Block chain Technology

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BLOCKCHAIN TECHNOLOGY 

 

                        A Blockchain is a technology, which has the “blocks, where the information is stored” of virtual digitalized information in a network connected through nodes. A Blockchain is a digitalized form of storage of transactions. In this, the transactions are recorded in the blocks, where the previous transactions are intact. The blockchain is being boomed in the market due to the transactions are very transparent, low maintenance cost, and ease of work/settlements. Blockchain technology is being used in various fields of studies, such as Human resources, Government, Law, etc. The Blockchain has data encryption, where the data is protected from the hackers and misusers of the data.



The Key drivers of the blockchain technology are as follows: -

                       The primary driver of the blockchain allows only to add the data, where no one can edit or delete the data in it.

                       The transactions and events are being time-stamped and are arranged in chronological order.

                       Every origin of transactions/events can be easily identified and tracked through the links and intent of technology.

                       Every change in the information will be distributed and updated at the same time without any failure, which makes the work and updates with less time.

                       The blockchain has greater transparency and any change would not be possible in the transactions a database.

                       The validation of numerous protocols are involved, which makes the hurdles to the entry of the duplication of the data.

The Restrains of the blockchain technology include the

                       Even the work is being automated by the systems, the exact accuracy is not guaranteed, Sometimes we need the Modifications/deletion of some data, in this case, it is very restrained to the blockchain technology.

                       As blockchain is publicly available, every individual is being provided the private key to access their funds. In case, the private key is lost, the money will be of no value and it will be lost and unaccounted.

                       The growth of blockchain is very huge, cannot be into the drives for the storage. The chance of losing the network nodes is very high if in case the data is very big and too large to store and download.

                       The primary restrain includes the scalability of the blockchain network. As data is based on network congestion, it requires to be developed more before it is being implemented in the day to day life.

                       The data mining is a very huge scale and it is being done on the global level, it will be very easy to decrypt and in control of the dark web and hackers. This reflects the threat to the data in the blockchain technology.

                       In large scale business, the implementation cost is heavy and require a lot of energy to make sure the data is not being hacked and enable the privacy and security of the blocks.

The opportunities which induce the growth of the blockchain technology include: -

                       As we are improving technology, but we are facing v=many challenges in the copyrights and ownerships. This area can be tapped and used as the opportunity to develop and implement the blockchain technology.

                       The financial services are moving ahead of them digitally. This makes the utilize of blockchain technology for digital asset management and maintains the data in the blocks for easy and convenient.

                       The use of the Internet of things (IoT) needs a lot of storage to keep the data outflow and generated from the IoT. The area of IoT can be huge scope for the opportunity to implement Blockchain Technology.

                        The cloud storage, cloud computing, and Forecast of the projections need the data to be stored and need the encryptions which makes the opportunity to be of Blockchain Technology.

                        All the business are moving toward virtually, this makes use of the data utilization and storage of the customer's data, orders and its status, this can be handled in a better and convenient way in the blockchain technology ease of use.

                        Every industry is having a challenge of updating the data in the respective companies in the industry. This updating of the data is hugely possible by the data centralization of the requirements of blockchain technology.

The challenges which induce the blockchain technology include: -

                        The primary need of the human skilled labour to handle and maintain the blockchain technology without any hindrances, as it may cause a huge loss to the business, if in case interrupted in between.

                        The regulations of the recent development of the blockchain technology are over skeptical by the respective government.  There is a lot of regulations to be followed in alignment with the government and its procedures.

                        For any update of the company working culture, it needs the improvement of the standard of living, which is possible only when a business expands. As many businesses are being in starting early stage, the adoption of blockchain technology is a very huge burden for the business,

                        The data at present in some businesses are being locally and following their need and convenient, it is a great challenge for the current business to integrate their data and there is also, there is a lack of awareness.

                        On a day to day business, the blockchain technology is going and the number of network operations is also increasing. This makes the users lack the Standardization and interoperability of the data from one served provider to another provider.

                        To implement the blockchain technology, we need to be more collaborative with the various new departments in the business and it makes an additional cost, where the perfect and expected returns s are not yet assured in the business.


Regards,

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