Blockchain- A disruptive technology for this decade.
Why is Blockchain technology so popular these days? Over the past few years, you have consistently heard the term ‘blockchain technology,’ probably regarding cryptocurrencies, like Bitcoin. In fact, you may be asking yourself, “what is blockchain technology?”Blockchain, sometimes referred to as distributed ledger technology (DLT), makes the history of any digital asset unalterable and transparent through the use of a decentralized network and cryptographic hashing.
In the current scenario, Blockchain technology is not limited to cryptocurrency. Blockchain technology meets real needs in all of these fields, and any one of them could explode into consumer consciousness and make blockchains omnipresent. It’s hard to predict which it might be. How big is the blockchain future? It’s potentially huge.
Gaining prominence rapidly, blockchain technology is counted among the hot trends that businesses must keep an eye on to stay ahead. Everyone is eager to learn about this new trend as it is bringing about significant advancements and leading to new opportunities in every industry, whether it is banking, healthcare, cyber security, advertising, or finance.
Recently CBSE Director of Information and Technology Antriksh Johri said, "Blockchain implementation has been done by CBSE. Earlier we introduced Artificial intelligence (AI) and Machine learning (ML) for affiliation systems. Here, the data is linked and stored with cryptographic security so that it is immutable and traceable."
Even Markets regulator Sebi on Wednesday asked depositories to use distributed ledger or blockchain technology to record and monitor security creation as well as covenants of non-convertible securities. Distributed ledger technology has the potential to provide a more resilient system than traditional centralized databases. It offers better protection against different types of cyber-attacks because of its distributed nature, which removes the single point of attack.
As you start thinking about your future application architectures, keep the blockchain in mind. Blockchain will be as important to the next generation of internet applications as the public cloud, microservice architectures, and DevOps is to the current generation. Make sure you consider the influence of blockchain in all of your application architecture plans for the current and future.
