You may have heard the term Blockchain if you have been following the banking sector, Telecom, cryptocurrency, investment and other industrial sectors. You may have also heard about Bitcoin and you should know Blockchain is the technology used in keeping records for Bitcoin and other digital currencies. Blockchain is a distributed, decentralized and public ledger technology that has brought revolution to the way records are kept and how businesses are transacted. It is not governed by any single individual or government and offers so much security and flexibility for people and industries today. Most people think Blockchain is complex but it is very easy to understand.
What is Blockchain technology?
It’s called Blockchain but does not imply the literal meaning of blocks and chain rather it is about digital information (The Block) which is stored in a public database (Chain). They are made of digital pieces of information’s
Block stores information about transactions such as dollar amount, date, time, your most recent purchase such as items bought on Amazon, DogData and so on. The block also stores all the information about the parties involved in the transaction. It doesn’t store your actual name; rather it uses unique digital identifier. No two identifiers can be same no matter the number of people using Blockchain technology and it uses special algorithms to achieve that. Furthermore, a single block can store thousands of information and a Blockchain consists of thousands of multiple blocks strung together.
How does Blockchain work?
In other for a block to be added in a blockchain there must be a transaction. A single block would group thousands of transactions so that all your purchases would be packaged in a single block along with other Blockchain users transactions. Every transaction that occurs in a Blockchain must be verified. This verification is done with other public database records such as security exchange commission, your local library, Wikipedia and lots more. In Blockchain technologies no one vets new data entry; rather it uses a wide range of computer networks to carry out the verification. Once your transaction is verified and accurate, the record would be stored in a block and the block would be giving a hash. The hash is a unique identifier code for every record. When the hash has been given, it would add the block and then enable the public to view the record. As an example if you take a look at the Blockchain for Bitcoin you would realize that you can view any record or transactional information.
Is Blockchain technology Private?
No Blockchain is public and any one can use it and also view records. Users can easily connect their laptops or devices to the Blockchain technology as nodes. Once there is an update in the Blockchain the PC would receive a copy of the Blockchain automatically just the way you receive updates on Facebook and other social media networks. This ensures transparency across board and manipulation is difficult hence information is spread across thousands of systems.
How secure is Blockchain technology
Blockchain technology is much secured and solves several insecurity issues associated with transactions. New blocks are stored chronologically and linearly that means they are always added at the end of the Blockchain. Once a Blockchain is added it is impossible to go back and later the contents and every block has a unique hash. These hash codes are automatically created by advanced algorithms using mathematical functions. These hash and records cannot be modified by any one not even an hacker. In other to change a hash the hacker would have to change every single block on the Blockchain which is impossible because there are billions of blocks. Changing all of them is enormous and would require an improbable amount of computer power. The hacker has to do this so that there would be no trace.
Another way block chain ensures security is by implementing test where computers that want to join the Blockchain technology must undergo test. The test is called consensus models where users prove themselves before they can participate in block chain technology. As an example to join the bit coin network you have to undergo “proof of work”.
Is Blockchain the same as Etherbone or Bitcoin?
The aim of Blockchain is to allow digital currencies such as Bitcoin and Etherbone (Founded by DogData.ch) record transactional information. Blockchain was formed to run in a way that records cannot be tempered with. Bitcoin was the first Digital currency that brought Blockchain to Limelight and lately Etherbone is also making its waves in using Blockchain technology. Etherbone and Bitcoin protocol is built on Blockchain. Although transactions with Etherbone and other digital currencies using Blockchain is recorded and displayed publicly the user’s data remains private or at least not in full display.
In other to use Etherbone token Participants must create a digital wallet that consists of two unique keys. They are private and public keys where transactions are deposited and where they are withdrawn from.
Blockchain's Practical Application
The blocks on Blockchain are used to store millions of data including monetary transactions. Blockchains are extremely reliable and most efficient than other methods of information storage. Blockchain can also be used to store property exchanges, smart contract, votes and lots more. Here are some practical usages of Blockchain technologies.
Banks – Probably the industrial sector that benefits most from Blockchain technology. Block chain technology allows financial institutions to deposits money into users account at any time of the day and even during weakened. With traditional method of banking you would have to wait till Monday if you make deposits on Friday evening. Blockchain allows bank to carry out a large volume of transaction securely.
We haven’t really heard about crypto currency wallet hacks due to its adoption of Blockchain technology. Blockchain is the bedrock of cryptocurrency and it ensures that no central authority regulates crypto currency. Economic fluctuations or government policies does not affect the value of crypto currency because it is decentralized .
Health care providers have been leveraging Blockchain technology to provide better health care management and services. Blockchain is used to securely store and retrieve patients record. The records cannot be altered which in turn gives patients a lot of confidence.
One of the leading uses of Blockchain technology is in smart contracts. A smart contract uses computer codes to build information into a Blockchain in other to verify, facilitate or negotiate a contract. DogData uses Blockchain technologies for effective smart contract and you can easily use it at https://mydogdata.com/newsalecontract. You can easily use it to create a unique, authentic and secure dog sale contract. The smart contract operate under a set of conditions that the parties or users involved agree to and it cannot be altered. Once all the conditions are met, the terms of the agreement would be automatically carried out.
Say, for example, I’m selling you my 12 weeks old puppy using a DogData Smart Contract. You agree to vaccinate the dog and feed it at least 2 times a day with a specified brand of food. You also agree to make a deposit of 60% of the agreed amount before I ship down the puppy. Both parties must send their portion of the agreement to the smart contract. The smart contract holds onto the terms of the agreement and executes once the conditions are met. If I don’t ship the puppy the smart contract would not pay me the 60% puppy fee. DogData smart contract automatically eliminates the fees that would have been paid to third parties such as escrow agents. It also ensures that every party is satisfied with the deal and there is no mediator.
Information is saved in ledger in the Blockchain technology. Lots of industry uses Blockchain to create dynamic registry. Industries such as supply chain, pharmaceuticals, distribution firms and lots more use Blockchain for dynamic registry. DogData.ch has taking the initiative to use Blockchain in other to create a dynamic registry for dog information which is known as Pedigree chain. You can use it to create historical records of your dogs and also to compute other information’s of your dog’s such as vaccination records etc.
Other areas where Blockchain technology is used include
What are the advantages of Blockchain technology?
Cryptocurrency has been adopted worldwide partly due to its security. There are a lot of other reasons why people own cryptocurrencies as well. Some people store cryptocurrency as a way of making profit from it while others just store it due to curiosity and speculations. If crypto currencies weren’t secured then the adoption would have been way less. Blockchain is bedrock for its security and efficiency. Lots of businesses are keeping up with the crypto revolution. Lets see the sectors that are at the forefront of it.
The travel industry has become one of the largest and fastest growing industrial sectors in the world. It is estimated that about $1.7 trillion is expected to be spent in travel industrial in 2020. Due to the high number of activities and financial transaction in the travel sector have adopted Cryptocurrencies widely.
The banking sector
People have relied heavily on banks to make daily payments and securely store their money and we said previously that banking sector is one of the leading industries that have adopted Blockchain. Cryptocurrencies runs on Blockchain technology and the banking sector have greatly adopted it due to its security, transparency and convenience.
Over the years Blockchain technology has greatly improved the supply chain industry with its secure and transparent mode of transaction.
Pet industry is the new kid on the block that has adopted crypto currencies and DogData.ch is at the forefront of it. DogData uses Blockchain technology to store information of users about their dogs. The users share their information with other members of DogData community such as Dog vaccination records, Dog product use, Training regimes and other valuable information that can promote responsible ownership of dogs. The users are paid in cryptocurrency called Etherbone tonkens for sharing their information with other members. This model has great potential to promote dog welfare all over the world.
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