Question

companies are adopting or planning to adopt blockchain technology. Since we want to focus on corporate applications, please select a non-cryptocurrency topic.

1. A brief summary of blockchain technology in general. Minimum 200 words

Answer 1

Summary of blockchain technology

Meaning of blockchain

In the literal sense, the blockchain means a chain of blocks, however the connotation is different in the traditional sense. The word “block” and “chain” actually means information obtained digitally i.e. the block and is being stored in database i.e .the chain.

Advantages

1. Provides stability :Blocks which are confirmed cannot be replaced as a result it provides a safe haven for storing important data.
2. Distributed network : Block chain data is saved in hundreds and thousands of devices. As a result it is prone to any cyber attacks and technical failures that may come up, since there is no failure at a single point.
3. Reduces the risk by creating a trust-less system : It creates a trust less system since there are no multiple parties required for a completing a transaction.

Practical Application

1. Banking use for transfer of money

• No third part involvement for verification purposes.
• Blockchain reduces the risk of fraud or duplicate entries.
• Ledger’s origin can only be tracked to its point of origin at the end of the chain.

1. Supply chain use

• Conditions can be pre-set by businesses to insure automatic trigger of transactions when the conditions are met.
• Supply and origin can be checked for each and every product using this technology a safety passage can created.

1. Data transfer use

• The data cannot be deleted or altered since the data structure work in ‘append only’ manner.
• Using cryptography the data is secured in data ledgers, which are distributed.  
• Transaction are verified through a distributed network of nodes called ‘mining’