Overview
It’s a technology that allows everyone involved in a transaction or agreement to know what happened, when it happened, and confirm that the other parties are seeing the same thing without having to provide assurance or reconcile data later. It’s also a method of storing data in such a way that it’s difficult or impossible to change, hack, or trick the system. You can think of blockchain as a digital ledger that is duplicated and distributed over a computer system’s network.
Why Blockchain
Decentralised
Decentralised system does not own or controlled by a centralized organisation; it distributed the control fairly to anyone who wants to use the system. Multiple parties that use the system keep their own records. Consensus is made among the parties that store the replica of data.
Immutable
Data in blockchain cannot be altered. This is also why the data in blockchain is known as the source of truth. Each block of information is proceeded using a cryptographic principle or a hash value. The hash value is generated by each block separately, which means every block not only contains the digital signature for itself but also the previous one.
Traceable
Blockchain allows every single process to use a time-stamped chain data structure to store on the distributed node. This allows the ease of queries of all the history of the processes or transactions and you will end up having the full journey for the process or transactions.
Transparency
The most appealing aspect of blockchain technology is the degree of transparency that it can provide. The level of transparency that blockchain affords adds a degree of accountability that has not existed to date.
Blockchain is for all industries
A lot of us always link blockchain and bitcoin together. Blockchain is not bitcoin but blockchain is the underlying technology that enable bitcoin. Blockchain technology’s core characteristics include decentralization, transparency, immutability, and automation. These elements can be applied to various industries, creating a multitude of use cases. Today, blockchain is widely use in other industries such as food safety, health, pharmaceutical, manufacturing, finance, insurance, logistics, voting, energy, digital contents, supply chain, agriculture, real estates and many more.
