With the world around us fast evolving in the digital space, it is inevitable for any computer software solution provider to not recognize the power of emerging technologies. Yes, BlockChain is too powerful. This rapidly adopted decentralized ledger has gained the trust of digital assets. This article is aimed at giving a quick read on the history, mechanics, and powerful uses of Blockchain technology and its adoption at Roamsoft.
What is BlockChain?
Through the use of decentralization and cryptography, Blockchain, also known as Distributed Ledger Technology, is a cumbersome algorithm that makes data alteration almost impossible through the use of decentralization. This complex data security algorithm was originally developed in 2008 for use in the well-known cryptocurrency BitCoin.
1) Never Get Corrupted.
Every node on the network has a copy of the Digital Ledger. To make a change, every node needs to check its validity. If the majority thinks it’s valid, then the data change is accepted. This makes the data changes transparent and corruption-proof.
2) Decentralized Data
The entire technology is so that the data is distributed among members, but not copied or transferred. The network is created in such a way that there is no single governing authority or single person looking after the framework.
3) Cryptographic Hashing
A blockchain consists of multiple blocks that are linked together in a chain using hashes. It is an algorithm that takes an arbitrary amount of data input and produces an enciphered text called a hash. Adding or altering data on a blockchain takes an enormous amount of time and computing power.
4) Enhanced Security
Each block is linked to the rest of the elements through complicated hashes. Making a change to any block in the chain necessitates changes not only in that block but also in all subsequent blocks. As it eliminates the need for a central authority, no one can simply change any characteristics of the network for their benefit.
5) Consensus Mechanism
The architecture is cleverly designed, and consensus algorithms are at its core. Every blockchain has a consensus that helps the network make decisions. A consensus mechanism refers to methodologies used to achieve agreement, trust, and security across a decentralized computer network.
Potential Uses of BlockChain in Product Development
The hope in blockchain for data security has broadened to other sectors like the media, government, and identity security. Thousands of companies are in research and development to launch products and ecosystems that run solely on this mind-blowing technology.
In India, blockchain solutions have found the most takers in the banking, financial services, and insurance industries. The public sector has also been actively using this technology for use cases such as land title registry, vehicle lifecycle management, farm insurance, and electronic health record management.
The Advantages of Using Blockchain Technology in Your Business
We at Roamsoft Technologies have studied the significance of BlockChain in building innovative products and are all set to embrace this tamperproof and powerful data security technology in enhancing and upscaling our software business and its product suite for these solemn reasons.
i) To incorporate proven latest technologies, software products should be in continuous maintenance and upgrade cycle!
ii) In today’s world of black, white, and grey-hat hackers we live in, data security is a dire need, and blockchain technology is the best solution. Let us also use state-of-the-art software tools and deliver the best products!
Blockchain technology is revolutionary. It will make life simpler and safer, changing the way personal information is stored and how transactions for goods and services are made. Blockchain technology creates a permanent and immutable record of every transaction.
This impenetrable digital ledger makes fraud, hacking, data theft, and information loss impossible. The technology will be helpful for every industry in the world, including manufacturing, retail, transportation, healthcare, and real estate Companies. Nearly $400 trillion across various industries is set to be transformed by blockchain.