Blockchain Technology

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The blockchain is the underlying technology that facilitates transacting in cryptocurrencies like Bitcoin and other Altcoins. Blockchain can be defined as a public ledger that records all the transactions and each block of transaction connects to another block to form a chain.

Technically Blocks are a set of transactions performed by the users that are collected and recorded by the miners. Every block contains a unique signature which is a code that links the new block created. To add a new block to the chain miners need to collect the transactions and solve a complex mathematical problem. The first miner to find the solution gets to add his block and is entitled to a reward.

Blockchain technology can have several other application other than cryptocurrency. Due to features like easy accessibility, transparency, cost-effectiveness, quick processing, blockchain has several other utilities for the companies and government. Here are some of the popular applications of blockchain:

Proof of Ownership - Blockchain can be used to record ownership for any tangible or intangible asset like land rights, real estate ownership, share certificates, copyrights, etc. The blockchain is a ledger that cannot be altered so the rightful owner of a property can be tracked easily.

Authenticated Voting - Blockchain technology can be used for voting as the records cannot be manipulated. Also, the votes would have a timestamp and other details recorded that can prove the authenticity of the votes.

Inter-organizational data management - Blockchain enables easy maintenance, better accessibility, and monitoring of data at organizations. They can provide customized access to the data as per their company policies.

Digital Identity - Blockchain can be used as a database for tracing the true identity of an individual due to the immutable feature of the blockchain.