All You Need to Know about Blockchain Technology

Recently, Blockchain Technology spread and emerged speedily in every field. Due to the huge public attention towards this technology, it can be expected to have a big demand in near future. Specially, we can predict that the traditional business processes will use and turn into modern processes. Because, this decentralizedshared ledger type technology helps to record any kind of digital data spread across multiple sites, countries, and institutes in a secured way. That means any kind of industry can interlink and achieve many benefits through this technology.

Uses of Blockchain Technology

Satoshi Nakamoto is the founder of Blockchain Technology. He first created a system around 10 years ago and aimed to empower individuals financially through a safe and secure global financial platform. Therefore, the financial industry, banks, and cryptocurrency have got more benefits from Blockchain. But that doesn’t mean that it only limits to the financial industry. For example, starting from the Bitcoin Exchange, we can keep records of medical and healthcare, supply chain data, election data and etc.

As mentioned earlier, the demand for the Blockchain increases day by day due to numerous factors as follows:

  • The top factor highlights as reducing the chances of fraud, human error, and manipulation in any kind of industry.
  • Through using smart contracts like protocols eliminate the extra efforts in a clearing, settlement and etc. That means, it reduces the administrative cost and make fast the transaction process.
  • Blockchain eliminates the charges of offline reconciliation.
  • Makes secure the settlements of cross-company transactions.
  • Reduce redundancy in the organization.
  • Makes authorized access for the real-time data.

What Is Blockchain and How Does It Help to Design Secure FinTech Products?

Blockchain is a sequential chain of blocks that are protected from hackers and data leakages. It is a misconception that this technology is used only in cryptocurrency. In fact, blockchain can be applied anywhere where it is important to design secure fintech products and more. Check this review of the best fintech development companies, if you are looking for developers for hire.

What is hashing

Before talking about blockchain, you need to understand what hashing is. Hashing is taking any message and encrypting it using a special algorithm. Each time, this algorithm will convert the text to the same hash. In order to generate a hash, you can use an online hash generator.

You are unlikely to know what is encrypted here. Also, if at least one comma is missing or any letter changes a case, the hash will change completely. At the time of this writing, the only way to decrypt the hash is by brute force. In theory, to find the right one, you have to try an infinite number of combinations.

One use case for hashes is for storing passwords. When a user logs into the system, his data will not be stored in a pure form, but in the form of a hash.

Every time they enter a password, it will be hashed again, and only then it will be compared with what is recorded in the database. Even if someone steals the database, they won’t know what password was used.

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