Decoding the Buzzword: Blockchain Technology
The world has lately realized the unexplored potential of blockchain technology. If we turn the first leaf of this epic, it’s not hard to understand that block chaining is a trending technology very closely ‘chained’ with bitcoins. As the Wall Street, banks, related organizations and even the tech giants have been largely ranting about the phenomenal rise of this technology; Aalpha digs deeper on your behalf and tries to put up the gist of the in-fashion technology.
And as mentioned earlier, block chaining and bitcoins are two very closely related concepts, you (as a tech savvy or an entrepreneur, may be) should have a clear chalk out of both in your mind. Helping you make your first giant strides towards the blockchain technology, we would take you towards the related arena of bitcoins and then the actual blockchain technology.
Before the times of currency (cash), there was barter system and then the civilized world moved towards generalizing it with currency notes and coins. The existence of currencies came into existence and had the implications and benefits of themselves. With advancements, as the world is transforming itself from the ‘unlit’ earth to a global village, our habitat is turning digital. In such a scenario, it is almost inevitable to prevent the technology digitize money and hence how you use it. That is exactly where the new concept of bitcoins arise. Bitcoin is the name of an ‘entity-to-entity electronic cash flow system’. This if well adapted, can help the world go cashless and use this electronic form of currency for payments without trusted intermediaries while transacting between organizations and about other commercial affairs. This is the foundation as well as the working playground for the technology of blockchains.
The Real Need for Blockchaining
Suppose there was a transaction between two entities having a certain type of contract among themselves. And the consideration (‘give and take’ in layman’s language) of this contract was supposed to be in terms of a definite number of transacted bitcoins. With numerous such transactions that take place, they make bitcoins the public ledger. Slowly, transactions gaining paramount importance quantity and the genuineness of what revolves around them arises an obvious need for maintaining a digital copy of these transactions. With the numerous nodes working independently in this larger system, bitcoin transactions might well be documented and maintained within a particular database or a data structure. But maintaining uniformity and compliance among all those nodes is again a serious challenge for the techies. And solving this problem is what ‘blockchaining’ is all about. Yes, maintaining a sync and agreement among transactions be it in terms of bitcoins (being situation specific), any other real-time systems, databases or even simple updating of information is the gist of blockchaining.
Anything that works in a hierarchal decentralized system has major operational units as transactions can make use of the blockchain in technology. This helps the administrator to maintain decent uniformity in the data with consistent and reliable time stamping of the operations taking place throughout the blockchain.
The Unheard term: Ethereum
To keep it simple, it can be described as the global, main centralized computing platform on the blockchain laid all over the real-time system. This focuses on providing the user to be the decentralized mother computing platform for all the transactions initiated at any hierarchical level.
The Main Challenge with Blockchain Technology
Scaling Issues: The Counter Concept for Cloud Computing
The world has been enjoying this technology at maintaining up-to-date copies of the database at several nodes and maintaining a full compliance among frequently transacted systems.
But there seems to be a catch.
While adapting to any technology, the catalogue explained pros and cons might sound fancy might even create an illusion of complete you knowing it all. Any technology once adapted behaves very differently from what it sounds from the mouths of industry experts and is read over informative blogs. And blockchaining is different to none.
Around two decades ago, when the world was left stun by the primary concept of cloud computing, it practised client-server architecture where the server maintained a database which was concurrently accessed by several nodes. This made the road for scaling smoother and sustainable. One could easily think of increasing the number of nodes in a particular cloud system and take care of the scaling issues efficiently. Blockchaining, if seen at the grassroots level, is exactly reverse of the former. Where there was a single mother copy of the database of the system maintained and accessed at several nodes, but here blockchaining looks to maintain several distinct copies for transaction compliance and up to date status of the system at each and every node. This might sound simple, but makes the major challenge while laying down blockchains for implementing any real-time system.
Hope this turns out to be of real benefit to you helps you catch up with higher endeavours at blockchaining.
If you are looking to get decentralized blockchain application developed? then connect with us, Aalpha would be glad to help you understand the technology and its working, Aalpha has developed several application on blockchain technology some eg: smart contracts, crypto currencies, online wallets, ICO’s etc…
Finally, to know more connect with blockchain development company in India!
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About The Author
My name is Stuti Dhruv & I am senior consultant at Aalpha, primarily working on pre sales, consulting with clients on latest technology trends.