If you’ve decided to read this article it means that you have some uncertainty regarding this whole contrivance or how it works? Well, today we are here to breakdown the blockchain down to the tiniest detail to give you a vivid understanding of this technology.
What is Blockchain?
Let’s get on with a simple definition of the blockchain technology, so blockchain is a decentralized distributed public ledger system. Now, it’s time for discussing and understanding a few important jargons of this technology.
The most discussed technical terms we come across while digging about blockchain are decentralized and distributed.
Presently, we are surrounded by a mass of centralized systems which we use in our day-to-day lives, like ordering food, Booking a cab, reserving a table in a hotel. All these are executed and done with the help of a third party. This third-party has complete power on the rules and regulations of the system. With the arrival of Blockchain all these third-parties or middlemen will be eliminated.
What is a Distributed System?
What has been the most common reason for a majority of the data breaches that took place in the past few years? Why these attacks were successful? Because these companies chose to keep all the data in one basket or in a single server which makes it very easy for a hacker to get into the system and steal the data.
In a distributed system the information is distributed to several locations thereby making it harder for a hacker to alter the data in all the places at once.
How Blockchain Protects Data
Blockchain is distributed and decentralized this means, whatever information is stored on a blockchain is distributed and the blockchain in itself is owned by no single governing body.
By distributing data to different locations a hacker would need to alter the data in all places at once to perform their sneaky activities. It feels weird but by opening up and giving the data to everyone you protect it, so what we see from breaking down the definition so far is that blockchain is some sort of a system which is owned by nobody, and has no single point of functionality and instead is distributed in nature.
What is a Public Ledger?
Now, let’s look at the other half of the definition which states that blockchain is a public ledger system. So first of all, let’s get our heads around this whole Ledger system a ledger is a list of anything, the term Ledger originates from banking as it was first coined to denote a list or a book containing Financial transactions.
Impact of Blockchain On Mobile Applications
The incorporation of blockchain in developing mobile applications will give profitable outcome, let’s discuss some of them here:
- Execution of blockchain will clear the issues faced by users while making in-app purchases.
- It will play a major role in improving the advertising model.
- Execution of blockchain brings transparency in transactions.
- It also improve reward programs.
AC Market has developed an infographic to give a detailed description and explain the advantages of Blockchain in Mobile Application Market.