Is blockchain the way of the future?

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Why is so attractive according to Google Trends, the term “blockchain” (blockchain) first began to be actively mentioned in the search query in 2013, two years later than the term “bitcoin”, denoting a specific cryptocurrency, it was founded to provide turnover. It was in 2013 that the growth of innovative activity began.

  • Initially, interest in the idea of custom blockchain solutions was driven by a number of innovations that it brought to society through the Bitcoin project. First, it is, of course, the very idea of a public journal in a given payment method.
  • Secondly, it is a technology for splitting a section of activities and organizing a rigid connection between blocks by including in each block the values of the hash function (hash) calculated for the previous block. Thus, a method was laid for verifying the first integrity of the journal, starting from the block itself, which largely determined the interest in the blockchain on the part of economic organizations.
  • Thirdly, this is a new approach to transactions, each of which is made in the form of messages of a special format. In particular, we are talking about cryptographic security elements and verification of transaction activities and everything about including the hash of the recipient’s public key in his address, and the public key itself in the body of the transaction that the recipient generates when using the funds.
  • Finally, fourthly, this is a technology for protecting from hacking based on the idea of work (proof-of-work), which, in turn, is based on another no less idea the used complexity of the hash of the block of transactions. Technically, we are talking about multiple computation of the hash of a transactions for various numbers (nonce) included in the block in order to find such a hash that would have a level of complexity (less than the declared goal, which is a 256-bit number), as well as regularly changing the stated goal in order to maintain the same average block generation rate.

If we talk about the industry as a whole, then you can always come across a lot of forgeries: from fake sanitary certificates to monetary fraud. Blockchain, in addition to reducing time and avoiding the human factor, makes it possible to calculate and fight against dishonest partners who could put the wrong documents, etc.

Plus to analyze how they adhered to the terms of the contract and how they fulfilled them. This is a potential development opportunity.

Instead of a conclusion

Summing up, we can state that the concept of the blockchain turned out to be saturated with the points of emergence of new solutions, whether it be issues of security, location its topology and structure, interaction with other blockchains, block properties, transaction types, etc. The unique properties of the blockchain contributed to the fact that a huge number of specialists from all countries were engaged in the search for such solutions. As a result, the idea has already become and, most likely, will remain for a long time a powerful source of innovations in the technical, economic, financial, legal and other areas of public life of people around the world.

The technology is actively used in the fields of copyright and business rights, operations including goods and raw materials, personal confirmation and confirmation of access rights, in the energy sector, electronic voting, private and public administration. More information read here: Unicsoft.com

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