What is a blockchain and how can it be implemented in the future to create buisnesses?

 Blockchain Technology Will Change the Way in future We Do Business. It is one of the exciting new alternatives to traditional currency, centralized banking, and transaction methods that are not only changing the way we handle financial transactions but also alternative uses that will change the world in future.

A Blockchain is, for the moment, simply a decentralised database.

Decentralized in this case implying the following things:

  • No single point of storage, authority or governance.
  • Owned by the individuals using it.
  • Immutable, meaning that data once entered remains unchanged.
  • Open source, secure through transparency, inspected by many.
  • Hard to censor, hard to interrupt, hard to tamper with.

There’s something called a ‘smart contract’, a prototype of things to come. These are little pieces of code that sit, safely and unaltered in the Blockchain. Ethereum pioneered this idea.

They represent a contract that will be executed when their agreed conditions are fulfilled. Anyone can “write” or code a contract, it is placed in the chain and then interested parties can use it at will. They are fixed, open and can be inspected at any time.

You do not need to trust that somebody else will do what they say they are going to do, once both parties agree, the process will continue as expected.

A blockchain is a succession of blocks, where each block points to the previous one.

A block consists of

  1. Magic number, where the value is always 0xD9B4BEF9. This number is picked arbitrarily and doesn’t have any special meaning.
  2. Blocksize, which is the number of bytes following up to end of block
  3. Blockheader, which consists of 6 items
  4. Transaction counter, to see how many transactions are in the block
  5. Transactions, the (non empty) list of transactions

Furthermore, these transactions are not decided by a single entity, but by thousands of nodes.

Currently there are many Blockchain technologies, they are in their infancy. They will continue to improve. It is unlikely that the future will revolve around the current implementations we have today, but they are important to understand.

In the future it is likely that these contracts will enable us to create open, transparent, financially accountable large-scale decentralised organisations that do not suffer from the inherent problems of massive centralised institutions (corruption, loss of focus, alternative agendas, central points of failure etc etc).

People will be able to trust that a business or organisation is going to do what it says it will, that its agenda is clear and that it won’t squander resources. This may help society realise a slightly fairer and more just environment to develop within.

Real-world usage of the blockchain for businesses

Let’s take an insurance company. Let’s say they put a lot of smart sensors in your car for accidents. In Internet of Things (IoT) they could detect when you get in an accident… but there is a process that has to be handled by a claim phone call.This process involves like possibly 20 more insurance companies… then there are other companies involved like collision repair etc.

At this time, it’s clear that blockchain will have an effect on the future of business and technology in some capacity. Though, in order to get a better idea of what is coming, we have placed together a few possibilities that we believe will inspire your own development project.

We hope that it is has helped you better understand the world of Blockchain, Blockchain wallets, and what the future holds for these technologies. In order to create a better, more efficient world, we must have these discussions before the technology is built rather than after in the end, it is clear that Blockchain application development is going to become more prominently used in the coming years.

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