Introduction To Blockchain Technology & Its Real Real-World Use Cases

Blockchain is a type of digital ledger?technology?(a record-keeping system) that stores information in a chain of blocks?and is open to the public.

Each block contains:

• Data?(such as transaction details)?stored depends on the type of blockchain?and is immutable, meaning data cannot be deleted or altered.
• A unique fingerprint (hash)
• A link to the previous block’s fingerprint

Why Blockchain Came into Being?

The emergence of blockchain was driven by the need to overcome the limitations of centralized databases, which are vulnerable to corruption, manipulation, and failure.

Problems with Centralized Databases:

1. Single Point of Failure:?The system's control is centralized in traditional databases. A malicious entity or system compromise can jeopardize the integrity of the entire database.

1. Example:?If someone manipulates or deletes a transaction log in a bank’s database, it can disrupt the whole financial system.

2. Access Control Challenges: Centralised systems rely on role-based access control (RBAC) mechanisms, creating a dependence on administrative authority, which can lead to misuse or manipulation.

How Blockchain Solves These Issues:

Blockchain decentralises decision-making?and storage. Decisions in a blockchain system are based on majority validation, ensuring no single entity has unchecked authority. Additionally, blockchain’s?immutable nature?eliminates the possibility of unauthorized alterations.

Blockchain vs. Databases: A Comparison

?

Properties of Blockchain:

• Decentralization:?There is no central authority; all decisions are distributed across the network.
• Immutable Records:?Once data is added to a blockchain, it cannot be deleted but can be updated with a linked history of changes.
• Backtracking:?Data can be tracked and verified by reviewing the interlinked blocks.
• Secure Cryptographic Design:?Blockchain uses cryptography to safeguard its data from tampering and unauthorized access.

Languages for Blockchain Development

1. Go Language:?

• Networking and scripting language, similar to C++.
• A logical understanding of code is essential for mastering its syntax.
• Application: Frequently used in blockchain for its performance and concurrency features.

2. Solidity:?

• A high-level programming language used for writing smart contracts on Ethereum.
• Focus: Mining algorithms and implementation of decentralized applications (DApps).

Blockchain Use Cases

Blockchain's versatility has led to applications across various fields. Notable use cases include:

1. Finance:?Bitcoin, Ethereum, and other cryptocurrencies.

2. Degree Verification:?Securing educational credentials to prevent fraud.

3. Healthcare: securing electronic health records and preventing unauthorized access.

4. Voting Systems: transparent and tamper-proof election processes.

5. Property Ownership: tracking ownership without risk of fraud.

6. Supply Chains: ensuring authenticity and preventing corruption in the production and distribution of goods.

7. NASA Databases: protecting critical data through robust cryptographic systems.

8. Certification Revocation: the transparent record of issued and revoked certifications.

9. Customer Feedback Systems:?Building trust through unalterable customer reviews.

10. GitHub Integration: adopting blockchain properties for better version control and security.