What is blockchain? Â Why is it so popular?
*A Blockchain originally block chain is a continously growing list of records called blocks which are linked and secured using cryptography. Each block typically contains a cryptogrphic hash of the previous block, a timestamp and transaction data Blockchains are secure by design and exemplify a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been achieved with a blockchain. This makes blockchains potentially suitable for the recording of events, medical records and other records management activities, such as identity management, transaction processing and votingÂ
Working of Blockchain Technology
Each transaction is a digital block that needs to be verified before it's allowed to enter the system. Each computer on the network competes on unscrambling the answer and the winning computer adds this block to the blockchain in the order that the block arrived. the winner broadcasts his proof to the rest of the network which checks that proof and verifies it before queuing the block to complete the transaction parties involved are assured that participants have screend and okayed the transaction The process not only cuts down on fraud such as double spending or spams but also tranfers funds simply, safely and fastÂ
Diagram Explaination
Application of BlockchainÂ
Payments : Cross-Border Payments
The global payments sector is error-prone , costly and open to money laundering, It takes days if not longer for money to cross the world. The blockchain is already providing solution with remittance companies such as abra,align commerce and bitspark that offer end-to-end blockchain powered remittance service. In 2004 santander became one of the first banks to merge blockchain to a paymet app, enabling customers to make international payments 24 hours a day,while clearing the next day.
Healthcare
Personal health records could be encoded and stored on the blockchain with a private key which would grant access only to specific individuals. The same strategy could be used to ensure that research is conducted via HIPPA laws (in a secure and confidential way). Receipts of surgeries could be stored on a blockchain and automatically sent to insurance providers as proof-of-delivery. The ledger, too, could be used for general health care management, such as supervising drugs, regulation compliance, testing results, and managing healthcare supplies.
Personal Identification
We carry a range of identifications: Our driver’s license, computer password, identity cards, keys, social security ID, and so forth. Blockchain ID is a digital form of ID that’s engineered to replace all these forms of physical identification. In the future, fintech scientists say you’ll be able to use the one digital ID for signing up at any registrar. It is open source, secured by the blockchain, and protected by a ledger of transparent account.
Conclusion
It’s important to note that for the blockchain to work,  the node-to-node network must be motivated and agree to work under ethical standards. Once, and only if, these standards are adhered to, the blockchain could become a powerful tool for improving business, conducting fair trade, democratizing the global economy, and helping support more open and fair societies.
Scope in Future
The future of finance could be dominated by blockchain technologies. A traceable global currency complete with an efficient infrastructure will not only result in massive cost reduction for all market participants, it will change global banking. Bitcoin will do for payments what email did for communication.Â
Official Link : https://www.blockchain.com/Â Â
