentralized ledger; it ensures data integrity and inoperability and enables seamless sharing of patient information across healthcare providers.
  2. Blockchain in Supply Chain Management – Blockchain can revolutionize supply chain management by enhancing transparency and traceability. It can track the movement of goods and materials as they change hands. Enables consumers to verify the origin and authenticity of products.
  3. Blockchain in Voting and Governance – Blockchain, a decentralized system, can be an ideal solution for voting and governance systems.
Challenges and Future Outlook:

Blockchain holds immense potential but also faces several challenges. Regulatory frameworks and legal concerns surrounding cryptocurrencies and smart contracts require clarity and adaptation.

Despite challenges, research and developmental efforts are going on to address the problems in blockchain technology. As Blockchain continues to evolve and find new applications, it promises to unlock unprecedented opportunities for innovation and progress.

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