What is Blockchain? Hyperledger Technology Explained! Bitcoin Is a New Hope:
Have you ever heard about any of these terms – Blockchain, Hyperledger, Bitcoin. Ohh! Bitcoin for sure! It is trending totally crazy but one of the useful things. Let’s say ‘Bitcoin Is a New Hope’. Why am I saying this? What is Blockchain? What is Hyperledger? Everything is explained in this scoop. So without further ado let’s begin.
In 1999, Professor Milton Friedman, a Nobel Prize winner in Economics stated:
“I think the internet is going to be one of the major forces for reducing the role of government. The one thing that’s missing but that will soon be developed is a reliable e-cash.”
Nine years later, Bitcoin was born. Bitcoin is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. The blockchain is a tech & Bitcoin is merely the first mainstream manifestation of its potential and so the Hyperledger project. But then the question arises what exactly the Blockchain & Hyperledger is? In simple terms.
The blockchain is a digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly and Hyperledger is an open source collaborative effort created to advance cross-industry blockchain technologies. It is a global collaboration, hosted by The Linux Foundation, including leaders in finance, banking, IoT, supply chain, manufacturing, and technology.
Before Demonetisation in India, these things were not so known. After Demonetisation these things came into the picture and there are lot many things beyond. It is said that “Everything happens for a reason”. IBM Think Academy explained about how Blockchain work. Let us see How it really works?
Whether it’s the exchange of money between two parties documenting how goods move through a supply chain or making contractual agreements. The growth of global commerce and trade has created a network of disparate ledger systems vulnerable to errors fraud and misinterpretation.
Take the diamond industry, for example, the journey of a diamond from mine to consumer covers a complex landscape of legal regulatory financial manufacturing and commercial practices. Current supply chains have to rely on intermediaries. Every step of the way from government officials to lawyers, accountants dealers, and banks. this adds time and cost the diamond smuggling and fraud can hamper governments from collecting fair export taxes and consumers and retailers face the prospect of purchasing counterfeit or unethically mined stones this is where
This adds time and costs the diamond smuggling and fraud can hamper governments from collecting fair export taxes. Consumers and retailers face the prospect of purchasing counterfeit or unethically mined stones. This is where Hyperledger Blockchain technology comes in.
It has the potential to eliminate these vulnerabilities with transparent transactions. Blockchain offers all parties involved in a business network a secure and synchronized record of transactions. The blockchain ledger records every sequence of transactions from beginning to end whether it’s hundreds of steps in a supply chain or a single online payment. As each transaction occurs it’s put into a block. Each block is connected to the one before and after it, groups of transactions are blocked together and a fingerprint of each block is added to the next. Thus creating an irreversible change. That’s why blockchain is ideal for recording the mining refining and distribution of one of the most valuable goods in the world.
It can trace a diamonds path from the mine to the hands of the consumer with exceptional security and transparency while blockchain works with all types of transactions there are three key features that make hyper ledger blockchain uniquely capable of handling the requirements of a regulated industry like diamonds it’s distributed its permission led and it’s secure.
Cryptocurrencies are booming beyond belief. Bitcoin is up sevenfold, to $2,500, in the last year say’s TechCrunch. We believe that blockchain will do for business what the internet did for communication create new ways of working and leave more time for creativity and innovation.
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Article By Saurabh Sharma
Read Something Techie – Read Something New.