Introduction to Blockchain Development

What is Blockchain Technology?

Blockchain is a decentralized digital ledger that records transactions across multiple computers, ensuring data security, transparency, and immutability. Each block in the chain contains a list of transactions linked to the previous block, forming a secure data chain.

Key Components:

• Decentralization: Unlike traditional centralized databases, blockchain operates on a peer-to-peer network where each participant has access to the entire ledger.
• Transparency: All transactions are recorded in a public ledger that is accessible to all participants, enhancing transparency.
• Immutability: Once recorded, data in a blockchain cannot be altered or deleted, ensuring the integrity and security of the information.

Why Do We Use Blockchain?

Blockchain is a distributed digital ledger of transactions. It changes the whole concept of the transaction now we don’t have any need for centralized authorities to verify our transactions, blockchain makes it decentralized and secure. The security is maintained by cryptographic processes performed by p2p users, through the process called Data mining Here are some important features given below:

• Secure
• Transparent
• Tamper-proof
• Peer-to-peer transaction

How does Blockchain Technology Work?

One of the famous use of Blockchain is Bitcoin. Bitcoin is a cryptocurrency and is used to exchange digital assets online. Bitcoin uses cryptographic proof instead of third-party trust for two parties to execute transactions over the Internet. Each transaction protects through a digital signature.

Blockchain Decentralization

There is no Central Server or System which keeps the data of the Blockchain. The data is distributed over Millions of Computers around the world which are connected to the Blockchain. This system allows the Notarization of Data as it is present on every Node and is publicly verifiable.

Application of Blockchain

• Leading Investment Banking Companies like Credit Suisse, JP Morgan Chase, Goldman Sachs, and Citigroup have invested in Blockchain and are experimenting to improve the banking experience and secure it.
• Following the Banking Sector, the Accountants are following the same path. Accountancy involves extensive data, including financial statements spreadsheets containing lots of personal and institutional data. Therefore, accounting can be layered with blockchain to easily track confidential and sensitive data and reduce human error and fraud. Industry Experts from Deloitte, PwC, KPMG, and EY are proficiently working and using blockchain-based software.
• Booking a Flight requires sensitive data ranging from the passenger’s name, credit card numbers, immigration details, identification, destinations, and sometimes even accommodation and travel information. So sensitive data can be secured using blockchain technology. Russian Airlines are working towards the same.
• Various industries, including hotel services, pay a significant amount ranging from 18-22% of their revenue to third-party agencies. Using blockchain, the involvement of the middleman is cut short and allows interaction directly with the consumer ensuring benefits to both parties. Winding Tree works extensively with Lufthansa, AirFrance, AirCanada, and Etihad Airways to cut short third-party operators charging high fees.
• Barclays uses Blockchain to streamline the Know Your Customer (KYC) and Fund Transfer processes while filling patents against these features.
• Visa uses Blockchain to deal with business-to-business payment services.
• Unilever uses Blockchain to track all their transactions in the supply chain and maintain the product’s quality at every stage of the process.
• Walmart has been using Blockchain Technology for quite some time to keep track of their food items coming right from farmers to the customer. They let the customer check the product’s history right from its origin.
• DHL and Accenture work together to track the origin of medicine until it reaches the consumer.
• Pfizer, an industry leader, has developed a blockchain system to keep track of and manage the inventory of medicines.
• The government of Dubai looking forward to making Dubai the first-ever city to rely on entirely and work using blockchain, even in their government office.
• Along with the above organizations, leading tech companies like Google, Microsoft, Amazon, IBM, Facebook, TCS, Oracle, Samsung, NVIDIA, Accenture, and PayPal, are working on Blockchain extensively.