The Rise of Blockchain

The rise of cryptocurrency has shocked the entire world. No one quite understands how it is possible to have “digital money” that is not backed by a physical asset gold. However, if we put aside its credibility as currency, its safety is a significant concern for ordinary citizens and businesses. However, cryptocurrency has proved over and over again that it is very safe. The reason behind this is Blockchain.

So, what is Blockchain?

Blockchain is essentially the process of taking data and storing it in a “block.” That block is joined with other blocks that also contain information forming a “chain.” This information is stored and verified across millions of computers connected to a network. Blocks usually include information on transactions carried out by users. Here is a simple diagram explaining the process by 101blockchains.

 

The Advantages of Blockchain

There are three reasons why Blockchain has been so successful. The first one is the hashing process used to create blocks. It is essentially taking any piece of information and producing a “fixed output” that is a random piece of text used to identify that particular data. Once the information is stored in a block, it cannot be changed. Any sort of change will bring a difference in the “fixed output.” If anyone tries to change the data, it will be reflected not just on a single block but on the entire Blockchain.

The second reason why Blockchain is so safe is that the data within the blocks can access anyone, yet the personal information of users is protected. For example, say a person is carrying out transactions using cryptocurrency. Every single transaction they make is visible to everyone. However, their personal information is not because of the hashing process. This way, transactions can not be tampered with, but those involved in these transactions are not revealed. Hence, their identity is protected from hackers.

The third reason is the decentralization of the system. A standard system works the following way: all the data is stored in one place called a “server,” which means that if you want to access the data from a centralized system, you can only find the information from one place. An example of this if you wish to see an article on a website, it is only in one place. If anyone wants to attack the server, then they only have to attack one place. However, with a decentralized system, the data is stored across various networks. This means that trying to hack into the system is much harder, and if by chance the data in one network is corrupted, it will still be available in another one.

Hyperledger: blockchain developer

Image taken from hyperledger

This revolutionary technology can quickly increase the trust of the public by giving them access to all the information available. It is also an optimum way of stopping any attempts of corruption because tampering will be visible immediately. It is this technology that Hyperledger, a project of the Linux Foundation, is providing. Our goal is to provide support to businesses to develop open-source software for Blockchain across various industries. The Linux Foundation has the support of industry leaders across multiple fields, for example, supply chain, finance, banking, etc.

By becoming a member, not only would you be participating in a project that would involve many renowned companies, but we also have a stock of resources such as webinars that you can replay. We also have information for educators, students, and researchers on Blockchain. Furthermore, we provide free videos, tutorials, training, and certification so that your business can understand what Blockchain is and apply it in your industry easily.