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“Trust being a both cognitive and in-cognitive entity would have been otherwise impossible to build in a virtual form.”
India
healthysoch
New Delhi, April 08, 2021 :
Only blockchain has this phenomenal ability to retain and constitute trust online. In 2008 when the economy at large was witnessing a fathoms deep nosedive, a Japanese pseudonymous NakaMoto introduced Bitcoin. Being the first of its kind, Bitcoin was the first digital currency underpinning the technology of blockchain. As a digital distributed ledger system its explication of establishing trust in trade online is a result of the pure technological determinism. Trust being a both cognitive and in-cognitive entity would have been otherwise impossible to build in a virtual form.
So, in a layman’s understanding BLOCKCHAIN TECHNOLOGY is enabling trust without relying on traditional institutions. A neo-liberal technology to flourish the progress of all small and big business enterprises in the digital era with the trust beyond its conventional meaning. However, on understanding it more clearly, we further come to know that its formation relies on a computational system entwined with the higher level of mathematical fusions. Blockchain is a system which replaces the conventional trust guaranteed by all the financial institutions. By its technology to decentralise it rather neutralises the role of trust played by those institutions. The participants, the peers or nodes rather collectively give consensus of a database being legal or illegal, original or doctored, fake or truth and share the same copy of transactional details with each member in the chain.
Public blockchain, private blockchain, permissioned blockchain and consortium blockchain are various kinds of blockchains. Each of a different size catering solution to a specific type of purpose.
How does BLOCKCHAIN TECHNOLOGY solve the issue of consensus?
There are consensus algorithms like proof of work or proof of stakes based on cryptography and a series of consensus rules such as block format, the longest chain and the incentive mechanism. Furthermore, the new blocks and transactions are made in the memory pool. These are created by miners by solving a specific mathematical puzzle. Here, this deliberately designed rigidity in the blockchain abstains the probability and the chance to tamper or defraud the record of transactions. Nonetheless, to make any legit change in blocks requires a huge computational hash power. To take a turnaround must meet the majority consensus of almost 51 percent of peers in the process.
What are those fields in which applying BLOCKCHAIN TECHNOLOGY can provide long-lasting solutions?
The creation of Blockchain was primarily to invoke the sense of preserving trust without being dependent on intermediaries. Now, at the current point of time in the ongoing century blockchain not only expurgates the middle men roles but also permeates a new meaning of security, scalability, transparency, trust and immutability. Right from health care institutions to banks organisations, education departments to law firms, the dynamic ability of Blockchain Technology to be useful in all such fields is something more than just being simply remarkable.
Although, the Blockchain Technology is extremely young, it has successfully solved many Pandora’s trust and scalability matters. As per the previous reports revealed by Statista in 2019 there are more than 700 types of blockchain companies across the globe. India as an early adapter of this disruptive legacy is rapidly fostering the country into a blockchain hub.
Blockchain technology makes the industrial internet (Industry 4.0) a transparent, reliable and secure environment for people, process, systems and services, presenting a strong, technological and conceptual framework & roadmap for decision makers involved in the transformation of the Internet of Things (IoT), Robotics, 3D Printing, Augmented Reality and Smart Sensors. Industrial and business models are being designed based on these end-to-end services that are completely interconnected and secured
“BlockCube Company being the partner of ethical blockchain technology provides solutions to a wider array of problems faced by the multiple industries and organisations. With an experienced team of tech-innovators and enthusiasts, the company actively contributes to core research on blockchain scalability, security and economics.”
Block Cube helps businesses to understand the power and utility of Blockchain. Situated in Gurgaon India, this progressively burgeoning company invites businesses to seek their fortunate offers of a spectacular future.
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