What makes blockchain technology unique?

Mudassir Ali
Mar 12, 2020 10:50 AM 0 Answers
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Mudassir Ali
- Mar 12, 2020 10:50 AM

By introducing a secure distributable ledger system, Blockchain has revolutionized the way users store and transfer data with one another. Blockchain goes far beyond cryptocurrencies, for it is, in essence, a disruptive technology – with the ability to change everything from the stock market functions to how entire governments store data.

Decentralized Network And Data Security

By not handing power over to a single authority, Blockchain manages to keep all ledgers in the network publicly accessible. Yet, nobody can tamper with the data present on these ledgers. It does so by cryptographically securing every ledger on the Blockchain and assigning it a unique id (called a hash) along with a timestamp when it is added to the network. Every block in the network is cryptographically linked to its two adjacent blocks, meaning tampering with even a single block would require modifying the contents of every block on the network to hide evidence. While Blockchain Technology has evolved into something much bigger, with the inclusion of smart contracts and diversified uses, the moral nature of this technology is its most significant selling point.

Every ledger stored on the network is cryptographically secured and requires considerable computational resources to be added to the network, and be saved with a timestamp. This feature allows every piece of data on the network to be tracked to its source. It also enables better handling of data and increases security.

Current technologies suffer from a lack of security and vulnerability to attacks. Blockchain strips power away from a central authority and creates a system with ledgers being accessible to everyone on the network.

If you wish to learn more about this technology and how it can change the way current technologies operate, check out courses such as certification programs in Blockchain offered by upGrad. The course elucidates students on how to develop the necessary skills to become a Blockchain Developer and learn how to create a blockchain from scratch, build smart contracts and chain codes.

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