Blockchain is widely considered to be one of the biggest technological breakthroughs in recent times. In an increasingly digitized world, Blockchain provides unprecedented levels of transparency and security in online transactions and data storage whilst remaining independent of any kind of centralized governing institution.
The way that Blockchain is set up, allows for the validation process to be completed by peers, leading to it often being called a ‘peer to peer trustless mechanism’. The information is stored in blocks which are validated by a peer network through a solving of mathematical puzzles. Each block is secured with a hash and defined by a header with a reference to the hash of the previous blocks on the chain. Since the blocks are cryptographically encoded, new blocks cannot be submitted without the proper validation, and changes cannot be made to existing blocks without changing all the blocks in the chain. This prevents unauthorized and malicious data mining.
There are a number of uses for Blockchain technology, the foremost being in the exchange of digital assets i.e. the formation of cryptocurrencies. However, the technology can also be used to securely store large databases of information. The data stored on blocks is not only secure, but also immutable, in that it cannot be changed without the knowledge and consent of all the peers in the network. Blockchain can also be used to automate lengthy and time-consuming business processes by executing smart contracts. These contracts have their ground rules recorded in the contract’s code, their execution and compliance is then monitored by the peer network, cutting out any unnecessary, third party interference.
A number of companies have seen the value of Blockchain technology and its applicability in several areas of business and economics. The world of Blockchain is ever-changing and developing at an increasingly fast pace. As a veteran technology company, QDnet is well-versed in the creation and functioning of Blockchain technology and is uniquely equipped to deliver Blockchain solutions.