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A blockchain is part of the technology of the future that is being talked about constantly and is said to have a significant role in online securities. But first, what is a blockchain? A blockchain is an online ledger that is composed of a bunch of code that stores different kinds of data, whether that data may be personal identification information or even information about supply chains. The data is stored in individual blocks, sometimes referred to as “nodes.” Moreover, these nodes have hashes which are unique identification codes, which change every time a transaction occurs, which means a new node is created. This new block stores the old hash as well as the new hash, so any tampering is immediately identifiable because the chain of blocks is connected by the matching hashes.
What makes blockchain so special? Well, it is because of the way they store information. All blockchains store information immutably, which means the information or data is permanent and can’t be changed, and distribute the information across the entire system, which means any potential inaccuracies are very easily identifiable as the correct information is stored in multiple places at once. As a result, the users can trust that transactions and interactions in the system are legitimate and safe.
Some uses of blockchain are, currently, if you want to wire some money overseas, you might need to tell your bank to tell another bank in the destination country that the money being sent is legitimate. With blockchain, that transaction is recorded by the software indisputably, and it also happens in real-time, so you wouldn’t need to go through the middlemen that are the banks. A few other uses of blockchain include secure sharing of medical data, NFT marketplaces, music royalty tracking, personal identity security, and supply chain and logistic monitoring. All of these uses are possible with other methods, however, with blockchain, it becomes easier and much more efficient.
As you may already know, 77 billion people use the internet and already, 0.5% of them are already using blockchain even though it is such a new concept. Another interesting thing about blockchain is that they can be either private or public, which means that either they can be visible to others on the internet to show who is the owner of a certain item and what that item is versus a private blockchain will keep it secret. Due to blockchain being considered a technology of the future it is projected that the Blockchain market will reach $20 billion in the next few years. Another interesting purpose of blockchain is that it allows Bitcoin and other cryptocurrencies to operate like they are, without the need for a central authority to back it up.
Overall, blockchain is a very useful technological advancement of the future and will probably live up to the expectations of greatness and become as popular as the internet did during the dot com bubble. They have so many uses in which they can benefit finances for many companies as well as individual people. This allows for a multitude of online security that can back up and make actions more efficient. Ultimately, Blockchain is the future of online security and will become very popular in the years to come.
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By: Zubin Sidhu
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References:
“Blockchain Explained.” Investopedia, 4 Nov. 2021, www.investopedia.com/terms/b/blockchain.asp.
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