The Idea Behind Blockchain Technology
Necessity is the mother of invention and so is true with the technology. There have been a series of developments in this field, and one of the most transformational ones has been tat of Blockchain technology. It all started in the year 2009 when Satoshi Nakamoto introduced the concept of Bitcoin. At that time, Blockchain formed the underlying framework of Bitcoin exchange. However, over a period of time, Blockchain emerged as a popular technology itself.
What Led To The Development Of Blockchain Technology?
Before heading forth to understand what actually led to the rise of Blockchain technology, we need to understand what led o the rise of the same. Necessity is the mother of invention; increasing reliance on digital forums for transactions and information exchange leaves a lot of data to lie astray in the virtual world. It makes the data vulnerable and prone to attack. All this gave rise to cybersecurity issues, delayed transactions, and vulnerabilities of data. So, what is the way out? Well, Blockchain paved the way for new developments. You can find so many use cases of the same.
How Does Blockchain Address The Challenges Of Conventional Technology?
1. Peer-to-peer network- One of the key challenges of the conventional technological platform is that it is highly vulnerable and is governed by a third party. You can take the example of any of the platforms; everything is governed by a third-party. This often leads to increased cost and delayed execution. On the contrary, Blockchain works differently. It works on P2P interaction, which means there is no third-party intervention. By nullifying the presence of third-party, it becomes easier for the interested parties to interact with each other directly and complete the transaction or exchange.
2. Decentralization- Data is the king, and loss of the same can be devastating. Most fo the business strategies are now curated using the data assessment. But the conventional medium that we use is not only vulnerable and susceptible to attacks, but at the same time, there is also a probability of losing the data. A single point of failure can impact the entire functioning. But, with Blockchain technology, you don’t really have to worry about it. Blockchain offers decentralization; that is, the data is distributed across the network, which makes data easily accessible. The failure of the network or the system doesn’t impact the functioning.
3. Data Security– While the digital platforms do make transactions easier and faster, at the same time they pose a threat of losing the data, malicious attack which may lead to loss of data or hacking of data. With Blockchain technology, all these probabilities are nullified. Every data entered in the DLT platform is encrypted cryptographically, which makes data hacking becomes difficult. Thereby enhancing the security of data.
With these advantages, Blockchain emerged as a powerful technology that soon started impacting different industries. It also gave rise to the demand for Blockchain professionals and Blockchain experts who can leverage the benefits of this technology for the betterment of the business.
Blockchain Council is a leading platform offering certification courses in the field of Blockchain technology. If you also wish to make a career in Blockchain technology, then you must enroll for the Blockchain certification program at Blockchain Council.