Blockchain – Future Trends
Internet had opened new vistas of social and commercial interaction for all and sundry. It, however, failed to create trust amongst the users as is proven by the ever-increasing internet frauds and identity thefts. Blockchain technology is able to address this concern effectively. Accordingly, blockchain future trends will, in all likelihood, surpass anyone’s expectations in a short period of time.
As per Don & Alex Tapscott, authors Blockchain Revolution (2016)
“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
Broadly speaking, a Block is a distributed ledger that is available to various users. Each block has three main parts.
The main Data. It can be one’s account transactions; a land deed or any such document
A block’s own unique identification number called a hash. The Hash of a block is automatically generated depending on the data stored in it. If the data inside the block is modified, the hash of the block will also change. This will make this block and the subsequent blocks in the chain invalid. It is, therefore, almost impossible to tamper with the data unless one can change the hashes of all the succeeding blocks as well. This makes the blockchain quite tamperproof.
The third part is the hash of the previous block which is linked with it. Similarly, the hash of this block gets linked to the succeeding block. This creates a chain hence the name, ‘Chainblock’.
The hash of a block makes the data in the block quite safe. But in order to ensure that a block is absolutely secure and tamperproof, there are two more aspects in the system
- ‘Proof of Work’ – This is an algorithm used to validate each transaction.
- Decentralisation – or multi-location of the data ledger all over the network, each member of the network is called a Node. Every node has access to the chain and can verify the correctness of data
The data and the hashes are encrypted for further safety.
Blockchain future applications
Blockchain is already in use for transacting Bitcoins and ICOs. Some of the blockchain future applications may include:
- Collective Farming – Instead of each farmer toiling on his small piece of land, the plots adjacent to each other can be combined and cultivated as one big farm for better resource management. The cost of inputs and the profits can be calculated based on the size of the plot of each farmer through Blockchains.
- Land records – One of the other blockchain future applications is that it be used to make land records tamperproof.
- In Internet of Things – One of the major technological advancements, IoT, has made way for blockchain future trends. E.g. it can be used in the maintenance of the history of a vehicle.
- Supply Chain management-All the constituents of the supply chain will be able to access it and update it on a real-time basis. One can create smart contracts also.
- Elections – EVMs were introduced in India to replace the much-discredited paper voting system but EVMs seem to be equally corruptible. Blockchain System can prove to be an excellent alternative to EVMs.
- AADHAAR (Identity Management). Blockchain can be used for ensuring the safety of the sensitive data of the individuals.
The success of Blockchain technology depends on the quality of the encryption of the data and hashes. This opens up challenging career opportunities for young software professionals. The future of blockchain developers promises to be very bright. You can enroll for a reputed online course for blockchain, get trained and ride the crest.