Blockchain Technology
A little bit of history is always good. The concept of blockchain technology is based on the idea of time-locking digital data. This concept has been there from 1992 itself. This indicates the requirement of registering the time of generation of data along with the metadata. This would serve as a way of reverse identification of data. But time alone will not make the data unique. The source of the data generated, the most recent destination of data, the path followed by the data, the type of data being transferred all these should be included.
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Blockchain Technology and Satoshi Nakamoto
When the idea of time-locking was developed step by step to add the layers of source information, destination information, path and mode of transfer and also the type of data, blockchain technology was formed. It took several years to come into widespread usage. It was only in 2008 the concept of using blockchain for monetization was introduced. In 2009 Satoshi Nakamoto, a 1975-born Japanese author, applied this concept and created BItcoins. The real identity of Satoshi Nakamoto is unknown to date. Is Sataoshi a person, a group, an organization or a company, no one in the general public knows about this.
Not just bitcoins and bitcoins – applications of blockchain technology
Blockchain applications are not limited to crypto currencies. There is a general trend to equate blockchain to Bitcoin. The reality is that crypto currency is just an application of blockchain and Bitcoin is just the most popular crypto currency as of now. However blockchain technology can be applied to any field where ledgers or digital ledgers were used previously. This includes but not limited to:
– tax collection
– land documentation
– project documentation
– medical records
– and the most widely used one, monetary transaction
Shortcomings of blockchain technology
Crypto currency is by far the most popular application of blockchain yet it reveals the importance of blockchain development to us since they revealed some of the limitations of blockchain technology, especially crypto currencies like bitcoin. Some major limitations are the secrecy leading to money laundering, limited acceptance till date, high amount of energy usage and other problems due complete decentralization. As these problems begin to surface and become more evident, the relevance of blockchain development, both the core blockchain development and blockchain software development, become more relevant.
Blockchain development becoming more relevant
Through well planned blockchain development the above mentioned shortcomings can be resolved or reduced. Etherium is an example for this as the energy required is far less than that of Bitcoin. Not just surpassing the shortcomings, the significance of blockchain is booming. Companies like Walmart already are already applying the possibilities of blockchain to their business. Walmart implemented blockchain to their supply chain and now they are capable of backtracking a defective product more efficiently and precisely. Apart from Walmart several hospitals and traders incorporated blockchain to their services effectively.
As the application of blockchain is widening and data has started to take control of dealings and decisions globally, blockchain development plays a key role.
