Many people think that blockchain is the technology that powers Bitcoin. This was its original purpose of the blockchain thats capable of so much more gave the sound of the word. In ledger technologies its programmed to record and track any data from medical records to financial transactions or even land titles.
The blockchain offers the ability to distribute ledgers in a decentralized way and that’s a key concept decentralized records of information. the centralized systems where the ledgers of records are stored in a single specific entity, like a governmental institution or a bank, the blockchain shares the ledgers in between its participants. That’s what makes it decentralized. The ledgers are stored in a network and the members are the one responsible to monitor it and update it. No record could ever be added without the consensus of its participants.
Every block of records is constantly synchronized by the different members of the open network, creating multiple copies of the data through a shared record-keeping system ensuring no one person or organization holds ownership of the data. So, a blockchain establishes an auditable and indisputable open record of information that is cheaper, faster and more secure than any centralized system.
we have already to track data what’s special on blockchain let’s break out the reasons why blockchain technology booming for revolutionize the way we interact with each other reason.
We can see the history of the ledger now here is where things get really interesting is the age old ledger method the database files stored on single system. The blockchain working and designed to decentralized and its spread across a large network of computers. This decentralizing of the information decereases the ability of the data tampering and brings us to the second factor that makes blockchain unique it.
When doing business with one another we don’t show the other person our financial or business records instead we trusted intermediaries such as a bank to verify our records and keep on the information confidential these intermediaries build the trust between the parties and are able to verify.
If henna’s land information was stored in a blockchain she can cut out the middleman her lawyer who would ordinarily confirms her information with James as we now know the blocks added to the chain has been verified to be true and can’t be fooled with so an can simply show James. Her land information fully secured on the blockchain and would save considerable time and money by cutting out the middleman this type of trusted peer-to-peer interaction with our data and blockchain is not a single network.
It can be implemented in many different ways some block chains can be completely public and open to everyone to view and select group of authorized users such as your company a group of banks or government agencies and there are hybrid public private blockchains too in some those with private access we can saw all the data while the public can see only selections.
Example could we use a hybrid system to record the boundaries of henna’s property that she owns it while keeping her personal information private or it could allow everyone to view property records. But reserved to itself the exclusive right to update them it is the combination of all these factors decentralizing of the data building trust of the data and allowing us to interact directly.