Blockchain is a modern technology which deals with data handling. It resolves many issues of conventional technologies. This technology is developed through different languages of computer sciences like python. There are certain advantages of blockchain technology over others. Therefore the use of this technology is increasing in different sectors.
Blockchain technology provides proper security to the end users with reliable solutions. It not only prevents the attacks from outside but also protects the information from inside. We can say that this is self healing technology. As the system in blockchain technology is controlled by the network of nodes, a single person if goes offline or loses any information, the remaining nodes provide original data. The number of interconnected nodes may range to thousands which provide proper security over the information. Blockchain system provides security to the content through a decentralized system in which information is stored at all the nodes in the form of genuine copies. The technology uses extremely difficult codes of math that are difficult to steal by the hackers and provide more security.
For example in the case of Bitcoin, all the transactions stored on multiple computers of the network (nodes) and anyone not only can access the history but also trace the changes. This makes the system more secure as compared to the conventional centralized systems of banks. Similarly this technology can provide more security in other domains like supply chain management, digital marketing and healthcare systems. As the technologies are developing day by day, at the same time cyber attacks and hackers are also increasing with the same speed. At this time blockchain technology is providing more security as compared to conventional technologies and getting trust of the public and private sectors.
The modern era of technologies is developing very rapidly and introducing new tools and techniques which work more efficiently than the previous ones. It is necessary today to develop more and more efficient technologies to save time, cost and inputs of the users. Blockchain technology is very efficient in this regard. There are many domains in which this technology is operating and have some challenges like cost, time consumption but doing very efficient work in some domains for example in construction. In most of the projects more than 90% data of construction gets lost at the end of the project.
Blockchain technology helps in storage of this data and provides actual genuine information at the end of the project. It helps the owner at post construction level. The technology is revolutionizing many sectors including the energy sector. This is making energy systems more secure and efficient. The major role of this technology is providing a secure and trusty mechanism for the direct participation of the public in digital transactions in the energy market. It directly increases the efficiency of the market by joining the stakeholders and consumers at same the platform. Blockchain technology helped a lot in the transparent data flow among stakeholders, management and complexities of the energy system. As compared to the traditional systems, it has provided a more efficient, secure and automated system.