Blockchain is the outcome of research & development that has been going on for the past few decades in the field of cryptography and security. It offers a never before used approach for storing information and performing functions, which has become a potential solution for environments that require high security without the need for revealing personal identity.
It is a giant public ledger of information, that can withhold personal information as well.
How it works
The working concept behind it is that it keeps two kinds of records: individual and transaction blocks. Blockchain’s first code converts each transaction into a unique value, which is then combined into a hash tree with a specified group of hashed transactions resulting in the creation of a block. Each block has a unique hash containing the hash of the earlier block’s header and a timestamp. Blockchain has an inherent feature of being resistant to any kind of data modification.
Due to its interlinked property, these become immutably bound together. Data which is recorded in any block cannot be changed without changes in all related blocks, which is possible only with the consensus of the network majority.
Benefits & Impact of BlockChain
Aafilogic Infotech, a Web Development Company in India, is exploring Blockchain technology for more applications in the coming future. Aafilogic Infotech has also developed a website for World BlockChain Organisation and Diplomat who offer e-wallet services for cryptocurrency. Moreover, as a Mobile App Development Company in India, Aafilogic Infotech is also developing an Android app for these organisations.
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