Everything started with the name Bitcoin, that was the familiar face of Blockchain.
Technology—Now everything has changed, it had become more than just trading cryptocurrencies.
There is no need to talk about the value of data in the 20th century, living in a world of intangibles it's data that all matters.
So everyone is trying to make use of and protect their data effectively, starting from an individual to big corporates. And that became the reason for upward trends in business firms adopting blockchain technology.
Looking at Deloitte’s 2019 Global Blockchain Survey one could see the changes that came in past years.
More than 80% of large companies are on their way to make use of the
technology—millions of investments are coming towards it.
Deloitte titled the article as,
"Many paths lead to blockchain adoption, and no two are alike"
And that tells everything. It not only includes the finance industry, there are varied industries like manufacturing and healthcare. Even Governments are working on it to come up with a transparent system.
Every industry and the business firms in it has a certain system for managing the transactions and keeping the records, to ensure that all the transactions are secure and error-free.
Though there are highly secured systems to prevent malicious acts, tons of malpractices are happening.
Data is being tampered and malicious actors getting benefitted by it.
Regular audit trials are not enough to prevent the manipulation of the data.
As said previously, In the case of the large firms it's not possible to detect these kinds of practice and take actions on it.
Here comes the scope of Blockchain.
Blockchain, Smart Contracts, and Distributed Ledger Technologies (DLT) are the phrases that are related to finding a solution for the chaos in organising and securing the data.
A central server verifying the data is the complex part of the problem, Distributing this into multiple nodes could prevent tampering of the data. When a transaction occurs, each nodes processes and verifies the transaction. This kind of decentralization of data is DLT.
The direct attempt to manipulate the data becomes hard when there are multiple nodes to verify the changes in it.
Blockchain is one type of a DLT, the algorithm could reject the malicious transactions and go on with correct ones.
As the name suggests it's the chain of blocks, and each block contains the data. The digital record of the time of occurrence and hash of the previous block is also stored
inside a block. Hashing is the process of turning the data into a cryptographic output, each block contains the hash of the previous one.
If a change happens in the data of a certain block, it also affects the hash of the previous block stored in it.
So if we want to change the data in a certain block, there is also the need to change the data in the previous blocks.
It's the reason, the blockchain way of dealing with data is highly secure.
Smart Contracts are the way of enforcing agreements digitally, as the name suggests it's a smart way of conducting any type of contract. For example, If you have something to sell and there is a certain buyer for it, like in any other contract the thing can be done in the
blockchain way.
Ethereum created a transparent platform for it, there is no need for an intermediatory to check that both the parties conduct their actions as said on the contract. Here the agreement is preprogrammed and it's published on Ethereum blockchain.
If anyone comes up with a doubt they can inspect and assure that everything is done as per in the contract. The transactions done by both the seller and buyer could be easily verified without an intermediary.
The visibility of the contract could be also controlled, the data hashing methods could also be used here to limit the visibility to certain people. This could make things more private and free of tampering and other malpractices.
Using Blockchain in managing data is not some trend that's going to be replaced with some other thing in the future, It is the future.
Everyone is on their way and the big change is coming...
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