The Blockchain, one of the most widely-discussed technologies
Technologies have the potential to disrupt business models in many industries. It can increase transparency and efficiencies in the process. Now is a good time to look at opportunities to investigate this new application and decentralized applications. Early familiarity related to opportunities in the industry will position them better to gain advantages in growth and cost reductions in their industry. Blockchain is still a young and developing industry in the world, and still a few years in the process.
So let’s discuss what blockchain is. Firstly it is decentralized storage of data in an open source ledger. Every participant in the network, which is Peer-2-Peer, have access to the blockchain to verify the correctness of transactions. All this information is put into a block of chains. This block can take on average 500 transactions and the size of one block is 1MB. This decentralized storage on blockchain is known to be very failure-resistant and because of a large number of network participants, the blockchain remains available and eliminating the signal point of failure.
Blockchain has the potential to be of value in many cases for example in industries such as education, healthcare, and government. The blockchain system will provide opportunities for cost reduction and eliminating fraud, and a platform to provide seamless connectivity.