Introduction


"Blockchain" has been a catchphrase. Nevertheless, it won't be wrong to say that this technology or domain is the call of the time. Yet, some people still do not understand the concept & use of blockchain technology.

Are you excited to know more about Blockchain? Well, in this article we will highlight what is blockchain technology, blockchain features and benefits, and blockchain types in a detailed manner. Let us begin by defining the term Blockchain.

What is Blockchain?


Blockchain is a series of blocks comprising useful information. Every single block consists of several transactions and each transaction is entered in the form of a Hash. Now, you might have a question  'what is Hash'. It is a notable address reserved for each block during its creation.

In layman's terms, Blockchain can be understood as a union of three primary technologies, i.e., cryptographic keys, a peer-to-peer network, and a digital ledger. Presently, maximum cryptocurrencies are laid on the foundation of blockchain technology. BTC is regarded as one of the most stable digital technologies.

What is the use of Blockchain Technology?


A blockchain is used to perform public ledgers of information. With the execution of public ledgers, executes the secure transactions. Because of its stable and secure nature, Blockchain has numerous use cases across industries like finance, healthcare, and the Internet of Things (IoT).

Let's have a look at some of the most prominent uses of blockchain tech in the modern era.

Cryptocurrencies


One of the major applications of blockchain is in Cryptocurrencies, popularly Bitcoin. Bitcoin is a decentralized digital currency that acts as a ledger. It is used to maintain the track record of the balances for all users. Any modification in the money is updated within Blockchain technology.

Healthcare


Several hospitals face the issues of data breaching and counterfeit drugs. Here, Blockchain technology opts for a reliable solution. Healthcare is another sector that finds a vast use of blockchain technology. Blockchain in healthcare indicates the use of storing patient details in several healthcare industries. The patient database obtained is highly safe. Because doctors need to log in with a public key to check or alter patients' data.

IoT (Internet of Things)


The blockchain is popularly used by the Internet of Things. Blockchain technology certifies that data transferred or shared between the devices will be secure and end-to-end encrypted. Distribution, decentralization, and immutability are also other applications of Blockchain in IoT.

Law Enforcement


The law Enforcement domain is also showing interest in Blockchain technology. Blockchain applications can be used to build a Common Database of the criminal and the crimes committed by them. The database also includes criminals' biometric details. The 'secure' nature of Blockchain makes it popular with law enforcement.

Real Estates


Asset management, property management, project financing, loan, and mortgage securitization are some of the applications of Blockchain within real estate. Presently, real estate is a domain that's affected by the applications of blockchain.

Our Learners Also Read- Detailed Guide to Become a Blockchain Developer

Blockchain Features and Benefits


Now that you are well aware of the several uses of blockchain technology, let's move toward its features.

Blockchain Features:


" Blockchain stores permanent data. The data stored can't be transformed easily by any & everyone. The datasets being added or stored to the block are first approved by everyone in the network. This is a feature of blockchain that supports 'secure' transactions.

" Blockchain is Decentralized over and above an open ledger. A ledger can be defined as a record of transactions. The record is visible to everyone & hence the name 'open' ledger is so-called. Blockchain is a decentralized network which means it has no principal authority to control the network.

" Blockchain provides a p2p or multi-user network. This feature of blockchain empowers only a total of 2 parties (server & receiver) to get involved in the transactions.

" Blockchain is a technology-free of any 'third party authorization'. It is because everyone in the network can authorize the transactions.

Blockchain Benefits:


" Enhanced Security - Blockchain displays superior technology in picking up the data stored in a digital ledger.

" Trackability  Blockchain technology comes with traceable features. This means the goods in a supply chain business can be discovered/traced.

" Transparency  Today, almost all organizations; be it governmental or non-governmental; have ventured in various ways. The transparency of blockchain helps the supply chain as the item can be recognized easily.

" Speed and Efficiency - A blockchain-driven supply chain can be operated all by itself. Hence, Blockchain tech is highly efficient with fewer errors and disputes. It can eliminate the need for mediators thereby multiplying the transaction speed.

What are the Types of Blockchain?


1. Public Blockchain


A public blockchain is an unrestrictive, exposure-less distributed ledger system. Users with proper internet access can sign in on a blockchain platform. Two of the most common public blockchains are Bitcoin and Litecoin blockchains.

2. Private Blockchain


As per its name, a private blockchain is a restrictive blockchain. It can be operated only in a closed network. This type of blockchain is used within such organizations where only selected members opt to be a blockchain network's participants.

3. Consortium Blockchain


The consortium blockchain is another popular type that is 'semi-private'. It comprises a controlled user group and can function across different enterprises.

4. Hybrid Blockchain


Hybrid Blockchains lie somewhere in the middle of private and public blockchains. The hybrid network is used by users to control user access; i.e., the data that's being stored in the blockchain.

Final Takeaway


It is good to see that you have finally reached this end of the blog. We hope that the use case and features of the blockchain explained above must be helpful for you. If you are part of a blockchain network, all you need to do is grasp the knowledge from this article.

In conclusion, we can say that blockchain technology is enhancing and improving day by day. The future is obviously in favor of Blockchain technology. Owing to its transparency, security, and temper proof characteristics, the technology will lead many organizations & applications to the highest zone.