Blockchain: The Future Technology
Blockchain is a programmed Digital Transaction database that is capable of recording each value without any incorruption. In a shorter period, both Bitcoin and Blockchain garnered a considerable reputation and has been the hottest talk among the finance and tech world, so there is no doubt that the Blockchain is going to be the future technology.
Why is Blockchain considered the Future Technology?
According to the research data, the blockchain space will get expanded to 42.8% by the year 2020, apart from that, the amount of blockchain related jobs got tripled in 2018 when compared to the previous year, which gained a massive response from the people. Crunchbase news has reported that the number of investment has been increased to 40% for the companies that efficiently made use of Blockchain.
Do you know that there are more than 2000 Blockchain startups who have acquired a level of valuation by 2018? Yeah!
Concepts of Blockchain
The blockchain technology can be compared to an excel spreadsheet where you can hold all crucial data in a practical way, and you can keep your data accessible as they are public and protected in a safer way so that there are no chances for hackers to attack the distributed database. Every information is synchronized, stored and updated, in short Blockchain is something where every people can make use of it still with no displacement. Just a single person can not control blockchain and there are no chances for failure. The blockchain is just like Bitcoin.
Working Mechanism – Blockchain Technology
Blockchain technology neglects the risks or errors in any networks by acting as an active security guard, and they enable passwords which are utterly encrypted so that any third person will not be able to access the systems.
The two keys namely private key and public key will safeguard your assets online, and the private key is the password that only the holder knows whereas the public key includes the user address on blockchain so that their address gets recorded as the buyers’ specific address when they purchase bitcoins.
The protection system and encrypted security will make a massive change in coming years and therefore rightly known as the future technology.