Blockchain could be a data structure that could be a growing list of

information blocks. The knowledge blocks area unit coupled along, such
recent blocks can’t be removed or altered. Blockchain is the backbone
Technology of the Digital CryptoCurrency BitCoin. The blockchain is a
distributed database of records of all transactions or digital events that have
been executed and shared among participating parties. Each transaction is
verified by the majority of participants of the system. It contains every single
record of each transaction. Bitcoin is the most popular cryptocurrency an
example of the blockchain. Blockchain Technology first came to light when a
person or Group of individuals name ‘Satoshi Nakamoto’ published a white
paper on “BitCoin: A peer-to-peer electronic cash system” in 2008.
Blockchain Technology Records Transaction in Digital Ledger which is
distributed over the Network thus making it incorruptible. Anything of value
like Land Assets, Cars, etc. can be recorded on Blockchain as a
Transaction. 
How does Blockchain Technology Work? 
One of the famous use of Blockchain is Bitcoin. Bitcoin is a cryptocurrency
and is used to exchange digital assets online. Bitcoin uses cryptographic
proof instead of third-party trust for two parties to execute transactions over
the Internet. Each transaction protects through digital signature. 
Distributed Database: There is no Central Server or System which keeps
the data of the Blockchain. The data is distributed over Millions of Computers
around the world which are connected to the Blockchain. This system allows
the Notarization of Data as it is present on every Node and is publicly
verifiable.
 
A network of nodes: A node is a computer connected to the Blockchain
Network. Node gets connected with Blockchain using the client. Client helps
in validating and propagating transactions on to the Blockchain. When a
computer connects to the Blockchain, a copy of the Blockchain data gets
downloaded into the system and the node comes in sync with the latest block
of data on Blockchain. The Node connected to the Blockchain which helps in
the execution of a Transaction in return for an incentive is called Miners.

Disadvantages of the current transaction system:

 Cash can only be used in low amount transactions locally.
 Huge waiting time in the processing of transactions.
 Need to third party for verification and execution of Transaction make the
process complex.
 If the Central Server like Banks is compromised, whole System is affected
including the participants.
 Organization doing validation charge high process thus making the
process expensive.
Building trust with Blockchain: Blockchain enhances trust across a
business network. It’s not that you can’t trust those who you conduct
business with its that you don’t need to when operating on a Blockchain
network. Blockchain builts trust through the following five attributes:
 Distributed: The distributed ledger is shared and updated with every
incoming transaction among the nodes connected to the Blockchain. All
this is done in real-time as there is no central server controlling the data.
 Secure: There is no unauthorized access to Blockchain made possible
through Permissions and Cryptography.
 Transparent: Because every node or participant in Blockchain has a
copy of the Blockchain data, they have access to all transaction data.
They themselves can verify the identities without the need for mediators.
 Consensus-based: All relevant network participants must agree that a
transaction is valid. This is achieved through the use of consensus
algorithms.
 Flexible: Smart Contracts which are executed based on certain
conditions can be written into the platform. Blockchain Network can
evolve in pace with business processes.
Benefits of Blockchain Technology:
 Time-saving: No central Authority verification needed for settlements
making the process faster and cheaper.
 Cost-saving: A Blockchain network reduces expenses in several ways.
No need for third-party verification. Participants can share assets directly.
Intermediaries are reduced. Transaction efforts are minimized as every
participant has a copy of shared ledger.
 Tighter security: No one can temper with Blockchain Data as it shared
among millions of Participant. The system is safe against cybercrimes
and Fraud.
 Collaboration: It permits every party to interact directly with one another
while not requiring third party negotiate.
 Reliability: Blockchain certifies and verifies identities of every interested
party. This removes double record, reducing rates and accelerate
transactions. 
Application of Blockchain
 Leading Investment Banking Companies like Credit Suisse, JP Morgan
Chase, Goldman Sachs and Citigroup have invested in Blockchain and
are experimenting to improve the banking experience and secure it. 
 Following the Banking Sector, the Accountants are following the same
path. Accountancy involves extensive data, including financial statements
spreadsheets containing lots of personal and institutional data. Therefore,
accounting can be layered with blockchain to easily track confidential and
sensitive data and reduce human error and fraud. Industry Experts from
Deloitte, PwC, KPMG and EY are proficiently working and using
blockchain-based software.
 Booking a Flight requires sensitive data ranging from the passenger’s
name, credit card numbers, immigration details, identification,
destinations, and sometimes even accommodation and travel information.
So the sensitive data can be secured using blockchain technology.
Russian Airlines are working towards the same. 
 Various industries, including hotel services, pay a significant amount
ranging from 18-22% of their revenue to third-party agencies. Using
blockchain, the involvement of the middleman is cut short and allows
interacting directly with the consumer ensuring benefits to both parties.
Winding Tree works extensively with Lufthansa, AirFrance, AirCanada,
and Etihad Airways to cut short third-party operators charging high fees. 
 Barclaysuses Blockchain to streamline the Know Your Customer (KYC)
and Fund Transfer processes while filling patents against these features. 
 Visauses Blockchain to deal with business to business payment services. 
 Unileveruses Blockchain to track all their transactions in the supply chain
and maintain the product’s quality at every stage of the process. 

 Walmart has been using Blockchain Technology for quite some time to
keep track of their food items coming right from farmers to the customer.
They let the customer check the product’s history right from its origin. 
 DHL and Accenture working together to track the origin of medicine until it
reaches the consumer. 
 Pfizer,an industry leader, has developed a blockchain system to keep
track of and manage the inventory of medicines. 
 The government of Dubai looking forward to making Dubai the first-ever
city to rely on entirely and work using blockchain, even in their
government office.  
 Along with the above organisations, leading tech companies like Google,
Microsoft, Amazon, IBM, Facebook, TCS, Oracle, Samsung, NVIDIA,
Accenture, PayPal, are working on Blockchain extensively.

Project ideas that you can try will learning Blockchain technology

Here are a few project ideas for beginners looking to learn more about
blockchain technology:
1. Cryptocurrency Wallet: Create a simple cryptocurrency wallet
application that allows users to send and receive digital assets.
2. Blockchain Explorer: Develop a web-based application that allows users
to view and search the transactions on a specific blockchain.
3. Smart Contract: Implement a simple smart contract on the Ethereum
blockchain that can be used to manage a digital token or asset.
4. Voting System: Create a blockchain-based voting system that allows for
secure and transparent voting while maintaining voter anonymity.
5. Supply Chain Management: Develop a blockchain-based system for
tracking the movement of goods and services through a supply chain,
providing greater transparency and traceability.
6. Decentralized marketplace: Create a decentralized marketplace using
blockchain technology where the goods and services can be directly
bought by the customers without any intermediary.
7. Identity Management: Create a decentralized digital identity
management system that allows users to control their personal
information and share it securely with others.
These are just a few examples, there are many other possibilities to explore
within Blockchain technology.

Future scope of Blockchain Technology

Finance, supply chain management, and the Internet of things are just a few
of the sectors that blockchain technology has the power to upend (IoT). The
following are some potential uses for blockchain in the future:
 Digital Identity: Blockchain-based digital IDs might be used to store
personal data safely and securely as well as offer a means of establishing
identity without the need for a central authority.
 Smart Contracts: A variety of legal and financial transactions could be
automated using smart contracts, self-executing contracts with the terms
of the agreement put straight into lines of code.
 Decentralized Finance (DeFi): Using blockchain technology, decentralized
financial systems might be built that support peer-to-peer transactions
and do away with conventional intermediaries like banks.
 Supply Chain Management: Blockchain technology can be applied to a
permanent record of how goods and services have been moved, enabling
improved openness and traceability across the whole supply chain.
-Internet of Things (IoT): Blockchain technology may be used to build
decentralized, secure networks for IoT devices, enabling them to
exchange data and communicate with one another in an anonymous, safe
manner.
In general, blockchain technology is still in its early stages and has a wide
range of potential applications.
Advantages of Blockchain Technology:
1. Decentralization: The decentralized nature of blockchain technology
eliminates the need for intermediaries, reducing costs and increasing
transparency.
2. Security: Transactions on a blockchain are secured through cryptography,
making them virtually immune to hacking and fraud.
3. Transparency: Blockchain technology allows all parties in a transaction to
have access to the same information, increasing transparency and
reducing the potential for disputes.
4. Efficiency: Transactions on a blockchain can be processed quickly and
efficiently, reducing the time and cost associated with traditional
transactions.
5. Trust: The transparent and secure nature of blockchain technology can
help to build trust between parties in a transaction.

Disadvantages of Blockchain Technology:

1. Scalability: The decentralized nature of blockchain technology can make it

difficult to scale for large-scale applications.
2. Energy Consumption: The process of mining blockchain transactions
requires significant amounts of computing power, which can lead to high
energy consumption and environmental concerns.
3. Adoption: While the potential applications of blockchain technology are
vast, adoption has been slow due to the technical complexity and lack of
understanding of the technology.
4. Regulation: The regulatory framework around blockchain technology is
still in its early stages, which can create uncertainty for businesses and
investors.
5. Lack of Standards: The lack of standardized protocols and technologies
can make it difficult for businesses to integrate blockchain technology into
their existing systems.
6. Overall, the advantages of blockchain technology are significant and have
the potential to revolutionize many industries. However, there are also
several challenges and disadvantages that must be addressed before the
technology can reach its full potential.