There have been many attempts to create digital currency, but all of them have failed to create digital money because of its prevailing issues. At that time the word BlockChain changed the entire equation. It is a database which is different from the traditional databases , such as SQL databases. In a normal database someone who is in charge can change the values, but in blockchain it is run by the person who is handling it. So, taking this sole reason into consideration everyone is trusting in blockchain. To solve this digital money problem BITCOIN feature came into picture which was designed by using the blockchain. In other words Blockchain is explained as “It stores all the records in a structured format known as block, where all blocks are in public servers in chains which are interlinked with networks connected through peer-to-peer nodes known as “Digital Ledger”.
Bitcoin and Ethereum are the two cryptocurrencies that were running by using the cryptography which was hidden in all the writings and records in a secure server. The cryptocurrencies are decentralized digital currency without a central bank, where the users receive and send money in a peer-to-peer bitcoin network which is fully secure in servers. Blockchain technology is a rapidly growing industry, at beginning it is used in cryptocurrency but then slowly it is occupying the industries one by one. Now this database is performing in servers and deployment of data secure processes. By using this technology every data generated is stored in a data server securely. Cryptography is involved in every industry to secure their data in their own servers.
Need of Blockchain Technology:1.Time Reduction:
Blockchain can allow the settlement of trades in the financial industry fastly.It may take very less time to proceed for verification,settlement and clearance. It is done because of its single version of agreed upon data available between all stakeholders.2.Unchangeable Transactions:
The transactions in blockchain are registered in a chronological order which certifies the inalterability of all operations, which means when a new block is added to the chain of ledger,it cannot be removed.3.Reliability:
Blockchain has removed double records,reducing rates and accelerated transactions.It has verified each and every identities of interested parties .4.Security:
In this we are using Distributed Ledger technology where each party holds a copy of the original chain, so the system remains operative , if a large number of other nodes fall. It is using very advanced cryptography to make information inside the blockchain secure.5.Decentralized:
There are standard rules on how every node exchanges the blockchain information because it has no central bank to supervise anything since it's decentralized.This process shows that all transactions are valids and valid transactions are added continuously.6.Collaboration:
Blockchain is allowing each party to transact directly with each other without requiring a third-party involvement.
As the World running towards the digital currency and blockchain technologies , We FUTURE TECH IT GLOBAL SERVICES PVT LTD as a team providing solutions to partners,communities and government sectors by using end to end applications of cryptography ,and blockchain. We are involved in many artificial intelligence products and services, to secure all the products data by using cryptography technology for all AI applications.
Drawbacks of Blockchain:1.Immutable:
In Blockchain we never make any modifications to any of the records,the process that never is changed is called immutable.Due to this when we want to make any revisions or want to go back and make any reversals is not possible.2.Scalability:
In blockchain bitcoin has continuous mechanism which require every member node is to verify the transaction, so it can limits the number of transactions a blockchain network can process.This is the reason behind that bitcoin is not developed to do in large scale.Currently, a bitcoin can process a maximum of seven transactions per second3.Lack of Awareness:
About blockchain there are a lot of myths and facts circulating around the world.But people don't know the true value of blockchain and how they could implement it in different situations.
Applications of Blockchain technology:Cryptocurrency:.
Crypto currencies apply blockchain to the payment process. Its advantage over standard payment methods is the absence of a clerk as a third party regulatory. This reduces the cost of a transaction with respect to cross-border transactions executed with CreditCards, PayPal or comparable international systems. In fact at the moment the average transaction cost of bitcoin payments is calculated approximately 0,30 US$ independently of the value of the payment.
However, the cost varies with the time for every transaction but gives the confirmation accordingly. The time lies below the average transaction time of the above mentioned payment methods (Of course, it has to be compared to the time the amount arrives at the selling party’s account, not the time until the purchase has been confirmed). Thus, the short processing time of international payments is another advantage over the standard payment methods. This does not hold for the cash or electronic payment with local currencies. In case of private direct debit payments, banks often take the transaction costs. Therefore, the superiority of payments with bitcoins seems to be limited for the above mentioned international payment methods.Government Records:
>When the government signs a new contract such as a revenue contract , all the records of lands are stored in a database which will be stored in a single server. All the data will be operated by a single server and a single operator. Data will be securely stored which cannot be hacked in any kind of modem as it is a private server which would be difficult to be viewed by the public. By using this technology the government is securing their data.Iot & Automotive Industry:
Nowadays digitization is a competitive demand.Automotive industries are using iot sensors to develop fully automated automobiles.connecting iot enabled vehicles with the decentralized network opens for multiple customers to exchange valuable information easily and fastly. By using the blockchain in self driving cars along with Iot made easy for automated fuel payments , smart parking and traffic control etc.