Block chain development company in Bangalore

What is block chain?

Block chain as the name describes it is chain of data transferred in blocks, it cannot be altered so easily as the data will not be stayed at same position, block chain technology is the future of internet and the transaction happens via internet is safe and very secure.

Block chain has no transaction list, here no third party is involved during transactions, one party initiates the transaction that data is stored in a block and then that block is verified by many computers spread across the internet and then the verified block is added to the chain  across the net, and a new record and data will be created across the chain, falsifying any record leads to falsifying of the entire chain.

Where is the Block chain used?

Block chain is used majorly in the Banks and Financial Organizations to improve the security during transactions. Other industries also looking forward how they can use the block chain for their purpose, Industries like Healthcare, government and technology are investigating how they can secure exchange of data. However block chain adoption is very slowing. 1% of CIO's adopted block chain where as 8% CIO's are looking forward to adopt block chain technology. Block chain technology can also be used to manage smart contracts to monitor the materials in supply chain.

Advantage of Block Chain

Distributed

   In block chain technology the data is not stored in one node it is stored on distributed network and nodes, each node can replicate and store the copy of database a single node failure dosen't affect the security and harm the data.

Stability

   Confirmed blocks are very unlikely to be reversed, which means this data once put in block chain cannot be modified. This make block chain more important in financial and banking industries. To record and save the financial transaction data on public ledger system permanently.

Trust less Systems

   In the current scenario or the modern day online transactions, no two parties are involved but the there are third parties involved in transactions like credit card company, payment company, debit company etc. The thing is if we use block chain technology there will be no involvement of third parties. It will be end to end transactions.

Disadvantages or Limitations of Block chain

Wasteful

   Why wasteful? Once we apply the data on block chain it is unchangeable and we cannot replace the data every time on the network, the data cannot be updated or modified so easily.

Network Speed/Cost

   The block chain nodes are the fundamental way of transmitting the data if they gets damage we need to replace the entire chain which is bit costlier, but the data will be safe permanently.

Immutable Smart Contracts

   Once the Smart contracts are added to block chain it becomes immutable, i.e it is unchangeable, if some hacker hacks the data even for him it will be tough to modify the data, even if modified, it will be tough for us also to modify

What are smart contracts?

   Smart contracts are self executing contracts the agreement between seller and buyer. The agreement will be in the form of line of codes.

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