Blockchain

It’s a popular opinion to count Blockchain under the category of cryptocurrencies but cryptocurrencies are just a financial use of Blockchain. Blockchain is a way beyond that.

Yes, you can argue that Blockchain came into fashion after the popularity of Bitcoin in 2014 and beyond. So, the counter-argument is that bitcoin exists since 2008 and bitcoin has celebrated its 11th birthday.

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One Can Read Blockchain –

As a network:

A network of distributed computers and these distributed computers don’t report to any central authority. All computers are called peers and responsible to run the network.

As a distributed Database (Distributed ledger, To be more specific):

Every peer (computer) in Blockchain has its own copy of the database and there is a consensus algorithm that takes care of replication of the same world state (same copy of DB state) on all participating peers. This consensus makes Blockchain immutable as if one peer cheats and changes its database then consensus will mark that compromised after matching it on other peer’s states.

As a data structure:

LinkedList is a common data structure for readers from a technical background. LinkedList can be taken as a collection of connected building blocks with some information. Computer programmers use a data structure to hold data during the execution of programs.

So, Blockchain is a LinkedList like structure but data on the blocks can’t be changed (once written). There is no delete or modify operation on the Blockchain ledger.

Since Blockchain requires no centralized authority, it is best suitable for the scenarios where a system has multiple stakeholders. Think of the supply chain scenario where manufacturer to customer journey has multiple stakeholders. Blockchain can track the product in the whole journey and all stakeholders can fetch their information from a single source of truth, that source is Blockchain. Currently, all stakeholders work in separate silos and share information among them. Such a system requires central authority or a centralized mechanism and it leads to heavy reconciliation time.

Another use case of blockchain is where parties don’t trust each other. Let’s think of a scenario when a hotel asks for your identity proof for check-in and keeps a photocopy of it forever. The customer always has a fear of misuse of their identity proof and there are various cases of identity misuse. Blockchain-based KYC systems can help in this problem where blockchain smart contracts can verify the information of customers can verify themselves without sharing their personal information.

Medical data can also be stored over Blockchain. Where the patient can own their medical data and can share that data as per their wish and requirement.
Medical insurance companies ask for original medical reports and keep those reports with them. This is a serious breach of data privacy but blockchain based smart contracts can execute insurance claims without sharing the critical data. It would also make the system transparent and faster.

Blockchain has a great use case in the supply chain, healthcare, educational certificates, KYC, and legal too. Blockchain as a technology has great future and almost all big cloud providers are coming with BaaS (Blockchain as a Service) offerings.

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