In the year 2009, the world of finance was taken by storm with the successful implementation of the cryptographic model; though the launch of the first launch of first digital currency, Bitcoin. The Bitcoin is an electronic currency, which is independent of any central and federal agencies, founded by an anonymous group or Japanese’s individual named Satoshi Nakamoto.
Here, the transactions take place without revealing the identity of the sender and the receiver. This is what the high point of this peer-peer digital currency. The Bitcoin currency has come a long from being a concept which many are contradicting to scale new highs of prices during the year 2017. The success of the Bitcoin currency can be proved from the fact, from being just one cryptocurrency in 2019 to thousands of them today.
The Heart of Bitcoin- the Blockchain Technology
The underlying technology on which the cryptocurrencies are based is Blockchain. The Blockchain Technology is typically a distributed ledger which stores every transaction that happens over a cryptocurrency network. This ledger is similar to an earlier physical banking ledger, which maintains the record of the transactions data. The entry is made to the Blockchain ledger is by the people, those who work as miners. No government or central department is handling the flow of currency. The miners have to solve complicated math problems to make entry to the distributed ledger, using supercomputers and a dedicated software.
Blockchain-The Safest of All Modern Day Technologies
The Blockchain technology is termed as the safest for the crypto world. Here, the entry once made cannot be deleted or edited afterward. This is why this technology is termed as the perfect alternative to the manual banking work, Apart from this Blockchain can make any network fool-proof, Since, the ledger is distributed on all computer in a cryptocurrency network, even the most experienced and talented hacker will never go through to network. The hacker has to attack all the computers in the chain of a cryptocurrency to bid a successful hack attempt, otherwise, the information would easily be retrieved from another computer in the network. However, hacking the entire system which consists of thousands of computers at the same time is next to impossible, even in today’s digitalized world. This is why the Blockchain is termed as fool-proof for the financial application.
Applications of the Blockchain model
Today, the Blockchain technology is used just about everywhere. First of all, the Blockchain model finds its major application in the banking sector to completely eliminate any sort of middlemen ship. Then, the education sector, where this technology is been worked upon around the globe to set up with a system where the data of the students can be maintained digitally. The aviation industry is closely working on the model of Blockchain to improve customer experiences and improve the safety of the passengers.
At the end of it all, from the above data, the scope of the Blockchain model looks promising to make our lives simpler.