How is Blockchain technology applied?

by Anii Jain Human resource executive

Blockchain is a list of transaction records commonly known as blocks by using cryptography. Every block in blockchain stores data and hence, also known as “distributed ledger.” The blocks are organized in chronological orders making a chain that is linked together. Every first block in the blockchain is known as Genesis Block.

A Step by Step Guide How Blockchain Actually Works

Blockchain consists of three principal technologies that collaborates to give a secure digital trade option that are:

Private Key Cryptography
A Distributed Network with a Shared Ledger
Maintaining transaction records and security

#Step 1

Creating Private Key

Via cryptography, the person starts with creating and digitally signing it with a private key. It is usually a data structure that includes logics of transfer of value, source, destination address, and relevant rules necessary for validation.

#Step 2

Gossip Protocol

Vernacularly known as flooding protocol, is used for propagating transactions and data among all the members of an ad-hoc network.

#Step 3

Confirmation

The transactions will be in the block form once the transaction has been validated. Further, it is propagated onto networks while confirming the transaction.

#Step 4

Cryptographical Ledger

After confirmation, it becomes the part of the ledger to assure that future blocks are linked automatically with the help of cryptography. The link is known as “hash pointer” and, in this phase the transaction gets second confirmation.

Blockchain has become one of biggest revolution in the trade-trend. There is no probability of missed transaction, and machine or human errors. To retain and maintain the accountability of blockchain technology, experts at Sphinx Worldbiz are offering accessibility across the globe.

Blockchain technology Applied in many Sectors such as :

Banking
Media
Telecom
Travel and Hospitality
Public sector undertaking
Decentralized Internet
Smart Contracts - The smart contract is a simple computer program that helps in making the online agreement between individual and companies.
Internet of Things (IoT) - The blockchain technology has a tremendous role in connecting the physical products with the internet. The different task like paying the bill on a car parking will be done over the internet.
Decentralized Markets
Car Leasing
Photography - at the recent CES show in Las Vegas, Kodak announced its new digital currency, KODAKCoin, which is supported by the blockchain ledger and image rights platform StackPath
Distributed Cloud Storage
Cross-Border Payments
Blockchain Applications in Healthcare- One of the blockchain technology application is the secure storage of data at of hospitals.
Birth, Wedding, and Death Certificate

The blockchain technology is complex and new technology. That’s the reason, it will take some time for the businesses around the world to completely adopt the blockchain technology. We need more expert and more research on blockchain technology.