Block Chain Based On Bitcoin Network
blockchain- bitocoin

Working on an obsolete Ledger system, Satoshi Nakamoto, a pseudonymous person launches Bitcoin Technology. For the purpose of execution, he also created the first BlockChain database based on Bitcoin Network that holds Distributed, Decentralized, and Transparency features.

Search for Bitcoin protocol, its features and benefits smashing the internet, since 2013. Likewise, search, leading companies, investor and governments already set to beat the maximum of the Stock market. From Health to Finance, every sector is getting benefits out of Blockchain. Presently, there are more than 90 companies putting their toes into this practice. For instance, UK based company ON-Line PLC found 394% more expansion in a day and Kodak following the same footsteps got a 200% boost from Jan. 9 to 10.Recently, World Economic Forums predicts that Blockchain technology will hold 10% of total GDP in the upcoming decade.

Isn’t that interesting?     

Let’s Discuss BlockChain in Detail:

BlockChain as the name suggests a long Chain with interlinked Blocks while in Banking & investing sector, Blocks mean digital information travels publicly to all participants in a system. In a Cryptocurrency world (secured by cryptography codes), Blockchain is proving a crucial part to organize and ensure the integrity of Digital data.

Cryptographic hashing is the basics of connecting these blocks and storing the address of each block at every point. Every currency’s blockchain consists of transactions that implement or modify at real-time. One block is distinguished from others on the basis of information stored called cryptographic codes (Hashes). Blocks contain a hash of its earlier block creating a long queue of information travel from first to present block.

Dividing Blocks into three main specifications based on Blockchain Database:

1. Information: Block store the information regarding Date, Time and money of recent transaction.

2. Participant’s Data:  Block saves data about the participants. It stores the participant’s information digitally.

3.  Distinguished Block:  Block stores the information and hash (cryptographic codes) distinguishes these blocks from one another. A special Algorithm designed to work on a Hash that makes every transaction look similar to earlier.  

Principle of BlockChain:

Creating a long chain of blocks looks complicated and confused. Why we need it? It is beneficial or we are obsessing our work? The answer lies in ensuring transparency and efficiency in crypto-currency, the main focus is to avoid Double Spending. This term indicates scenario when doing transactions, cryptocurrencies shouldn’t spend in multiple transactions at the same time.

This approach attains via introducing nodes in the network based on Blockchain. In order to ease our complexities, these nodes act as gear to the ledger system, preserving a record of past transactions against all investments and changes. It provides the authentication of each transaction, whether it exists or rejected from the Blockchain.

This intriguing and emerging technology is proving a boon for the entire working sector. Therefore, most of the corporations and investors are running to get a hold on Blockchain based software to boost their revenue. Since its launch, it has become a benchmark in the industry imparting benefits as:

  • Enhanced Transparency
  • Cost Reduction
  • Good Level of Security
  • Ease in Traceable Management
  • Efficient in all means 
  • High Performance & Speed

Below Listed companies tasted the success out of Blockchain and are the real example of BlockChain related Stocks in 2019:

  • IBM Blockchain Score 92
  • Alibaba Group Blockchain Score 77
  • Mastercard  (Blockchain Score: 69)
  • ING Group (Blockchain Score: 53)
  • Fujitsu  (Blockchain Score: 74)

So what are you thinking? You are planning to implement Blockchain in your group? Will you be next heir in the above list?