Why should you really care about blockchain technology?

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Why should you really care about blockchain
technology? The global blockchain market is
expected to be 20 billion by 2024. Blockchain
technology is evolving and it is going to stay
for really long. This is the high time that you
should really care about it for a better
business process. To clear your idea more,
remember bitcoin and blockchain technology are a
different concept. Understanding blockchain will
help you to understand how this technology will
it serve different industries.

• What is Blockchain?
• Blockchain technology is a digital ledger which
  works as a series of block that contains
  information, chained together to offer a reliable
  and secure accounting for any particular field
  of work. In a block the information shared is
  encrypted, confirmed and distributed to a number
  of linked computers (in the network which are
  known as nodes). This ledger is secure and
  tempar-proof. The activities such as
  transactions, exchanging cryptocurrency, medical
  records, shareholder records, agreements are some
  of the best uses so far. However, it has a huge
  potential.
• Benefits
• Security Decentralize data makes it easy to save
  files in multiple locations.
• Data management Strong verification process for
  a better data management.
• Logistics Goods can be traced to their origin
  which offers company and consumers better
  transparency.
• Investing It provides strong space for
  crowd-based funding and other investment.
• Internet of Things Offers an infrastructure to
  assign automation for remote systems as many IoT
  devices come with some privacy concerns.

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What is Bitcoin? In simple words, it is a
digital currency exists in codes (encrypted)
form. It is one of the most popular
cryptocurrency. Users can use high-end computing
hardware to mine bitcoin. There is a limited
supply of bitcoin as it requires a lot of
computer resources and time. In 2017, a single
bitcoin was worth about 17,112 USD. It is a
viable currency online for many e-commerce. How
bitcoin works over blockchain? Lets assume that
Mr. A wants to send money to Mr. B. Initially,
they both need a bitcoin wallets as it works
as a software to use blockchain. A wallet is just
an access door. Mr. A uses his cryptographic key
to request the transaction. The cryptographic key
is transforming plain text into coded one. The
key is private and ensures high security. This is
the main part of the cryptographic operation.
Mr. As request is joining the other requests or
orders in a block, containing a cryptographic
sign or hash of the previous block, a timestamp
and transaction data too. This ensures that a
block is linked to other blocks and cant be
altered separately. The requests are then
analyzed by others in the network. They check
whether Mr. A really has the bitcoin to spend to
Mr. B. If everything is okay, miners on the
network will initiate the request with other
similar transaction to form a new block. The
block is marked with a date and it is added to
the chain over the network. Finally, Mr. B
receives his money. We at Sphinx Solution are
working on the blockchain development, wallet
development, smart contracts and many more. We
are an experienced IT team offers the best
solution to different industry. Curious to know
more, contact us to take this forward.
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