About
Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. Blockchain was first introduced in 2008 as the distributed ledger behind bitcoin transactions. Blockchain invented by 'Satoshi Nakamoto'. This technology is a database who store digital data.
Applications
Blockchain technology can provides greater security by storing passwords and other data on a decentralized network instead of centralized server. Blockchain is practically immutable. This technology can use more places like digital IDs, Bitcoin, Voting, Healthcare, Law Enforcement, Real Estate, Internet Of Things, Banking and online Music etc. And many more things and places where this technology can use.
Difficulties
There are a many difficulties in using of Blockchain technology. The principal challenge associated with blockchain is a lack of awareness of the technology, especially in sectors other than banking, and a widespread lack of understanding of how it works. The blockchain technology has now found multiple use cases all over the world across all sectors. India for one has adopted and is planning to adopt the blockchain technology across various sectors. Due to the decentralized nature of blockchain, each transaction must be verified by the nodes before it's accepted as a block.
Disadvantage
One of the main disadvantages of blockchain technology is the immutability of data. It benefits financial and supplies chain systems. Immutability can only exist if network nodes are fairly distributed. There is nothing inherit to blockchain that makes it slow and inefficient. It is scalability as well. There are many more disadvantages of using this technology.
Advantages
Your data is sensitive and crucial and blockchain can significantly change how your critical information is viewed. The capability creates whole new ways of thinking about how to transform processes, drive resiliency across complex networks like supply chains, facilitate trust, verify the digital identity of people and objects, and build new revenue models. More advantages of using Blockchain technology.
Purpose
The purpose of the blockchain is to share information amongst all parties that access it via an application.
Conclusion
The Bitcoin is the first successful implementation of blockchain. Today, the world has found application of blockchain technology in several industries, where the trust without the involvement of a centralized authority is desired. The main thing is that the data or password of any users can't hacked. The whole data of the all over users can't leaked or hacked by any hackers. This is trustable technology that's why there should use by the whole world. The privacy of this technology is amazing. So I think, In future we will use blockchain technology. The future of money is digital currency that's why we need to learn blockchain technology. So, Now welcome in the Blockchain technology.