We have all heard the term ‘blockchain’ and seen it all over the web and if you thought it refers to a chain of blocks, you are halfway there. A good definition is that blockchain is a decentralized, open ledger database, using peer-to-peer technology and it has many applications across society. There is no centralized control, rather all users interact to authenticate new blocks of data to be added to the chain.
Data Blocks Represent Transactions
Imagine a chain where blocks of data are joined together; one data block is integrated into the previous one and the following one and that means the chain is locked. The only way to make a transaction is to add a new block to the chain and all users must agree to the new block addition, which is done in the background.
The Blockchain Process Explained
The following steps are involved with a blockchain transaction;
- A transaction is requested, and the blockchain system authorizes the transaction.
- A new block is created to represent the transaction.
- The new block is sent to every network user.
- Nodes validate the new block.
- The new block is added to the blockchain.
- The update is broadcast to the entire network.
- The transaction is complete.
If you would like to learn how this technology can assist your business, talk to a leading Australian blockchain development company and let the experts show you the many benefits that blockchain can bring.
Complete Cyber-Security
One of the reasons why blockchain is so popular is that the data on the chain cannot be hacked. The blockchain is managed by a group of peers, and it can be used in many ways. It is impossible to gain unauthorized access to the data on existing blocks; the only way to make changes is to add new blocks of data, which must be endorsed by all peers on the network. Click here to learn about advanced modules and their uses.
Ways Blockchain Can Be Used
Many different types of data that can be stored on a blockchain, such as:
- Cryptocurrency
- Sensitive data
- Land title deeds
- Supply chain inventory
- Citizen data (for governments)
- Trading
These are just a few of the applications of blockchain and if you would like to discover how blockchain technology can assist your business, talk to a top-rated Australian blockchain developer.
Explore The Potential Of Blockchain
The best way to show you how blockchain can benefit your company is to schedule a Zoom call with a blockchain developer. Initial discussions usually lead to a proposal and then you can talk costs and if you wish to proceed, the developer starts building the framework and the project begins.
To summarize, blockchain is growing exponentially across the world, changing the way we store data as it develops. More uses are discovered.
