Blockchain

What Is Blockchain? A Beginners Guide

Are you wondering why Blockchain is used by many top companies such as Circle, SALT lending, Gemini, IBM and Coinbase just to mention a few. This is because this technology is becoming a revolutionary one and will eventually be a major disruptor to the way industries are run. It is a technology that is solving many problems and that will reduce the cost of setting up companies or businesses and also reducing the number of manpower due to the fact that it is automated and transparent.
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What is a Blockchain?

Blockchain could be refer to as digital records of transactions that are recorded publicly and in a chronological manner. In a simpler manner, a block is a transaction or record, when this records are linked together, it forms a chain which is regarded as a blockchain. Since each block is arranged chronologically, it’s time stamped and its order and records are verified. In addition, being a distributed ledger technology, it permits data to be kept globally on thousands of servers.

What is the Mode of Operation of Blockchain?

Having defined a block, we might have to define some other keywords for proper understand.
Hash: A hash is a block’s mathematical code which is unique for a specific block.
Cryptographic keys: They contain strings of data which are used to open or close encryption, or authentication, and even authorization. The private and public keys are used by a blockchain network. A private key is what you use to give your consent for a digital connection while the public key is what distinguishes you in the public.

How does blockchain works ?

Are you wondering why Blockchain is used by many top companies such as Circle, SALT lending, Gemini, IBM and Coinbase just to mention a few. This is because this technology is becoming a revolutionary one and will eventually be a major disruptor to the way industries are run. It is a technology that is solving many problems and that will reduce the cost of setting up companies or businesses and also reducing the number of manpower due to the fact that it is automated and transparent.

Blockchain Offering

Blockchain Consulting

Blockchain POCs/Pilots

Custom Blockchain Application

Blockchain Technology Solutions

Block Chain integration

Maintenance and support

What Are the Types of Blockchain Available?

Private Blockchain: This kind of network is found among a particular network of people. It’s based on invitation and the control is based on the criteria and rules set by the owner. Most times they are used by organizations.
Public Blockchain: Unlike the private blockchain, this do not have any access restriction, it could be access by anyone. Therefore, you can participate as a validator or send transactions. A practical example is the bitcoin blockchain.
We have two other types which are not common, namely: Hybrid Blockchain and Consortium Blockchain

What Are the Uses of Blockchain?

Smart Contracts: This is one of the most common uses, this are contract that are controlled by digital means based on set rules and guidelines, it executes fully without human efforts.
Tracking of Weapons: Blockchain will help in providing accountability and records of owners of weapons which can be tracked. Therefore, any violation can be monitor through this network with no alteration possible.
Automated Medical Record Keeping: documents about a patient could be kept with digitally with this technology. And can be viewed by other medical practitioners who are to work on the patient, once they have the key to view the digital records. This totally eradicates the carrying of files or manipulation of report.
Monitoring of Food Safety: it will help in monitoring food supply from the farm to the retail outlets. Therefore, in cases of food poison or any other eventualities, the technology tracks the processes and movement.
Monitoring of cryptocurrency Transactions: With advancement in technology, many cryptocurrencies make use theblockchain technology to keep record of transaction, since its secured. Unlike banks that takes days to validate some transactions processes, payment transaction will be completed instantly with this technology, therefore eradicating bankers.
Keeping Property Deeds Secured and Transfer of Property: apart from keeping records of one’s property, it aids the transfer of title when a property such as land is bought, from the seller to receiver. This also make the transfer transparent.
Application in Election Process: this makes election process transparent by making it possible to carry out voting activities digitally without any alteration since it is public.
Distribution of Royalty and Copyright Protection: since it automated, there will be proper distribution of royalty to owners of a particular music or content and also, enforcement of copyright law. This is by providing the distribution data and then making allocations.

What Industry Can This Technology Find Its Application?

Its application can be found in virtually all industries, however, let see but a few of them:
Shipping industry
Healthcare
Financial Services
Real estate and property management
Energy
Retail

What Are the Advantages of Using Blockchain?

Its application can be found in virtually all industries, however, let see but a few of them:
No Transaction or Record is lost
It eradicates errors
Data can’t be altered, therefore, there is transparency
Its efficient, saves time and reduces cost
Absences of escrows
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