When it comes to blockchain technology, it has evolved a lot in the market and has brought more benefits. In this article, I am going to cover blockchain technology, its evolution and how blockchain technology helps in the manufacturing industry.
Lets we start a discussion with blockchain and how it has an impact on different industries.
What is Blockchain Technology?
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Initially, Blockchain is just one of the technology which supports all cryptocurrencies such as bitcoin but the experts can see that it have a large scope in the future then just meets the needs of bitcoin. On further analysis, we found that it can bring enormous changes in the internet networks itself. Consistently, technology has evolved more and a type of blockchain has grown a lot. So, from today, blockchain is widely being used as a distributed ledger technology. This technology has created a chain of blockchain where each of the blocks contains information as well as the data stored together and verified. These blocks are further validated and attached to the string of transactions and information in the previous blocks.
In simple terms, let’s compare it with google docs. As you know, multiple users can simultaneously use and can edit a single document on google docs. Likewise, even with blockchain technology, you have a distributed ledger. There is a difference here, unlike in google doc, you can’t change the previous data. You can only add to the ledger. Some of the features of blockchain technology are blockchain keeps all data records which is referred to as a “ledger”. All the data which is exchanged is a “transaction”. Once the transaction is verified, it is added to the ledger as a “block”. To verify the transactions, blockchain uses a distributed system. ie. a Peer-to-peer network (p2p network). Once the transaction gets completed, the data is verified and added to the blockchain, it can’t be changed anymore.