Why Is Blockchain So Important?

April 18th, 2018

Bitcoin technology is now one of the most talked about technologies in the world, companies and business worldwide are beginning to show a huge interest in this innovative concept. Technological advancements are taking even bigger strides everyday and the use of it is becoming very important to the world’s economy. According to a recent study, among working professionals from around the world it was found that nearly 70 percent believed in innovation and its use for their business. Most of these working professionals believe that innovation will be the biggest factor that will influence the economic growth for the future.

New technologies and ideas are on the rise and to survive in this highly competitive market you need to learn and understand how these new technologies work. The blockchain is a new concept that has been making news for its wide prospects and opportunities. In a continuously evolving economy, working professionals will need to understand the driving forces behind technological and scientific developments. In the future, these new technologies will help to create new fields and opportunities, which will change the entire world. Keeping pace with new technologies is important or else you may find yourself lost in this competitive world.

There have been many new developments taking place in today’s world, but one of most promising developments is the advent of blockchain technology. Just a few years ago, this technology was introduced into the market, but now it may be replacing many existing technologies because of its long term benefits and other amazing features.

Understanding Blockchain Technology

These days, people rely on databases to transfer and store information to one another. But are you aware that these databases are owned by companies and all of your sensitive data could be stolen? There is always a risk involved with this type of sensitive data, you need to find a better option that is more secure and safe. It is important to keep details like financial transactions, bank details and personal messages safe.

Since these traditional means of storing data with these companies are not safe, there is an incredible need to find a better option. To keep personal information private or secure developers have created a unique platform which transfers and stores data in a new way, while still keeping it safe. Still wondering why blockchain technology is so important? Here are some important characteristics of blockchain technology:

  • Distributed Ledgers: There are millions of copies of databases that are continuously updated by individuals connected to the Blockchain network. For example: a giant spreadsheet is taken that is accessed by millions of people around the world via the internet. This spreadsheet contains all digital records of different businesses or companies. It may have a value of any currency, files in images, PDFs or even historical lists of transactions. When this spreadsheet is modified on any system, at anytime, anywhere in the world, it is shared, replicated and synchronized so that all changes are saved on other computers that are connected to the network.
  • Peer to Peer Network: Blockchain technology is basically a network of systems or computers that are connected to the network and help to complete all tasks faster and with more efficiency.
  • Immutability: This is a new security feature that makes it tough (almost impossible) to alter or change data without permission.
  • Pseudonymity: This feature allows people to decide whether they want to remain anonymous or will share their identity with others in the network.
  • Cryptographic Hash Function: A special type of encryption software. Hash takes a message and scrambles it to a code and makes it tough to decipher without a key or signature.

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