Blockchain is a mechanism by which we can decentralize any content across the internet i.e peer-2-peer basis. Instead of having one administrator in charge, we have a whole network of computers handling blocks of data for transaction purposes. To be more specific , it is a distributed, decentralized database that maintains huge lists of records in the form of blocks where each block contains a timestamp, block number, data i.e transaction, a hash of the current block and a hash to a previous block thus eliminating the needs of a trusted third party.
With built-in robustness blockchain stores blocks of information that is identical across the network so that it can neither be controlled by a single entity nor it will have a single point of failure. Since the information is held among millions of computers simultaneously , it is accessible to anyone on the internet. The invention of Bitcoin gave a momentum to the growth of blockchain technology, it was first used as a distributed ledger that could successfully record transactions between any two parties. Being distributed it packs an extra layer of advantage because altering any transaction in the ledger would require huge computing power to override the entire network. Satoshi Nakamoto holds the title for the creation of both Bitcoin and Blockhain, although nothing much is known about Satoshi whether it’s a pseudonym for a single person or a group of people. Now its application is used in almost all the cryptocurrencies used worldwide i.e Litecoin, Ethereum
With markets being flooded with fake, synthetic stones scientists are working on a blockchain technology to verify and trace natural diamonds. Distinguishing between a natural diamond and a sythetic one is very difficut as both possess similar chemical composition and quality . Bitcarat.com a Russian startup has come up with a solution to trace natural diamonds where each diamond is assigned a digital block chain based certificate and it’s entire history of the transfer of rights is traced from the moment it was mined. According to Alexey Dimitrienko , one of the founders of the startup , the system will help increase the value of diamonds as a financial asset.
One can find the applications of blockchain in various fields like smart contracts, public services, Internet Of Things (IoT) , reputation systems and security services. An article published in International Research Journal on Feb 22 proposed the use of blockchain for sharing medical data , the system is aimed to improve the rigidity of clinical data making it more trustworthy. The Canadian unit of IBM has already collaborated with a pharmaceutical company named Boehringer Ingelheim to test blockchain in clinical documentation. Earlier this month another blockchain tech company Bitfury partnered with Medical Diagnostic Web , a radiology blockchain marketplace
to maintain and share medical imaging and diagnostics information such as X-rays and CT scans via blockhain based platform. Dubai has already planned to be the worlds first blockchain powered goverment by the year 2020.
