Blockchain Technology: Revolutionising the Digital Era

Blockchain Technology: What are the Different Types of Networks?

Private Network

Public Networks

Hybrid Networks

Consortium Networks

Blockchain Technology: What is Decentralisation, Immutability and Transparency?

  • The security protocols provided by traditional financial structures are very different. It is a decentralised structure that ensures security through nodes of the network. The replication of the ledger happens on all nodal points of the system. For a transaction to take place or be valid, it must be approved by 50% of the parties involved. No one in the blockchain network can modify the information on the blocks unless the majority agrees
  • The decentralised nature of technology puts responsibility on all parties involved in network rather than a centralised structure. This is a crucial feature because clients can access information through the web and secure their assets conveniently
  • Blockchain technology is faster and more resource-effective than traditional financial systems. Such characteristics motivate businesses to adopt technology and ensure positive experiences for consumers all over the world
  • A consensus algorithm at the core of blockchain technology ensures a win-win situation for all parties in the business network. In this way, algorithm ensures better security of the system. The consensus algorithm is a decision-making process that streamlines all the transactions in the structure even if there are millions of nodes

What are the Differences between Blockchain Technology and Bitcoin?

Blockchain Technology: What are the Applications in Modern Industries?

  • Audit the quality of seafood until it reaches the buyers to ensure quality. Industries have adopted this approach to ensure compliance with FDA standards
  • Improve security around digital currencies and facilitate financial industries. The enhanced security protocols assign every cryptocurrency its own identifiable number
  • Revolutionise patient care in the healthcare sector through better research and cost-efficient treatments. Moreover, medical professionals can transfer patient data securely in the network and ensure an efficient supply of medicine
  • Transform the food supply chain by combining blockchain technology with AI and IoT. Blockchain technology can help transfer data gathered through the Internet of Things. For instance, temperature and humidity levels at the time of storing food items
  • Boost sustainable development in the gas and oil industry. It can stabilise the sector by complying with global regulations. It can facilitate proper waste management and ensure a safe environment for workers

Concluding Remarks

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Candice Spencer

Candice Spencer

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Researcher, Fraud Preventer, Traveller, Reader, Writer, Thinker :)