Should Developers Consider Blockchain Technology?

Blockchain is unquestionably a fantastic discovery created by the brainchild, Satoshi Nakamoto. This concept was grown over the years and evolved into something that all developers should be using. Many people aren’t sure what blockchain technology is. What actually is it?

What is Blockchain?

A blockchain in simple terms is a timed series of unchangeable records of data that is managed by a large group of computers not owned by a single company. This data is secure and fixed to one another using cryptographic principles i.e. chain. The network of blockchains is a very much democratised one, with their not being a central authority, as the information is shared and anyone can access the data. Everyone involved in the blockchain is accountable for their actions.

How does Blockchain work?

The process of the blocked chain is totally free, there is a setup charge but no transaction cost. Blockchain is an effective way to get information from A to B in an automatic and a safe way. The block of information is verified by millions of separate computers worldwide. One single block is added to a chain with then results in a unique record with a unique history. Destroying a single record would mean that the whole chain will be harmed, however, this is virtually impossible to carry out. There is an example of how blockchain works: Railway companies use this technique for transactions. The ticket we buy is a block, which will be added to the chain of other customers that have bought a ticket. The whole chain of blocks is a record of all transactions, every journey is recorded within the chain.

Three Pillars of Blockchain Technology

There are three main properties of Blockchain Technology which have helped the technology gain praise over the last year.

  • Decentralisation
  • Transparency
  • Immutability

Decentralisation

In a decentralised system, the information isn’t stored in one place, everyone in the system is in charge of the information. This means there is no third party in the process i.e.) a bank. You’re solely in charge of your money and you don’t have to go through anyone to exchange money.

Transparency

A very much misunderstood part of blockchain technology is its transparency. Transactions are very much private with cryptography and they’re only represented by their public address. However, while the individual’s transactions that were done by their public address. This transparency has never been seen before, the larger companies could learn a thing or two from blockchain technology.

Immutability

This pillar is about its stability, once the information has been placed in the chain it cannot be messed with. This could be effective for large financial businesses and would reduce the cases of fraud through companies because the figures cannot be edited which makes it totally secure.

Why should Developers be using Blockchain Technology?

To answer the initial question, yes developers should be putting time into blockchain technology because it’s most definitely the future of the financial industry. It’s so secure in its structure you’re less likely to get hacked because the chain cannot be manipulated. Large companies are crying out for blockchain developers because they understand it will be crucial in future years.        

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