Blockchain is an information storage database system that helps process transactions made for the distribution of bitcoin, the world’s premier cryptocurrency. The database varies from other databases as it adapts a distributed ledger systems instead of a centralized database. That makes blockchain more reliable, secure and trusted than traditional databases as hackers cannot compromise the entire system through breach of a single computer system. Blockchain is popular for its enhanced and superior security credentials.
What Is Blockchain?
Blockchain is a constitution of a chain of blocks literally but not figuratively implying two elements of digital information (block) stored in public databases (chain). Precisely blockchain is, therefore, a digital information database. Since Cybersecurity is vital today, and blockchain has answers, solutions and ways enterprises can reduce the regularity and occurrence of computer systems or network breaches.
Blockchain Technology as a digital term was first used in 1991 by two cryptographic digital researchers (Stuart Haber and W. Scott Stornetta) in search of systems to full-proof digital document timestamps and make them 100% tamper-proof. However, blockchain became an apparent, prominent and digital reality with the Bitcoin launch in January 2009.
Systematic Functioning Steps of Blockchain
1. Blocks store information regarding transactions i.e. date, time, and dollar amounts of latest purchases.
2. Blocks store transactional information. Blocks for huge purchases from websites record the name plus the website transacted with. Yet rather than use actual transactions names, purchases are recorded minus any identification information but by attributing unique 'digital signature'.
3. Blocks store information distinguished from other blocks. Each block stores unique codes called 'hashes' enabling transactors to know every other block. Hashes are cryptographic codes made by unique algorithms.
So how does blockchain facilitate progress to becoming or transforming to a cognitive enterprise? Below we dissect the anatomy that blockchain presents.
Ways Blockchain Technology Solutions Help Cognitive Enterprises or Businesses?
1. Blockchain Facilitates Tamper-Proof Data Storage/Management
Blockchain has connected chains or trails of data records managed, stored and verified via verification and validating systems globally. These are computer network systems connected into a global network or grid of information storage. Created data records are available and shared and stored on each connected computer in the global network. Tampering, unauthorized updates, false information addition, erasing and deleting of the data is not possible as every computer shares an original copy of the stored data. That is why, cryptocurrency, is secure and can be saved and transferred quickly and securely all over the world without compromise to the transaction.
2. Blockchain Facilitates Digital Innovation and Entrepreneurship
Blockchain’s power to facilitate online financial transactions promotes digital entrepreneurship with the disruptive potential to power not just financial technology startups but also provide the same drive in other niches and industry verticals.
3. Blockchain Crafts Unique Identification Modes to Quash Fraud
Blockchain Technology Solutions by having data storage blocks facilitates unique identification via hash and further hash that link to the previous block. The ledger of activity is shared publicly with everyone on the network, and when a new transaction is executed, all nodes on the network must validate its legitimacy before validation or acceptance on the blockchain.
4. IoT Buffers for Cognitive Computing and Blockchain
It's estimated, by 2020 end, there will be more than 30 billion internet-connected devices worldwide and growing and growing as internet usage expands in emerging economies. Driven by this real-time demand and usage of data across industry, blockchain offers valuable tools that help fill the gap and also enhance insights to greater data security online.
5. Blockchain Shifts Legitimate New Paradign in Asset Exchange
Blockchain is almost immutable, which means blockchain represents a radical new paradigm in information and asset exchange. The application of blockchain technology has several implications not only for commercial enterprises but also for social behaviour.
6. Blockchain Offers Enhanced Medical and Clinical Care Accountability
With immutability as its core of operationalization, medical establishments and other clinical drug testing concerns in its network can be made more accountable with certified updates and entrances regularly.
7. Blockchain Erases Necessity of Third-Party in Business Transactions
Blockchain as a digital record-keeping system removes the necessity for third-party intermediaries who typically facilitate several transactions Blockchain decentralizes the management of transactions via cryptography and facilitates as well as enables shared verification of information and therefore support secure, transparent and accountable network exchange.
8. Blockchain Gives Ballast to Cognitive Computing
Cognitive computing is the use or adaptation of advanced artificial intelligence systems to make computers with rational abilities or thought. Deep learning enables cognitive computers to grasp and adapt as they receive new data. These computers are not just executing logic-based commands but as technology evolves espouse and include other AI abilities and systems.
Summary
Present solutions storage and data processing systems aren't able to match these devices without cognitive systems and blockchain. Better business insights, forecasts, analytics and accurate statistical results by adopting cognitive computing systems by Blockchain Development Services in India help gain competitive advantage. Moreover, cognitive computing, blockchain technology, and IoT help automate and monitor several industry systems for better overall optimization, reduced waste, and improved security.
