Blockchains will revolutionize and disrupt many industries like finance, banking, real estate, and healthcare by enabling decentralization and transparency. Blockchain properties include immutable and transparent data visible to all participants, strong cryptography, peer-to-peer communications, and the ability to be public or private. Popular consensus algorithms like Proof of Work and Proof of Stake achieve consensus. Major blockchain uses include digital currency, payments, file storage, web protocols, tokenized assets, insurance, and healthcare.
4. Properties of blockchain
• Data once entered cannot be changed
by anybody.
• It is an open transparent ledger with
the transactions being visible to all
participants.
• It uses strong military grade
cryptography.
• Blockchains use peer 2 peer (p2p)
communications.
5. Properties of blockchain
• They can be public/permission-less OR
they can be configured to be private.
• Consensus is achieved via different
algorithms. The most popular consensus
algorithms are "Proof of Wok" and "Proof
of Stake".
• Blockchain applications and data cannot
be shut done or censored.
• Can be used for value transfer.
6. Bitcoin is by far the most popular application of
blockchain technolgy as of today. But that will rapidly
change as more industries are being disrupted by
blockchain.
7. Another popular adoption of blockchain technology is being done
by Ethereum which can be used to pass on value just like bitcoin
but provides additional features like smart contract built into it.
8. Major use-cases of blockchain technology
1. Digital gold and other investments
2. Electronic payments
3. P2P file storage
4. P2P web protocol
5. Tokenization of assets like real estate,
automobiles and more
6. Insurance
7. Healthcare
