Block Chain Technology

Block chain is a technology that allows us to distribute and synchronize data across different parties,using cryptography (including encryption) to secure the data and ensure and tampering is evident.A simple analogy for understand block chain technology is a google doc. when we create a document and share it with a group of people,the document is distributed instead of copied or transferred.This creates a decentralized distribution chain that gives everyone access to the document at the same time no one is locked out awaiting changes from another party,while all modifications to the doc are being recorded in real-time,making changes completely transparent.example- bitcoin, De Beers, AIA insurance, Guts and Bit give etc.

Who created Block chain?

Satoshi Nakamoto created the bitcoin block chain although the foundations for the technology had been laid down long beforehand. Satoshi nakamoto is, in fact, a pseudonym and the author of the bitcoin whitepaper that appeared in 2008.

How block chain works?

A block chain is simply a chain of blocks that contains information.Each block has cryptographic hash of the previous block,a timestamp and transaction data.Although the design is simple,it is this design that makes block chain invulnerable to data tampering.Block chain technology is an open distributed ledger that can record transactions of two parties securely and efficiently. as it is distributed,block chain is typically managed by a peer-to-peer network working simultaneously together to solve complex mathematical problems in order to validate new blocks.once recorded,the data in any given block cannot be updated retroactively without changing all subsequent blocks.which requires the confirmation of the majority in the network.This is the main reason why block chain technology is secure and not susceptible to hacking.

Why to use Block chain?

Block chain revolution is posed to create the backbone of a layer of the internet for transaction and interaction of value are often called the internet of value.
Block chain technology offers new tools for authentication and authorization in the digital world that preclude the need for many centralize administrators. As a result, it enables the creation of new digital relationships.

Different types of block chain technology?

Public
Private
Hybrid
Federated

What problems does the Block Chain solve?

Some problems are:-

Issue:- Slow cross-border payments

Solution:- Introduce a faster and transparent payment gateways.

Issue:- Mismanagement in health care organizations

Solution:- Protects and stores patient data with full transparency.

Issue:- Inadequate real estate assets

Solution:- Ensures liquidity and promotes fair buying and selling process.

Issue:- Corrupted crowdfunding and fundraising

Solution:- Introduction real-time tracking and immutable solutions.

Issue:- Costly supply chain and management

Solution:- Gets rid of fraud with real-time view and increases revenue.

Careers opportunity

Block chain is widely used in businesses today for various applications.Businesses use it for smart contracts,paying employees and many other cases.In general terms,block chain is an append-only transaction ledger.Businesses are getting more and more interested in block chain technology because it's believed to be the future of transactions and doing business.

Are you interested in Block chain?If yes, have you considered getting a career in the niche? There are some great opportunities and careers.

Here are some of them:

Intern
Project manager
Developer
Quality Engineer
Block chain legal
Designer
Engineer
Consultancy and expertise

Conclusion

Block chain has made great strides in the past few years,both in technical advancements and in the minds of key decision makers and the general public. Organizations have been progressively more willing to invest in block chain, acknowledging its important to their visions for the future.some of these investments can soon be expected to pay off as applications with real-world impacts,soon we may also see firms opting into a more efficient, less costly, MVP focused approach to production, which could entice laggards-perhaps even skeptics-to dip their toes into the technology.It is a shared,replicated ledger.IBM supports an open standards,open source,open governance block chain.