Blockchain has been gaining popularity especially during covid. I have been meaning to learn more about it. Today I am sharing, what I have learned so far about blockchain. Hopefully following information is useful to you. This post also has few project ideas for undergraduate and post graduate students.
In simple words Blockchain is a Database. To better understand blockchain technology, It is feasible to know what data base is?
The collection of information which is stored electronically on a computer system is known as database. In other words, all the information or data is usually structured in table format in database. This is to ensure that searching and filtering for specific information is easy.
Now that you have a basic idea of databases, we can come back to Block Chain:
What is Blockchain Technology?
A blockchain is a chain of blocks. A blockchain collects information together in groups which are known as blocks. These blocks have specific storage capacities. Once a block is filled, it is chained onto the previously filled block which forms a chain of blocks. All of the information of previous block is compiled into a newly formed block which in turn will be added to the chain once filled.
How is Blockchain Used?
Blockchain can be used to store any kind of transactions. Other than storing money transactions, it can also be used in various technology like healthcare, rounds of property and smart contracts etc.
Rounds of Property
We all know that registering property rights process is both tiresome and inefficient. Currently in most countries a person has to deliver a physical deed to to a government employee at the local recording office. This deed is then entered into the county’s central database and public index. Not only registering is tiresome, but also property dispute where searching and matching records is inefficient and time consuming.
Blockchain can eliminate the need for scanning and tracking down of physical files in any local recording office. Owners can trust that their deed is accurate and permanently recorded if their property ownership is stored and verified on the blockchain. Moreover, it can also remove the inaccuracies in tracking a property ownership which is usually caused by human error.
Project Idea: Ask your local government to let you create a Property registering system for them using blockchain.
According to Forbes, the food industry is increasingly adapting the use of blockchain to track the path and safety of food from farm to the customer journey.
Project Idea: Create supply blockchain for your local farm products and analyse the data.
Will Blockchain take over?
Blockchain is a technology that enables the cryptocurrency. One of the best known example is Bitcoin for which blockchain technology was invented.
I think that it bitcoin not take over completely and leave behind dollar regime. But still it is quite likely that more people will prefer bitcoin in the future.
According to Financial Times, Covid 19 pandemic has made cryptocurrency sound less like a digital hype and people have realised its value. A lot of people have bought bitcoin in bulk making it one of the hottest investment of 2020. It’s price has more than quadrupled since the start of pandemic.
I still think that what will happen to bitcoin after the pandemic is over?
That is it for today. I hope that you learned something new here. Kindly leave comments and tell us if you like any of these project ideas.