Blockchain’s Popularity a Global Scope

Blockchain in Google searches has taken the term “cryptocurrency”. According to Google the word “blockchain” did it for the first time in July 2018. This means people are seeking for more information regarding this peer-to-peer decentralized technology which is widespread across the world.

Blockchain is a technology and by adding data to the blockchain makes it trusted and immutable. This container is a 1MB block transaction store which means individual payments. It holds about 500 transactions in a block. It is important to understand what the blockchain is and what the changes will be in the near future.

The block starts with a Genesis block which is the first block of the blockchain. This chain is tamper-free and can’t be deleted. Once a transaction or entries are placed on the block, it will stay there for ever. The blockchain is transparent and you can see all the transactions which are made on the blockchain. In short, it is a data container which keeps records of information. This will change a lot of businesses and the small to medium enterprises.

Miners have to verify the transactions and solve a complex mathematical puzzle to be able to add a block on the blockchain. The first person or group to solve the puzzle add a block to the existing blockchain.

There is much more to say about this new technology and it is clear that the public gradually shows more interest in what the blockchain involves.

For example:

IBM Food Trust is a collaborative network of growers, processors, wholesalers, distributors, manufacturers, and retailers. This Food Trust is built on the blockchain. It benefits all network participants with a safer, smarter, and sustainable food ecosystem. It gives access to actionable food supply chain data from farms to stores to the consumer.

The Food Trust securely traces the location and status of food products. With the blockchain, users can access information, provide provenance and manage certifications, share single-sourced inspection and quality certificates and registrations. This information is secure and confidential and maintains global standards.

The blockchain technology can save a lot of time and money by having all the information at hand, with the result it is trustworthy, fast and secure with no need for a middleman.

 

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