{"id":1689,"date":"2020-02-04T10:45:40","date_gmt":"2020-02-04T10:45:40","guid":{"rendered":"https:\/\/www.techgropse.com\/blog\/?p=1689"},"modified":"2020-02-26T10:21:18","modified_gmt":"2020-02-26T10:21:18","slug":"what-is-blockchain-technology","status":"publish","type":"post","link":"https:\/\/www.techgropse.com\/blog\/what-is-blockchain-technology\/","title":{"rendered":"What is Blockchain and How Does it Work?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Blockchain is a technology that entered the market with a purpose to find proven solutions to structural things security, speed, and efficiency. \u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But before moving to the direct discussion about what Blockchain is and how it works, let\u2019s look at various stats and facts regarding this powerful technology.\u00a0\u00a0<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_19 counter-hierarchy counter-decimal ez-toc-black\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" style=\"display: none;\"><i class=\"ez-toc-glyphicon ez-toc-icon-toggle\"><\/i><\/a><\/span><\/div>\n<nav><ul class=\"ez-toc-list ez-toc-list-level-1\"><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.techgropse.com\/blog\/what-is-blockchain-technology\/#Stats_and_Facts_about_Blockchain\" title=\"Stats and Facts about Blockchain\u00a0\">Stats and Facts about Blockchain\u00a0<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.techgropse.com\/blog\/what-is-blockchain-technology\/#What_is_Blockchain\" title=\"What is Blockchain?\u00a0\">What is Blockchain?\u00a0<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.techgropse.com\/blog\/what-is-blockchain-technology\/#The_Three_Pillars_of_Blockchain_Technology\" title=\"The Three Pillars of Blockchain Technology\u00a0\u00a0\">The Three Pillars of Blockchain Technology\u00a0\u00a0<\/a><ul class=\"ez-toc-list-level-3\"><li class=\"ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.techgropse.com\/blog\/what-is-blockchain-technology\/#What_does_Decentralized_Network_mean\" title=\"What does Decentralized Network mean?\">What does Decentralized Network mean?<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.techgropse.com\/blog\/what-is-blockchain-technology\/#Transparency\" title=\"Transparency\u00a0\">Transparency\u00a0<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.techgropse.com\/blog\/what-is-blockchain-technology\/#Immutability\" title=\"Immutability\u00a0\">Immutability\u00a0<\/a><\/li><\/ul><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.techgropse.com\/blog\/what-is-blockchain-technology\/#How_Does_Blockchain_work\" title=\"How Does Blockchain work?\u00a0\">How Does Blockchain work?\u00a0<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.techgropse.com\/blog\/what-is-blockchain-technology\/#What_Makes_a_Blockchain_Secure\" title=\"What Makes a Blockchain Secure?\">What Makes a Blockchain Secure?<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.techgropse.com\/blog\/what-is-blockchain-technology\/#Popular_Applications_of_Blockchain_Technology\" title=\"Popular Applications of Blockchain Technology\u00a0\">Popular Applications of Blockchain Technology\u00a0<\/a><ul class=\"ez-toc-list-level-3\"><li class=\"ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.techgropse.com\/blog\/what-is-blockchain-technology\/#Cryptocurrency\" title=\"Cryptocurrency\">Cryptocurrency<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.techgropse.com\/blog\/what-is-blockchain-technology\/#Smart_Contracts\" title=\"Smart Contracts\">Smart Contracts<\/a><\/li><\/ul><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.techgropse.com\/blog\/what-is-blockchain-technology\/#Future_Aspects_of_Blockchain_technology\" title=\"Future Aspects of Blockchain technology\u00a0\">Future Aspects of Blockchain technology\u00a0<\/a><ul class=\"ez-toc-list-level-3\"><li class=\"ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.techgropse.com\/blog\/what-is-blockchain-technology\/#Electronic_medical_records\" title=\"Electronic medical records\">Electronic medical records<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.techgropse.com\/blog\/what-is-blockchain-technology\/#Cross_border_transactions\" title=\"Cross border transactions\">Cross border transactions<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.techgropse.com\/blog\/what-is-blockchain-technology\/#Global_trade\" title=\"Global trade\">Global trade<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.techgropse.com\/blog\/what-is-blockchain-technology\/#Food_industry\" title=\"Food industry\">Food industry<\/a><\/li><\/ul><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/www.techgropse.com\/blog\/what-is-blockchain-technology\/#Advantages_and_Disadvantages_of_Blockchain\" title=\"Advantages and Disadvantages of Blockchain\">Advantages and Disadvantages of Blockchain<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/www.techgropse.com\/blog\/what-is-blockchain-technology\/#Conclusion\" title=\"Conclusion\u00a0\">Conclusion\u00a0<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Stats_and_Facts_about_Blockchain\"><\/span><span style=\"font-weight: 400;\">Stats and Facts about Blockchain\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">By 2024, the entire Blockchain market is predicted to be worth more than 20 billion dollars. (esparkinfo.com)\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">According to <\/span><a href=\"https:\/\/www.esparkinfo.com\/wp-content\/uploads\/2018\/11\/Accenture-Banking-on-Blockchain.pdf\" rel=\"noopener\"><span style=\"font-weight: 400;\">Accenture<\/span><\/a><span style=\"font-weight: 400;\">, banks can save more than 8 billion dollars per annum if they use blockchain technology in their transactions.\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">As per <\/span><a href=\"https:\/\/www.capgemini.com\/beyond-the-buzz\/blockchain\/\" rel=\"noopener\"><span style=\"font-weight: 400;\">Capgemini<\/span><\/a><span style=\"font-weight: 400;\">, educational institutions are embracing <em>blockchain technology<\/em> to avoid certificate frauds and to maintain records of student data.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Around 13% of the senior IT companies talk about their plans of investing in blockchain as per <\/span><a href=\"https:\/\/www.idgconnect.com\/\" rel=\"noopener\"><span style=\"font-weight: 400;\">IDG connect<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">So, these were some of the interesting stats and facts that <\/span><span style=\"font-weight: 400;\">could help someone to understand <\/span><span style=\"font-weight: 400;\">the popularity and importance of blockchain.\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><span style=\"font-weight: 400;\"> \u00a0\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_is_Blockchain\"><\/span><span style=\"font-weight: 400;\">What is Blockchain?\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Blockchain is a chain of blocks <\/span><span style=\"font-weight: 400;\">that<\/span><span style=\"font-weight: 400;\"> are composed of digital pieces of information. <\/span><span style=\"font-weight: 400;\">Blocks are entities that store information related to the followings;\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Transactions\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">About the person participating in transactions<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Sensitive information that distinguishes between different blocks. Alongside, It stores a hash code that allows it to tell it apart from other blocks.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Each of these blocks of data <\/span><span style=\"font-weight: 400;\">is <\/span><span style=\"font-weight: 400;\">secured and connected with each other using cryptographic principles.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_Three_Pillars_of_Blockchain_Technology\"><\/span><span style=\"font-weight: 400;\">The Three Pillars of Blockchain Technology\u00a0\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Three main pillars of this amazing technology which have helped it gain widespread acclaim are as follows:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Decentralization<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Transparency<\/span><\/li>\n<li><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Immutability\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0<\/span><\/span><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"What_does_Decentralized_Network_mean\"><\/span><span style=\"font-weight: 400;\">What does Decentralized Network mean?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">A decentralized network means that there is no real owner or everyone is an owner. <\/span><span style=\"font-weight: 400;\">The Internet itself is an example of a Decentralized Network. <\/span><span style=\"font-weight: 400;\">The Internet is basically an International Network and it is the most popular example of decentralization after blockchain.\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" class=\"size-full wp-image-1690 aligncenter\" src=\"https:\/\/www.techgropse.com\/blog\/wp-content\/uploads\/2020\/02\/Decentralized.gif\" alt=\"Blockchain technology decentralized\" width=\"600\" height=\"301\" title=\"\"><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Transparency\"><\/span><span style=\"font-weight: 400;\">Transparency\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Yes, it is true that personal information is kept secure on the blockchain. But this popular technology is almost always open source. In other words, users can modify the code according to the requirements with the help of the amazing computational power of blockchain technology.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This technology has millions of computers on its network, hence it is not possible to make a change without the approval of other authenticated people in the blockchain network.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It is nothing big. It is just a permanent digital ledger that is shared among all the participants in a Blockchain <\/span><span style=\"font-weight: 400;\">network and this <\/span><span style=\"font-weight: 400;\">property makes this technology completely transparent. <\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Immutability\"><\/span><span style=\"font-weight: 400;\">Immutability\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Immutability is the permanent nature of Blockchain-based networks. Every block has the information stored in it.<\/span><span style=\"font-weight: 400;\"> If someone tries to modify the information, the updated information is saved in a newly edited version with a different hash code which means the original version would still be there.<\/span><span style=\"font-weight: 400;\"> You can always see how many modifications have been done in the original info and by whom.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Next thing is that it is impossible to remove a record or information in a blockchain and this is what we call Immutability!<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_Does_Blockchain_work\"><\/span><span style=\"font-weight: 400;\">How Does Blockchain work?\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Since we have discussed blockchain in the earlier section, you might have imagined something about how it operates. Blockchain is a spreadsheet that contains the information of every particular transaction and each transaction generates the hash code. While talking about the work process, Blockchain works in a simple process that includes blockchain nodes, miners and blocks.\u00a0<\/span><\/p>\n<p><b>Blocks<\/b><span style=\"font-weight: 400;\">: A Block in a blockchain network is just like a page in a ledger. Every time a block is created, it gives way to the next block in the blockchain. In other words, a block is a permanent store of a record\/information that cannot be tampered for the entire life. Moreover, a block can be thought of as a link in a chain. It has parts or all of the records of the transactions that preceded it.\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<p><b>Miners<\/b><span style=\"font-weight: 400;\">: Miners check the accuracy of new transactions and record them on the blockchain. On average, users mine a block every 10 minutes. Miners face strong competition while solving a difficult mathematical problem based on a cryptographic hash algorithm. And the solution that comes out is termed as proof of work. This proof shows that a miner has spent a lot of time and resources to resolve the issue.\u00a0 \u00a0 <\/span><\/p>\n<p><b>Nodes<\/b><span style=\"font-weight: 400;\">:\u00a0 Nodes are a critical part of a blockchain\u2019s infrastructure. Without nodes, blockchain data would not be accessible. Blocks are stored on nodes. Nodes can be any device such as computers, laptops or bigger servers. Moreover, all nodes on a blockchain are connected to each other and they constantly exchange the latest blockchain data with each other. Hence, all nodes stay up to date.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Any blockchain network operates in a similar way. Let\u2019s take an example of the blockchain network of student records in an educational institute.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Since it is a blockchain network, all the student data is shared across all the authorities requiring the information.<\/span><span style=\"font-weight: 400;\"> If somebody wants to tamper the information of a student, it will notify all the authorities and will ask them for their approval. Hence, it is not possible to tamper the information on a blockchain network. <\/span><span style=\"font-weight: 400;\">Since it is present in the form of a permanent ledger, it is not possible to delete any record.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This way of working makes the Blockchain network a secure, fast and efficient network to store, manage and transfer any kind of sensitive information\/data belonging to almost any business.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_Makes_a_Blockchain_Secure\"><\/span><span style=\"font-weight: 400;\">What Makes a Blockchain Secure?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Blockchain is a distributed permanent ledger that maintains the information. Two things make a blockchain secure. <\/span><b><i>First is its permanent nature or immutability<\/i><\/b><span style=\"font-weight: 400;\">. <\/span><span style=\"font-weight: 400;\">It means once a record is listed, it cannot be removed at any cost.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Yes, it can be modified but all the authorities should agree with the modification. Also, the edited version will be given another hash code and it will be stored with the previous original version of the record. Hence, it is impossible to remove a record from the blockchain.\u00a0<\/span><\/p>\n<p><b><i>Another thing that makes it secure is its shareability<\/i><\/b><span style=\"font-weight: 400;\">. It is shared with all the authorized people in the blockchain network. So, if a person tries to either create a new record or modify a certain record, it will first notify all the authorized people in the blockchain network and simultaneously it will ask for the approval. Hence, Blockchain is secure enough to be used in different sectors of the business whether it is education, healthcare, finance, etc.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Popular_Applications_of_Blockchain_Technology\"><\/span><span style=\"font-weight: 400;\">Popular Applications of Blockchain Technology\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Cryptocurrency\"><\/span><span style=\"font-weight: 400;\">Cryptocurrency<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Bitcoin became popular just because of its speed, accuracy, and efficiency. Bitcoin <\/span><span style=\"font-weight: 400;\">has acquired <\/span><span style=\"font-weight: 400;\">all these properties from Blockchain technology.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Smart_Contracts\"><\/span><span style=\"font-weight: 400;\">Smart Contracts<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Smart Contracts is a computer code that can be created with the help of blockchain to facilitate, verify or negotiate a contract agreement. Smart code operates under a set of conditions that users agree. Whenever those conditions are fulfilled, the terms of the agreement are automatically carried out.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Future_Aspects_of_Blockchain_technology\"><\/span><span style=\"font-weight: 400;\">Future Aspects of Blockchain technology\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Blockchain continues to have a vast <a href=\"https:\/\/www.techgropse.com\/blog\/blockchain-technology-is-transforming-indian-industries\/\">impact on industries<\/a> and benefiting them through various improvements and revolutionary changes.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Electronic_medical_records\"><\/span>Electronic medical records<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">In the present scenario, electronic medical records are put in large data centers. <\/span><span style=\"font-weight: 400;\">Since this information is centralized, there can be problems\u00a0 caused by data breach.<\/span><span style=\"font-weight: 400;\"> In a blockchain network, all these medical records are shared among hospitals, doctors and regulators.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Moreover, when a new record is added to this shared ledger, everyone having the authorized access to this blockchain network is notified.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Cross_border_transactions\"><\/span>Cross border transactions<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Banks are always looking for a better solution to manage their Nostro and Vostro accounts. Both of these accounts are used to make foreign trade and exchange more convenient.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With the help of Blockchain technology, banks can solve this reconciliation problem in a simple way. <\/span><span style=\"font-weight: 400;\">Blockchain automated the reconciliation process and this is how it has helped Banks. <\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Global_trade\"><\/span>Global trade<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">In global trade, it is generally seen that the cost of documentation comes around one-fifth of physical transportation costs. And the main reason behind this fact is that various supply chain participants such as banks, insurers, border agents, customs and manufacturers depend on different systems for processing transactions.\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Blockchain connects all the participants in the supply chain. They will always stay updated with the latest changes. <\/span><span style=\"font-weight: 400;\">On a blockchain-based network<\/span><span style=\"font-weight: 400;\">, it is quite easy to perform transactions. So, ultimately blockchain network comes out to be a working solution to reduce documentation cost in Global trade.\u00a0\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Food_industry\"><\/span>Food industry<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Blockchain technology can be used in the food industry to encourage speed, accuracy, and efficiency of the record-keeping system involved in supply chain management. With Blockchain, it is possible to have a permanent record of food origin, processing data and shipment details.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this way, blockchain technology helps the food industry to have secured sharing of permitted data through an efficient food supply chain solution. If someone tries to alter the food item, the blockchain network recognizes it and notifies it to the producer before it reaches a retailer.\u00a0\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Advantages_and_Disadvantages_of_Blockchain\"><\/span>Advantages and Disadvantages of Blockchain<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Let\u2019s first talk about the advantages of Blockchain. The first and foremost benefit of this amazing technology is that <\/span><i><span style=\"font-weight: 400;\">it is a completely transparent technology<\/span><\/i><span style=\"font-weight: 400;\">. Everyone on the blockchain network knows what changes are being done in the records and when and who did the change. Everything is known to all the people in a blockchain network.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Other important advantages are mentioned below:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">All the transactions that occur in a blockchain network are secure, private and highly efficient.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It\u2019s a decentralized network. It means it has no real owner.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">There is no third party verification in a blockchain network<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">No human involvement. Hence, a blockchain network is free of human error.\u00a0 \u00a0 \u00a0 \u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Now, since we have looked at the advantages. Let\u2019s have a look at <\/span><b><i>certain disadvantages of Blockchain<\/i><\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Significant technology cost is associated with mining bitcoin.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Blockchain performs low transactions per second.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Blockchain has a bad history of being used in illegal activities.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It is more prone to hacking.\u00a0<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><span style=\"font-weight: 400;\">Conclusion\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">I hope that now you have got a clear idea about blockchain and how it works. <\/span><span style=\"font-weight: 400;\">Blockchain is a digital ledger shared with multiple people in the network.<\/span><span style=\"font-weight: 400;\"> Several industries such as Food, Healthcare, Banking, and others can use this technology to resolve issues present in their system. If you have an idea for <\/span><a href=\"https:\/\/www.techgropse.com\/blockchain-app-development\"><span style=\"font-weight: 400;\">blockchain app development<\/span><\/a><span style=\"font-weight: 400;\">,<\/span><span style=\"font-weight: 400;\"> you can reach out to us for more details. We are a leading blockchain app development service provider in India, USA, and UAE and have been serving our customers in the technology for years.<\/span><\/p>\n<p><a href=\"https:\/\/ae.linkedin.com\/in\/aman-mishra-944639b1\" rel=\"noopener\"><img loading=\"lazy\" class=\"alignnone size-full wp-image-1740\" src=\"https:\/\/www.techgropse.com\/blog\/wp-content\/uploads\/2020\/02\/blockchaain-app-development-consultant.png\" alt=\"blockchain app development consultant\" width=\"700\" height=\"257\" srcset=\"https:\/\/www.techgropse.com\/blog\/wp-content\/uploads\/2020\/02\/blockchaain-app-development-consultant.png 700w, https:\/\/www.techgropse.com\/blog\/wp-content\/uploads\/2020\/02\/blockchaain-app-development-consultant-300x110.png 300w\" sizes=\"(max-width: 700px) 100vw, 700px\" title=\"\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Blockchain is a technology that entered the market with a purpose to find proven solutions to structural things security, speed, and efficiency. \u00a0 But before moving to the direct discussion about what Blockchain is and how it works, let\u2019s look at various stats and facts regarding this powerful technology.\u00a0\u00a0 Table of Contents Stats and Facts [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1691,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":""},"categories":[240],"tags":[427,241,430,429],"jetpack_featured_media_url":"https:\/\/www.techgropse.com\/blog\/wp-content\/uploads\/2020\/02\/blockchain-technology.gif","_links":{"self":[{"href":"https:\/\/www.techgropse.com\/blog\/wp-json\/wp\/v2\/posts\/1689"}],"collection":[{"href":"https:\/\/www.techgropse.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.techgropse.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.techgropse.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.techgropse.com\/blog\/wp-json\/wp\/v2\/comments?post=1689"}],"version-history":[{"count":9,"href":"https:\/\/www.techgropse.com\/blog\/wp-json\/wp\/v2\/posts\/1689\/revisions"}],"predecessor-version":[{"id":1928,"href":"https:\/\/www.techgropse.com\/blog\/wp-json\/wp\/v2\/posts\/1689\/revisions\/1928"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.techgropse.com\/blog\/wp-json\/wp\/v2\/media\/1691"}],"wp:attachment":[{"href":"https:\/\/www.techgropse.com\/blog\/wp-json\/wp\/v2\/media?parent=1689"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.techgropse.com\/blog\/wp-json\/wp\/v2\/categories?post=1689"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.techgropse.com\/blog\/wp-json\/wp\/v2\/tags?post=1689"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}