Blockchain is a revolutionary technology that has the potential to impact all industries. Rachna Tyagi examines how Blockchain can un-chain the telecom industry.
Blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.
Blockchain is a DLT concept (Distributed Ledger Concept). The distributed ledger database is spread across several nodes (devices) on a peer-to-peer network, where each replicates and saves an identical copy of the ledger and updates itself independently. It gives an open, decentralized network to use. Powered by consensus algorithms every involved party gets a fair distribution and secure transactions. Security is accomplished through cryptographic keys and signatures.
Why is Decentralization so important?
For enthusiasts of blockchain, you will hear a lot about the decentralized aspect of it. What makes this so appealing is that it makes the blockchain impervious to censorship, tampering, or corruption.
Because it uses a peer-to-peer network, copies of the ledger are stored in many different locations, and unless you manage to track down every single one of them (Bitcoin is estimated to have over 35,000 nodes in its P2P network), you can’t destroy it. As well, because so many different, independent nodes are keeping track of the ledger, modifying it in an untrustworthy way won’t go very far because all the other nodes will disagree with that transaction and won’t add it to the ledger.
This is a huge part of why so many people believe blockchain technology is the future of currency, and why it is being adopted in industries other than cryptocurrency.
BENEFITS:
1. A blockchain’s ‘enabled’ trust improves coordination between various partners, due to a shared view of transactions and liabilities. This, in turn, permits the elimination of third parties, resulting in cost savings.
Bu hikaye Enterprise IT World dergisinin June 2019 sayısından alınmıştır.
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