Blockchain and it's applications

In the list of disruptive technologies, blockchain has unique positioning. The disruptive technology need not be low-cost, but it must be creating additional value. In the social structure of organizing segments, creating structures, blockchain provides an alternative paradigm. It's way of thinking is not aligned with current patterns, rather it aims for distributed way of functioning where single entity doesn't exercise control over the entire structure. Technology is just enabling to make this thinking implemented on the ground. Blockchain as a concept has chain of blocks, where each block is encrypted and is theoretically unchangeable, therefore providing secure chain of blocks. The blocks can be utilized to keep variety of information, giving it applications in varied fields. The record information in blocks can be anything which has possibility of trust voilation and is between two people or among a group of people. In this way, it can be a contract, emoney, identifier for physical objects, identifier for flow of operations, identifier for sequence of events, identifier for claims, identifier for disbursals and much more.

Several established entities are coming forward in implementing the tools and solutions around blockchain. This is to create an ecosystem for blockchain users while deriving value for themselves. eg. Linux Foundation has created Hyperledger Fabric and a number of companies are working to create solutions based on blockchain.

Blockchain can be implemented in a variety of ways commonly falling into one of the two categories of Public and Private Blockchain. Anyone who is part of the blockchain, he can see the block records in case of public blockchains. When selected few can write to the blockchain records, such type of blockchain is called private.

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