Blockchain and The Future

 What's Blockchain ?

    Blockchain is a list of record that contains "blocks" that are connected to each other and able to record transactions or data that are stored in the blocks. It's called as blockchain, because its represent how each block connected to each other like chains. The blockchain technology was first introduced in 2008, where bitcoin by Satoshi Nakamoto was first introduced as a cryptocurrency with this technology. But then cryptocurrency itself is actually different from blockchain, since blockchain is only talking about the technology behind it.

(Picture of Blockchain)

    In each block inside of the blockchain, contains a cryptographic hash of the previous block, a time stamp and transactions data. Cryptographic hash is used to make sure each block is different and can make sure there are not duplicate and also to make it secure so no body could duplicate it.

Benefits

    There are a lot of benefits by using blockchain for technology. As example blockchain can be used to store medical data or medical record of each patient. It can also be used to store the data of the items stock such as for industrial and business sector. Or even can be used for business to record data of transactions from customers.

(Picture of storage)

    There are also another benefit by using blockchain, such as

1. Increase Transparency

       By using blockchain to store the data, people can actually see the data themselves and which will increase that transparency and could actually increase trust for the users or even customers.

2. Increase Security and Immutability

    Since the data stored in the block is not be able to edit or changed, users can be assured about the credibility of the data stored in the blockchain.

3. Increase Efficiency

    To interact and approve a transaction, users need to use smart contract. The use of smart contract is actually can be useful because the transaction can be held without need to be time consuming.

Conclusion

    The future of blockchain might still be uncertain, but with the benefit it can offer, people will starts using it eventually. But then its still a long way before the adoption of blockchain technology could happen. People also need a proper education of blockchain, for the adoption to happen in the future.

Source

https://www.ibm.com/topics/what-is-blockchain

https://en.wikipedia.org/wiki/Blockchain

https://en.wikipedia.org/wiki/Cryptographic_hash_function

https://www.investopedia.com/news/cryptographic-hash-functions/