Blockchain, we have heard these words millions of times in the past 3-4 years, and you will be shocked with bigger eyes as your facial expression by knowing that a single key term “Blockchain” has increased by 250% in Google search in past one year. This percentage count is based on the latest search survey, but, still, the huge people crowd although they are technical or non-technical person is unaware of the actual concept of blockchain technology. Well, it’s a very broad sector of technology and is also known as the revolution of the IT industry. To know it well, let’s start with its 5W’s.
- What is Blockchain Technology?
It’s a web technology with a short name and high-level work criteria. Also, we can say that blockchain is the new and modern outlook of the internet. In simple words, blockchain is a technology that behaves like a chain in-between a network with the intention to keep secure the data of the network in the form of blocks. As well as it allows the connected network to share the data within, in the way of nodes, but, it doesn’t allow an individual to control the stored data and information. The amazing beauty of this technology is that, with blockchain technology, we did not need to rely on a single person, because it likes to work on the events that are recorded into it.
- Who has invented this Blockchain Technology?
It was first invented by Stuart Haber and W.Scott Stornetta in the year 1991, At that time they both described that this technology works on a secured chain of blocks, and named it Blockchain.
- When this technology gets its real identity?
Reportedly, in August 2008, a domain name was registered by an anonymous person. After that in the same year, in October an official paper document was published and declared under the observation of well famous personality Satoshi Nakamoto to perform a digital transaction and other data storage-like activities. Then in the next year, this technology was getting its real existence. That was the time when Satoshi had come together with the developers and programmers with the discussion to enhance the technology and its growing and advanced technology.
- Why this technology is the greatest invention?
Due to its several usages of data transaction and storage, blockchain technology is the preferred choice for developers and it makes this technology is one of the biggest inventions of the tech industry. In this, a broad record has been stored in a properly managed way, with a full-on security option that the connected members in the network are merely allowed to verify the stored data from their end but they did not modify or corrupt it anyhow. The blockchain is one of the highly advanced and secure technology to use.
- Where can we use this blockchain technology?
Blockchain can be used as a smart contract to make a healthy and strong business relationship in the digital prospect. This technology is like a support system in the creation of the major informal, and contract-based complex legal documents. By observing the rapid increment in the demand for blockchain we can assume that it will soon become an amazing platform for the making of the next generation’s smart contract and decentralized applications.
Blockchain and Inwizards?
As we are a team of highly qualified and in-demand techy guys, we are always willing to deliver quality-based services in several technologies to fulfill the demands of our clients to have well-featured software and application. In the same series, these days we are delivering superior services in blockchain technology. With the in-depth knowledge and understanding of this technology, we love to develop blockchain applications. For more details and to get our flawless blockchain development services, you can reach us directly any time at Hire Blockchain Developer