How Blockchain works?and its Applications| web 3.0 | 99%Futurism Forecast 99% Futurism Forecast
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- Science Fiction
Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system.
A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger. The decentralised database managed by multiple participants is known as Distributed Ledger Technology (DLT).
Blockchain is a type of DLT in which transactions are recorded with an immutable cryptographic signature called a hash.
This means if one block in one chain was changed, it would be immediately apparent it had been tampered with. If hackers wanted to corrupt a blockchain system, they would have to change every block in the chain, across all of the distributed versions of the chain.
Blockchains such as Bitcoin and Ethereum are constantly and continually growing as blocks are being added to the chain, which significantly adds to the security of the ledger.
Applications: Secure sharing of medical data
NFT marketplaces
Music royalties tracking
Cross-border payments
Real-time IoT operating systems
Personal identity security
Anti-money laundering tracking system
Supply chain and logistics monitoring
Voting mechanism
Advertising insights
Original content creation
Cryptocurrency exchange
Real estate processing platform
IG: https://instagram.com/99futurism
Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system.
A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger. The decentralised database managed by multiple participants is known as Distributed Ledger Technology (DLT).
Blockchain is a type of DLT in which transactions are recorded with an immutable cryptographic signature called a hash.
This means if one block in one chain was changed, it would be immediately apparent it had been tampered with. If hackers wanted to corrupt a blockchain system, they would have to change every block in the chain, across all of the distributed versions of the chain.
Blockchains such as Bitcoin and Ethereum are constantly and continually growing as blocks are being added to the chain, which significantly adds to the security of the ledger.
Applications: Secure sharing of medical data
NFT marketplaces
Music royalties tracking
Cross-border payments
Real-time IoT operating systems
Personal identity security
Anti-money laundering tracking system
Supply chain and logistics monitoring
Voting mechanism
Advertising insights
Original content creation
Cryptocurrency exchange
Real estate processing platform
IG: https://instagram.com/99futurism
3 min