Blockchain Technology and Its Importance
Blockchain technology is a decentralized, distributed, and incorruptible digital ledger that is used to record transactions across many computers.
According to the medium website: “When you want to know What is blockchain and how does it work, the term is synonymous with Bitcoin.
It is often confused as the same category and because of the negative perception bitcoin can receive as “magic internet money”, blockchain is often overlooked.
However, blockchain may be one of the most important evolutions in technology. Even more significant than when the Internet was first publicly available.
Blockchain powers bitcoin and although its original purpose was created for Bitcoin and other cryptocurrencies, this is just one application of this powerful technology.”
As a starting point, think of blockchain as a public spreadsheet in the cloud that can be programmed to record and track anything of value.
Once a transaction occurs, a record is created and is validated globally by computers participating in the network.
Once the transaction is validated, the record is permanent and immutable. The owner of the transaction has the power to move anything of value freely and instantly without borders or intermediaries
Why Do we need Blockchain and Cryptocurrency?
As per IBM White paper: “Business transactions take place every second of every day — orders, payments, account tracking and much more.
Often, each participant has his or her own ledger — and, thus, a version of the truth that may differ from other participants. These multiple ledgers can be a recipe for error, fraud, and inefficiency.
But because members on a blockchain share a common view of the truth, it’s now possible to see all details of a transaction end-to-end, reducing those vulnerabilities.”
Understand in this way, in the Pharmaceutical sector, the market has to deal with fake, counterfeit medicines, which can directly impact the health of patients.
It can make it worse as the chemical composition is not an inappropriate amount. Blockchain can keep away these counterfeit medicines by tracking their end-to-end process.
The encryption message of the individual medicine can contain salt composition, its supplier info, the batch no, lot size, and the unique serial number of that medicine along with the purchase history.
Each transaction is digitally signed to ensure its authenticity and that no one tampers with it. Blockchain can make our life purer.
Blockchain isn’t a single network, it’s a type of technology that can be implemented in various ways with many different applications.
When you spend more time marinating on real-world use cases that Blockchain is applicable for.
You will begin to realize the blockchain technology cannot only disrupt multi-billion dollar industries, but also multi-trillion dollar industries. It will revolutionize the world.
