Posted by: Ravi Chauhan
Block chain Development Company | Block chain Explained
Over the last few year technology trends is shifted from desktops and consoles to mobile devices. Blockchain technology is one of the leading software platforms for digital assets. Blockchain development company in India & USA offering robust and scalable mobile app development to their clients globally with the highest level of precision. Using new technology we offer the largest production blockchain platform.
What this new Blockchain technology is? , what it’s all about? , how it works? , where we can use? What is the advantage?
Well, top blockchain development companies say “ A blockchain, originally blockchain is a continuously growing list of records called blocks, which are linked and secured using cryptography”. It is digitized, decentralized, public ledger of all cryptocurrency transactions. Completed blocks are added and recorded in chronological order Continuously allows users to keep track of digital currency transactions without central recordkeeping. Each user (a computer connected to the network) gets a copy of the blockchain, which is downloaded automatically to its site.
Where did blockchain technology come from?
Bitcoin Technology came into existence and made its first appearance in 2009, with the classic idea of the mutual distributed ledger, the blockchain, with an entirely digital currency that wasn’t controlled by any one individual or organization. Blockchain technology is developed by “Satoshi Nakamoto” which is anonymous the cryptocurrency allowed for a method of conducting transactions while protecting them from interference by the use of the blockchain.
Let’s understand blockchain technology
Suppose you have an old laptop or maybe an old vehicle and you want to sell it, so what will you do? Obviously, you will try to find someone nearby who is willing to buy it. Now suppose no one nearby you is interested to buy your product now what will you do? Well well well I know you are smart enough with having a smartphone in your hand you will try to sell it using an online digital platform, maybe eBay and many more. And what this platform do for you is provide a space in their platform and once the good get sold on they will charge you a small amount. These platforms ask you for a commission for the security.so basically these platforms are a middleman between you and your consumer. Now, what if I say by using this technology we can completely remove this middleman and we can communicate with our consumer no matter where he is, sounds Interesting.
Here is how blockchain technology works?
I will make you understand with an example well I know we all have managed a monthly budget where all the roomies have the access of the monthly budget book now take this book to an advanced level and make the copy of the book as a spreadsheet and we will share the link of spreadsheet to every person who belongs to this budget, now make the rule for the Budget book that only people can add to the book but they cannot remove or edit in the sheet. So now whenever a person will add any list of goods a new row is occupied let’s call that row a BLOCK now more the row get filled more the Block will be created and each row can be get verified by each of the people who belong to the budget and this number of block will make a chain of transaction, even if the person joined the network after a lot of transaction or rows he will get the full copy of the spreadsheet. This is blockChain, Simple?
So Blockchain technology is a global database of digital receipt which can be get accessed by everyone who is connected to the internet and it can not be changed and every modification makes a block of a ledger and every update make a chain hence it called Blockchain.
Where we can use blockchain technology?
Well, this technology is not so much new as well not so much old as it was first applied to a sensation cryptocurrency Bitcoin but the area of blockchain technology has not completed even its first milestone. But according to what I read and what I understand it can be implemented in various sector of field and technology and some of them are:
1.Banking (value exchange)
As blockchain is occupying a various sector of information technologies and plays a crucial role in improvising the services and reduces cost. There can be a great boon of advancement in mobile applications for finance, business, education, and healthcare based on blockchain technology. Top mobile application development companies in India and USA started working on blockchain technologies. if you have any app development idea and want to execute it request a quote to TechGropse a blockchain development company and Mobile app development service provider offering robust and scalable mobile app development to their clients globally with the highest level of precision.