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Blockchain is a kind of a different way to document new data. This kind of technology is used to create blockchain apps, for example games, social networks, messengers, online shops and much more. It’s a collection of information and records, that must be verified. Then transactions are fused together as blocks, like the name Blockchain suggests, to be verified by computers in the network.
All this data that is stored on the network, must be transparent, so they cannot be deleted or even be corrupted. But this doesn’t imply that you can see who is doing the transactions. This part is kept anonymous and you can not know who is sending to who the data or the transaction.
Different blockchains take a different amount of time to confirm these transactions, but cryptocurrencies here take the first place as the fastest ones. This is probably because of their nature of selling and buying, which the fastest one is Etherum with the speed of the transaction for 15 seconds.
What most people know is that Blockchain is mostly used for Bitcoin or similar cryptocurrencies, but there are hundred different uses that not a majority of internet users don’t know. Bitcoin was one of the first launched Blockchain, that made people say with would revolutionize money and government.
Banking and their current system are very vulnerable to frauds and hacking. So here is where the Blockchain technology comes in mind, because we know that the information now would not have e centralized point of access. This makes a hard way , if maybe impossible, for hackers to run into all the information from all the people in this distributed ledger technology.
This technology also is used to build new secure systems like recording votes in elections, paying taxes, keeping the track of property rights, and this is why analysts think that Blockchain might be one of the most amazing technology invention.
One of the biggest value of the Blockchain is that provides the database to share without a central administrator. The database is tangible and it ensures that the nodes would stay in sync and this way transactions should be verified and proceeded in an independent way.
By being decentralized network, Blockchain cannot fail in a central point, and this is better to escape the attacks of malicious people.
Public and Private Blockchain
There are two main known categories of blockchain permutations: Private and Public. Public ones allow every user to send transactions, even see them, just as long as they’re part of their consensus. What differs the public one from the private one is that with the public Blockchain anyone can use the ledger and participate in the blockchain’s protocol.
Meanwhile with the private Blockchain works with specific organizations such as employees within a corporation, or between a set of organizations who agree to partnership together. And in order to share their data that’s stored in a private chain, they work on a permission type of system.
What are the Cons?
Blockchain’s performance is one of the pet peeves, because of its nature, so they’re slower than centralized databases. This happens because transactions should pass from a node to an other, and their source is hard to be proven.
To generate and verify transaction signatures is a complex process, and it should be done individually by every request that comes.
Another con is finding that development company in Dubai that can build a Blockchain, they must know languages like C#, C++, Java, Python or other. This is because even though Dubai has a significant increase rate on working with Blockchain database, still there are not a lot of companies that have a strong point in this area.
They also need to be customized to suit the users’ needs, and building the perfect application that hooks into the Blockchain, commit to the resources on its management, security and development.
Mistakes that can happen while doing the transactions are not allowed, for example transferring money to the wrong person, cannot be recovered. Once a data is lost no matter the reason why, that asset is gone forever.
What can we conclude?
Even through the solutions that exists, like private or public blockchains with very strong encryptions, we’ve witnessed that there are a lot of cyber security concerns, which of course should be addressed before the public entrusts to the Blockchain their personal data.
These problems are just some of the ones that might makes digital marketing agencies doubt if they’re want to be fully committed to this technology. But one thing is sure, that these problems should be resolved, specially because Blockchains are becoming more and more popular.
In the other hand if we see in an optimistic view, we need to consider that Blockchain is being available only for a decade, and they’re still a road full of opportunities, new development processes is on its way, so there are people who are happy with this kind of evolving digital relationships.