The word "blockchain" has been thrown around a lot lately. Since the beginning of the bitcoin boom, it has become the talk of the town.
So, what is Blockchain, exactly?
Blockchain is a decentralized, consensus-based, secure public/private database that stores data immutably over a peer-to-peer network. The Genesis block is the first block in the blockchain. Additional blocks are inserted to create a chain of blocks based on this one.
With the support of the previous hash, each block in the blockchain is linked to other blocks in a chain-like fashion. As a result, anyone attempting to hack a block must first hack the entire chain, which needs 51 percent of the blockchain network's total computing power. This almost eliminates the possibility of a blockchain being hacked. As a result, blockchain is more stable and safe than a traditional database.
A transaction is something that you store on the blockchain. As records or transactions are stored in the blockchain, they become permanent, which means no one can alter them, increasing data trust and integrity.
Blochain Use Cases
1. Managing the Supply Chain
The supply chain, as we all know, is the mechanism that happens between the supplier and the company. Through the digitalization of properties, blockchain will assist in addressing some major issues in the current supply chain structure. The blockchain technology will ensure that a customer receives genuine goods. This is accomplished by associating unique identities with products and storing this data in the blockchain. This unique id can be used to monitor product position, shelf life, and so on. A blockchain-enabled supply chain will also allow users to check the product they got.
2. Digital Personality
Today's digital identity system is entirely centralized, which has resulted in numerous identity hacks, data breaches, and other issues. All of this vital information can be secured and stored on the blockchain with the help of blockchain. Only consumers would have access over the information if this is implemented. Users will be able to grant as well as revoke access to a person or a company that wants to view the identity information. This type of identity mechanism will ensure that user data is being used only for appropriate purposes only.
In my view, this is the most significant use case for the blockchain. We all know that voter fraud is a big problem that almost every country in the world is dealing with right now. Blockchain can ensure that a person can only vote once and can also check a person's digital identity prior to voting. Voting on the blockchain will also boost voter turnout because it can be done electronically from the convenience of the voter's own home. As a result, there would be no need to travel to a certain location and wait for long periods of time to vote.
4. Medical treatment
Anything from the production of medicines to the distribution of medicines can be monitored using blockchain in the medical industry. Customers will not obtain any fraudulent drugs as a result of this. Additionally, the patient's entire medical history can be stored within the blockchain. This would assist the physicians in keeping track of the patient's past medical procedures, allowing them to have the best medication possible.
There has never been a straightforward food supply chain. Before the food is shipped to a consumer, there is no record of how it was stored. This can be dangerous because the food delivered to consumers can be contaminated. Customers would be able to trace the history and location of a commodity at any given time if blockchain is used in food safety. End-to-end traceability will boost the food supply chain's productivity.