Blockchain ?????????...

Blockchain is the latest buzzword with almost all the Fintech people and enthusiast talking about its potential globally. The technology, originally devised for the digital currency, Bitcoin, is gaining a lot of popularity and traction. It was invented by Satoshi Nakamoto, a secretive internet user in 2008, before it went online in 2009. Several attempts to identify Satoshi have been made without any conclusive proof. According to blockchain.info, about 16.5 million of bitcoins have been mined till date with a CAGR of 34% since 2009. The website quotes an aggregate bitcoin transaction of over 200,000 taking place every day, and the number is increasing with each passing minute. In March 2017, the value of a Bitcoin, at US$1,268, exceeded that of an ounce of gold ($1,233) for the first time. And then there is no looking back. Currently a Bitcoin is value at over US$4,200. That’s quite impressive! But what makes Bitcoin and the technology backed by it the preferred choice to perform transactions? Let’s delve more deeply into it to understand this. Every business is based on transactions. These transactions are routed through third-party intermediaries such as banks, brokers, and lawyers. The process to complete a business transaction thus takes a lot of time and is often expensive. Blockchain technology facilitates the process without third-party facilitators in a business network thereby saving time and cutting the cost involved. Blockchain is a shared, distributed public ledger of records arranged in data blocks interconnected and distributed on multiple computers. The ledger keeps a record of all transactions concluded across the peer-to-peer network. It is run by “miners “whose powerful computers crunch the transactions. The below infographic shows how transactions are carried out in a blockchain setup.

Blockchain can support a wide range of applications in different industries including retail, supply chain and the ones mentioned in the above infographic. Most importantly, the technology has many advantages, a few of which include: Cryptographically secure The technology applies a digital signature to create transactions which reduce fraud. Blockchain makes it virtually impossible to remove or change data without being detected by other users. Decentralized Today, most of the transactions require approval from a regulatory authority such as banks and the government. In blockchain technology, the verification comes from the consensus of different users. Improves security The distributed and encrypted characteristic of blockchain means that it is difficult to hack by evil intentions. Since all the users have a copy of the blockchain, any tampering made gets alerted Faster processing Now that, it excludes third-party intermediaries in transactions, the speed to perform the same automatically improves. Also, this comes with round the clock service and does completely away with the 9 to 5 working hours. Brings automation The technology is completely programmable and can trigger actions, events, and payments once the conditions are met. All these advantages make blockchain an emerging way of making and verifying transaction in businesses, industries, and public organizations. However, as with every new technology, blockchain will have to face a lot of hurdles before it gets widely adopted and graced with open arms by businesses and organizations globally. Conclusion Blockchain is still new but its potential is huge. Technology companies which are eyeing to offer “Blockchain-as-a-Service” will make a good ROI if they start early. Major players have already initiated it. According to a World Economic Forum report, 10% of global gross domestic product (GDP) will be stored on blockchain technology by 2027. As we go further, we are likely to see a lot of strategic partnerships that will support blockchain in real-world production and drive the market forward.

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Here are some of the key functionalities of blockchain:

Decentralization: One of the core functionalities of blockchain is that it is a decentralized system, meaning that there is no central authority or intermediary controlling the flow of information or transactions. Instead, the information is distributed across a network of computers, making it more secure and resistant to tampering.

Immutable Ledger: Blockchain is designed to create an immutable ledger, meaning that once information is added to the blockchain, it cannot be changed or deleted. Each block on the chain is linked to the previous block, creating a secure and transparent chain of information.

Security: Because of its decentralized and immutable nature, blockchain is very secure. It is very difficult for anyone to tamper with or manipulate the information on the blockchain without being detected, making it ideal for sensitive transactions like financial transactions or identity verification.

Transparency: The blockchain is a transparent system, meaning that anyone can see the transactions that have taken place on the network. This transparency can be useful in industries like supply chain management, where it can help to increase transparency and accountability.

Smart Contracts: Smart contracts are self-executing contracts that are stored on the blockchain. They allow for automated transactions to take place between parties without the need for intermediaries or middlemen. Smart contracts can be used in a wide range of applications, from real estate transactions to supply chain management.

Blockchain ????????? ??????????????? FinTech Professional ????????? Technology Enthusiast ????????? ?????????????? Technical Jargon ?????????? ????????????????????? ???????????????????? ?????????????? ???????????? ???????????? Digital Database or Ledger ???????????? Blockchain ?????????? Bitcoin transactions ???? ????????????????? ????????????????????? ????????????????? ???????????????????? Satoshi Nakamoto ??????? ???? ?????????? ?????????????? ???? ?????????? Satoshi profile ??????????????????? ????????????????????? ???????????????? ??????????????????? ????????????????? ?????????? ???????? Bitcoin ? ??????????? ??????????????? Satoshi ?? ????????????????????????? ??????????

Bitcoin/Cryptocurrency transaction ?????????? request ????????????????? ?????? ????????????????????? block ???????? blockchain ???? create ????? ?????? block ??? blockchain network ??????????????? nodes ????????????????? ?????????????????? ???????????? nodes ?????? transaction ????????????????? ?????????? wallet/receiver ?????? ???????? transaction ???????????????????????? ????????????? ????????????????? reward ?????????? ?????? block ??? ?????? blockchain ?????????????? ??????????????????? ???????????? ?????????????????? Bitcoin/Cryptocurrency mining ??????????? ????????????????????????? ??????? Bitcoin Miner Hardware/Software ????????? ?????? Digital Currency ??????? ???????????????????? Bitcoin Miner Hardware/Software ??????? blockchain network ???? node ????????? register ???????? resource sharing ????????? transaction ???????????? transaction fess ??????????????????? ????????????

???? ???????? Bitcoin ??????????? 1268 USD ?????????? ?????????? 42000 USD ???????????????????????????

Blockchain Technology ??? ???????????????????????? Digital Signature ??????????? transaction ????????????????????????????????? ????????????????????? ????????????? Blockchain ??????? block ???????? nodes ????????????????? share ????????????? ???????????? ??????? ???????????? ??????????? ???????????????? ??????????????????? ??????????????? ????? ?????????????????? ??????????????? Blockchain ?????? ???????? users ??????? ??????????? ??????? ???????????????? ??????????????? ??????? ???????????????? ??????? ???????????????? ???????????????? ???????????????? blockchain ???????nodes ???????????? ?????????????? ??????????? ???????? ????????????? ?????????? ???????????????????????? nodes ??? ???????????????? ???????????????????

Blockchian ???????? ???????????? ????????????????? ????????????????????

Decentralization ?????? ??????????????????? system ??????? blockchain ????????????????????? nodes ???????? block ???????????????????????? nodes ?????????????????????? ????????????? ??????????? ???????????? ????????????? ??????????????????????????????????? create ?????????? block ? ???????????????? ????????? ???????? ??????????????? blockchain technology ???????????????????

Immutable Ledger ????????? blockchain technology ??????????????? block ???????? create ????? blockchain ??????? nodes ????? blockchain ?????????? ???????????????????? ??????? ???????? ????????????????????? ???????? block ????????????????????????? ????????????????? hash value ??????? create ???????? ????????????????????? ???? ????????????? ????????????????

Security ?????????? blockchain ??? ????????????????????????????????? ???????????????????? ??????????? ???????????????? blockchain ??????? user ????????? ?????????? ??????????????????? ??????????? ???????? ??????? ?????????? ?????????????? ??????????????? ?????????????? ????????????????? ??????????????? technology ??????????

Transparency ??????????? blockchain network ?????????????????? transaction ????????? user ?????????????????????? ??????????????????????? ??????? ?????????????????? chain management systems ???????? ??????????? technology ??????????

Smart Contracts ??? smart contract block ????????? block ?????? ??????????????? ????????? ??????????????????? ??????????? ???????????????? ????????? ???????????? transaction ??????? ???????????????????????? ?????????? ????????????? ?????????????????????????????????? blockchain ? smart contracts function ??????????? ??????????

Blockchain ??? ???????????????? applications ??????? ???????? ?????????????????????? ??????? retail, supply chain, automotive, financial services, voting and healthcare ????? ???????????????? ??????? ??????????????? systems, solutions and platforms ???? blockchain ???????????????? ??????????????????????? ??????????? blockchain ???????? ????????????? ????????/????????????? ??????????????? ???????????????????????? ????? ???????? ????????? ???????????????????? ??????????? process ????????????? Business Data ?????????????????? ?????????????????? Digital Ledger or Database Technology ?????????????? ????????????????