With the world around us fast evolving in the digital space, it is inevitable for any computer software solution provider to not recognize the power of emerging technologies. Yes, BlockChain is too powerful. This rapidly adopted decentralized ledger has gained the trust of digital assets. This article is aimed at giving a quick read on the history, mechanics, and powerful uses of Blockchain technology and its adoption at Roamsoft.
What is BlockChain?
Through the use of decentralization and cryptography, Blockchain, also known as Distributed Ledger Technology, is a cumbersome algorithm that makes data alteration almost impossible through the use of decentralization. This complex data security algorithm was originally developed in 2008 for use in the well-known cryptocurrency BitCoin.
BlockChain features
1) Never Get Corrupted.
Every node on the network has a copy of the Digital Ledger. To make a change, every node needs to check its validity. If the majority thinks it’s valid, then the data change is accepted. This makes the data changes transparent and corruption-proof.
2) Decentralized Data
The entire technology is so that the data is distributed among members, but not copied or transferred. The network is created in such a way that there is no single governing authority or single person looking after the framework.
3) Cryptographic Hashing
A blockchain consists of multiple blocks that are linked together in a chain using hashes. It is an algorithm that takes an arbitrary amount of data input and produces an enciphered text called a hash. Adding or altering data on a blockchain takes an enormous amount of time and computing power.
4) Enhanced Security
Each block is linked to the rest of the elements through complicated hashes. Making a change to any block in the chain necessitates changes not only in that block but also in all subsequent blocks. As it eliminates the need for a central authority, no one can simply change any characteristics of the network for their benefit.