What is Blockchain Technology? Market Size, Use Cases and Future Scope
The concept of blockchain has been going on in the field of technology for quite some time. Though blockchain technology appears to be complicated, the core concept behind it is pretty understandable. A blockchain is typically a type of database.
Like every other database, blockchain is also used to store data and information electronically. But the primary difference between the usual database and blockchain is the way the data is structured. A normal database stores data in the form of tables with entries. Whilst blockchain collects and stores data and information as a group. These groups are known as blocks.
Each of these blocks in the blockchain has a certain storage capacity. Once these capacities reach the limit, the current block is chained up with the previous block. Every block in the blockchain network has its hash and the hash of the previous block. Hash is the way of encrypting data by converting digital information into a set of strings and numbers. Every newly created block is chained up with the previous block once its capacity is reached. This is basically how a blockchain network is formed.
Moreover, blockchain is a decentralized, distributed ledger technology. This means that there is no ownership over the data and information on the blockchain network. With the help of distributed ledger technology (DLT), the data can be shared within the blockchain network. Once the data has been entered into the blockchain, it becomes immutable. That is, no one can alter or edit the data after it has been inserted into the blockchain. Additionally, blockchain also provides data transparency by making the data traceable over the blockchain network.
Major players in the field of blockchain technology
1) Consensys
Consensys, a blockchain company, develops enterprise-level blockchain applications and developer tools that are secure and efficient. The company also supports blockchain startups by investing alongside them.
2) Blockchain Intelligence Group
Blockchain Intelligence Group is one of the most trusted blockchain companies in the world. The company provides consulting services on building blockchain applications. The company also aims in providing optimum solutions for reducing the risk involved in cryptocurrency transactions.
3) Blockchangers
Blockchangers is one of the most prominent blockchain companies that has dominated their presence in the IT sector. The company provides consulting services on blockchain-based project ideas and assists the clients to understand and leverage the benefits of blockchain. The company also provides lectures, workshops and development services to the clients.
