Envision an existence where you can send cash straightforwardly to somebody without a bank - in seconds rather than days, and you don't pay extreme bank expenses.

Or on the other hand, one where you store cash in an internet-based wallet not attached to a bank, meaning you are your own bank and have full oversight over your cash. You needn't bother with a bank's authorization to access or move it, and never need to stress over an outsider removing it, or an administration's monetary arrangement controlling it.

This is anything but a universe of things to come; it is a world that a devoted, however developing the number of early adopters live in the present moment. Also, these are only a couple of the significant blockchain innovation use cases that are changing the manner in which we trust and trade esteem.

Blockchain is a shared decentralized disseminated record innovation that makes the records of any advanced resource straightforward and unchangeable and works without including any outsider middle person. It is an arising and progressive innovation that is drawing in a great deal of public consideration because of its capacity to lessen dangers and fakes in an adaptable way. 

A blockchain is a distributed database that is shared among the nodes of a computer network. Cryptocurrency systems such as Bitcoin are based upon Blockchain technology. The technology gets its name from the way the data is structured in it. Data is collected together in groups, known as blocks. When the storage capacity of a block is filled, it gets closed and linked to the previously filled blocks, thus forming a chain of data known as the Blockchain.

Presently here comes the inquiry for what reason is Blockchain a disseminated, decentralized P2P organization? A decentralized organization offers different advantages over the conventional concentrated network, including expanded framework dependability and security. In addition, such organizations are a lot simpler to scale and manage any genuine weak link. The motivation behind why Blockchain is appropriated is a result of shared correspondence and dispersed handling. The P2P design of Blockchains gives a few advantages, for example, more noteworthy security contrasted with conventional client-server-based networks. A disseminated P2P organization, combined with a greater part agreement necessity, gives Blockchains a somewhat serious level of protection from malevolent exercises.

This is completely different from a conventional database where data is structured in tables. One more key feature of blockchain technology is that it is decentralized. Also, each block, when filled, gets an exact timestamp when it is added to the chain. The records made in the blockchain cannot be altered, deleted, or destroyed. There are multiple advantages of blockchain technology such as process integrity, traceability, security, and faster processing of transactions. Apart from this, there are several demerits as well that includes high power consumption that in turn leads to an increased carbon footprint. Another demerit is the high cost involved in its operation. Over time we can expect the costs to come down as the technology matures. The blockchain in itself is quite revolutionary and is going to be the future of mankind.

About the author

Palash Gupta is a Research Intern at IIIT-Hyderabad. Any views expressed are personal.