An Introduction to Blockchain Technology

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An Introduction to Blockchain Technology
blockchainexpert.uk
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• INTRODUCTION

In 2008, an anonymous named Satoshi Nakamoto
published a whitepaper, introducing layman- a
novel approach of sending money between two
parties. The white paper introduced the new
concept, Bitcoin, where the sender can transact
money to the receiver without the interplay of
any financial intermediaries. Since Bitcoin
utilized some basic ideas of cryptography, it got
placed under the category of cryptocurrency.
Initially, the main motivation behind Bitcoin was
for money related exchanges, however, specialists
and researches understood the immense
possibilities of the technology that it can bring
in for several industrial platforms. They made
note that foundational technology can be reaped
to fabricate many robust and secure applications
that can reform the manner in which current
frameworks work. Soon, the underlying technology
got titled as Blockchain (named after its working
protocol) and was put to action for seeking
different solutions. Today, Blockchain Technology
is far heading the speed of internet making
themselves an undeniable application tool.
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• Blockchain A Real World Analogy
• For instance, lets assume that we live in a city
  which comes with a parking ground with the
  capacity to leave 300 vehicles at one time.
  Imagine this parking ground has a gate which
  stays bolted and is possibly opened when a
  vehicle moves in or out. Lets see this parking
  space from different perspectives now.
• 1) The rental cost of a single parking space will
  be definitely high as this parking ground is
  constructed and owned by a private body. As every
  maintenance and support cost of the parking
  ground is born by the proprietor organization,
  they are likely to charge a huge sum from the
  vehicle owner to lease the space.
• 2) One cannot guarantee the security of vehicles
  parked in the ground as its quite easy for the
  criminals to break the gateway and take away
  properties such as wheels or fuels. Vehicle
  security always remains uncertain here.
• 3) The limit is yet another breakpoint here. What
  if the number of cars in your city exceeds 300?
  Soon, the parking ground will be inefficient to
  occupy every vehicle. This will demand the
  interplay of another private organization to
  construct a new parking spot.

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4) You have to trust the owner for the parking
ground as you believe they are in charge of
dealing with vehicle security. But, how far the
owner is reliable, is a matter of concern. 5) We
can simply say the parking ground as a
centralized platform as every car come within a
single boundary. Now lets take another
instance. Envision that there are 300 houses in
your city and every 300 houses have two-car
porch/garages each. To simply the concept, lets
assume that each house has only one vehicle,
leaving one porch unused. Suppose the house
owners choose to lease the car porch to any
individual who needs parking in the city, the
model makes it worth to park 300 vehicles or more
(in case house owners move out of the city for a
while), giving much ease to the inhabitants.
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Now like the above, lets dissect this situation
as well. 1) The cost of renting extra garage
space will be comparatively less compared to big
parking ground. This is because, the house owners
havent built the second car porch for leasing
purposes, therefore the expense of upkeep them is
close to nothing. 2) Unlike in the early
situation, criminals cannot easily breakdown the
gateway of each car porch or garage to gain
admittance to cars. Each vehicle is securely
placed in different garages, ensuring higher
level security comparing to common parking
ground. 3) With house owners moving in and out of
the city, the limit of occupying the vehicle is
also overruled here. Furthermore, as the number
of houses increases in the city, eventually, the
space to keep more vehicles will also continue
expanding. In short, this situation behaves more
scalar comparing to others. 4) Trustless Since,
no centralized body to oversee the circulated
parking spots, we can assume that there will be
surely a set of guidelines followed by the house
owners while renting their parking space. 5)
Decentralized as these parking spots are spread
all through the city.
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The above instance is how the Blockchain
Technology characterizes. The Bitcoins
foundation technology comes decentralized,
scalar, transparent, reliant and lesser
expensive. There is no interplay of middlemen or
other additional charges, offering less expensive
transactions. Secondly, as data and information
are stored in different places(blocks), hampering
the stored data becomes quite impossible and
challenging. One cannot alter the data without
breaking the high security (algorithm) encrypted
in the block, also some are permissioned or
private blockchains. Only the participants who
have access to the private network can see and
alter the data. This makes the Blockchain
Technology highly reliant for industries such as
Supply Chain and Logistics, Defense and
Securities, Medical, Automobiles, and highly
beneficial for services like Document
Verification, Notarization and so on. How
Blockchain works are quite interesting. To
simplify the concept, Blockchain is a chain of
blocks. And these blocks within the blockchain is
tied to the other via hashes. In case, if the
information stored in one block gets altered,
hashes should be recalculated for all the
accompanying blocks. The estimation of hash is
called mining.
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Here are a few real examples of Blockchain
Technology. The list is collected from different
industry segments like blockchain in supplychain,
entertainment, trade, health and so on. Have a
look 1. Spotify
Considered as biggest breakthroughs in the
musical industry. Spotify provides a
decentralized database to better connect artists
and licensing agreements, simply
changing the way ecosystem
interacts. 2. Warranteer A blockchain
technology that offers a seamless experience to
consumers via offering easy access to their
product purchase data. The application also aids
in getting the services for malfunctioning
products.
3. Bitcar A blockchain technology
initiated platform, provisioning fractional
ownership
in the best performing asset class - say
collectible exotic cars.
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4. IBM Blockchain A breakthrough to supply
chain management.
The Blockchain
application upkeeps supply chains transparency
over
shared records of ownership, location
of parts and products in real-time.5.
Blocktick Envision in generating an immutable
and independently verifiable record in
Blockchain. The blockchain-anchored system
instantly verifies every academic record
important for your organization, ensuring
complete authenticity and integrity of your
digital documents.
6. Medicalchain The
first healthcare unit utilizing blockchain
technology
to leverage the usage of
electronic health records so as to convey a
total
telemedicine experience. With
blockchain technology revolutionizing every
industry, it becomes impossible to list every
real example of blockchain. However, you can read
them from different platforms online.
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Introduction to Blockchain Technology
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