What is Blockchain?
Blockchain refers to a chain of blocks where the block consists of digital Information, formed of data which is connected using Encryption and Decryption technique.
It is a technology behind bitcoin, which is decentralized, distributed and oftentimes public, digital ledger that is used to record transactions across many computers.
A blockchain consists of two type of elements:
* Transactions are the actions created by the participants in the systems.
*Block record these transactions and make sure they are in the correct sequence and have not been tampered with. It also record a timestamp when the transactions were added.
It records the transactions and tracks assets in a business network. An asset can be tangible (a house, a car, cash, land) or intangible (intellectual property, patents, copyrights, branding). Virtually anything of value can be tracked and traded on a blockchain network.
BENEFITS
- It is shared which means everyone obtains a copy of blockchain, immutable and the network has no central authority. The information is open for anyone and everyone to see. It has high level of Security and mainly reduces risk and cutting cost for all the Process involved.
The blockchain Industry is Booming with Opportunity and it's been 10 years since original blockchain was released. It is Revolutionizing Operations day-by-day and Currently processes in almost every Industries as Healthcare, Medicines, Insurance, real state, Automobiles and even Governments.
Top Trend In Blockchain - 2020
1. BLOCKCHAIN AS A SERVICE(BAAS)-
It is a new blockchain trend which is a cloud based service that enables users to develop their own digital products by working with blockchain. The digital Products may be Smart contracts, decentralized applications(Daps), or services that can work without any setup requirements of the complete blockchain-based infrastructure.
Currently is integrated with a number of Startups as well as enterprise. Companies developing a blockchain that provide BaaS service are Microsoft and Amazon which is shaping the future of blockchain applications.
2. INTEROPERABILITY AND BLOCKCHAIN NETWORK
Blockchain interoperability basically share data and other information across multiple blockchain systems as well as networks without intermediaries or third party. It makes simple for the public to see and access the data across different blockchain networks.
Let's imagine a world where blockchain actually gains mass adoption.
The following scenario occurs: a person need to be hospitalized and while she or he is transported in ambulance, the hospital requests their medical record from clinic where this person is registered in order to develop the best treatment.
however, it turns out that the clinic uses a different blockchain, and is not compatible with the hospital's ledger. As a result, the hospital is unable to access the patient's files. Meanwhile, the clock is ticking and every second matters. Thankfully, this will never happen. No hospital would choose to rely on a blockchain if it is an isolated one. This also apply to other industries like real estate, auditing, logistics and so on. Mass adoption is not possible if there is no blockchain interoperability.
3. ECONOMY AND FINANCE-
According to PWC report, 77 percent of financial institution are expected to adopt blockchain technology as part of an in-production system or process by early 2021.
The blockchain technology will be used for launching new cryptocurrencies that will regulated or influenced by monetary policy. allow banks to reduce excessive bureaucracy, conduct faster transactions at lower costs, and improve its secrecy.
4. BLOCKCHAIN INTEGRATION INTO GOVERNMENT AGENCIES-
According to Gartner, by 2022, more than a billion people will have some data about them stored in a blockchain, but they may be not aware of it. The idea of distributed ledger is very attractive to government authorities that have to administrate very large quantity of data.
Currently each agency has its separate database, so they have to constantly require information about residents from each other. Implementation of blockchain technologies for effective data managements will improve the functioning of such agencies.
5. BLOCKCHAIN COMBINES WITH AI- The Convergence of Blockchain with AI will make a better development. As both deal with data and value, AI analyze and generate insights from data to generate value whereas Blockchain enables secure storage and sharing of data or anything of value that go through a decision under machine learning.
The International Data Corporation (IDC) suggests that global spending on AI will reach $57.6 billion by 2020 and 51% of business will be making the transition to AI with blockchain integration. The applications of AI in blockchain include Smart Computing Power, Data Monetization, Data Protection, Creating Diverse Data Sets, Trusting AI Decision Making etc.
6. BLOCKCHAIN WITH IOT-
Internet of things (IoTa) is creating new opportunities and providing a competitive advantage for businesses in current and new markets. It touches everything not just the data, but how, when, where and why you collect it. The technologies that have created the Internet of Things aren’t changing the internet only, but rather change the things connected to the internet—the devices and gateways on the edge of the network that are now able to request a service or start an action without human intervention at many levels.
The number of Internet-connected devices has reached the 26 billion mark. IoT is a big target for cyber-attacks, which makes security important. Blockchain offers new hope for IoT security for several reasons. First, blockchain is public, everyone participating in the network of nodes of the blockchain network can see the blocks and the transactions stored and approves them, although users can still have private keys to control transactions. Second, blockchain is decentralized, so there is no single authority that can approve the transactions eliminating Single Point of Failure (SPOF) weakness. Third and most importantly, it’s secure—the database can only be extended and previous records cannot be changed.
7. BLOCKCHAIN SOLUTION FOR SOCIAL NETWORKING PROBLEMS-
There are around 3.6 Billion social media users around the globe and It is estimated that it will increase to almost 4.41 Billion in 2025.
The implementation of blockchain in Social media will able to solve the problems related to data controls, notorious scandals, privacy violations and content relevance.
With the implementation of blockchain, it can be ensured that all the social media published data remain untraceable and cannot be duplicated, even after its deletion. Moreover, users will get to store data more securely and maintain their ownership. Blockchain also ensures that the power of content relevance lies in the hands of those who created it, instead of the platform owners. This makes the user feel more secure as they can control what they want to see.
8. DEMANDS FOR BLOCKCHAIN EXPERTS-
As Blockchain is a new technology and there are only few percent of individuals who are skilled in this technology. This technology becoming a fast-increasing and wide-spreading technology, It creates a situation for many to develop skills and experience about blockchain technology.
Even though the number of experts in blockchain fields is increasing, on the other hand the implementation of this technology has a rapid growth which will create a situation for the demand of Blockchain experts by 2025. Companies are taking steps to build on their existing talents by adding training programs for developing and managing blockchain networks.