Before I begin, I want you to quickly go through Blockchain & understand in short what is it.
It is a Peer-to-peer network of computers & servers which are together taking certain decisions without having any single or multiple trusted computer to take a decision. In other words, there is no one to decide if the certain thing is right or wrong, everyone in the network decides this together using something called consensus algorithms. Reaching to a consensus without having any boss, leader or superior together is the core component of the Blockchain. And that’s why it is being considered as something which can lead the future innovations.
It’s like executing an election on every second of every decision among 1 Billion people without having any election commission. Isn’t it beautiful & sounds something interesting?
What I have explained you just now is a very generic sense of Blockchain, there a ton of other things as well which makes it more powerful, secure & fast.
This Blockchain technology which empowers the Bitcoin or other cryptocurrencies can be used in much powerful industrial application such as:
- Data Security
- Record Keeping
- Cross-border banking transaction involving real money
- Voting System
It is an independent and distributed technology which empowers Bitcoin. Cryptocurrencies use Blockchain technology just to confirm and record transactions and make it cryptocurrencies which have features of real money but exist on computers only.
We can use it in any field to bring transparency like in Voting, Real Estate or any other big or small sector which we will discuss in upcoming series.