Blockchain is one of the most growing technology in the world right now. The concept of Blockchain came into the picture when Satoshi Nakamoto published its white paper in 2008. Blockchain is not BITCOIN but it is technology behind bitcoin or cryptocurrency.
Blockchain is a peer to peer decentralized distributed ledger technology known as DLT. It is immutable and consensus-driven. No single owner runs the blockchain but every node on the blockchain is the owner of blockchain.
We can understand blockchain with the help of an example. Consider kitty parties of ladies, every month each member puts money and one lady gets all money with the help of a lucky draw. Thus the ladies participating in the kitty party do not trust a single lady but they all trust each other. This is what is called a distributed trust and this kind of algorithm or we call it consensus in blockchain is followed in a distributed system.
Every block that is created or mined consist of many transactions and the one who solves a mathematical puzzle gets all the money and is said to have mined that block.
Blockchain is growing every second but some of the most available use cases of Blockchain are as follows :
- Banking using Blockchain –
Major banks all over the world are trying to shift their systems on a private blockchain as it is secure, immutable, fast, and majorly very difficult to hack.
- Medical Records on Blockchain –
Many hospitals all over the world have started shifting their patient’s records from traditional databases and cloud-based databases to Blockchain-based database because the records will be kept distributed, any labs, hospitals, doctors can now see records, and the medical procedure can be initiated without wasting any more time on conducting all the blood tests again.
- Farming Equipments on Blockchain –
As farming equipment is very expensive so every farmer cannot buy it but needs it. Thus a distributed system is created so that 10 farmers can use a single tractor and book their time slots and everyone can see it. Thus an OLA for tractors can be created.
These are some use cases of how blockchain is transforming the world. It is righty quoted that blockchain is the answer now tell me the question.
Attention reader! Don’t stop learning now. Get hold of all the important CS Theory concepts for SDE interviews with the CS Theory Course at a student-friendly price and become industry ready.