Blockchain revolution : technology development and business applications

Abstract

New technologies are constantly changing the business landscape constantly. Hence, blockchain technology is considered to be the core of the upcoming industry 4.0. Businesses are pushed heavily towards increasing their protection of customers data and privacy along with being transparent about their business model. Thus , blockchain is seen as the technology that is needed to revolutionise the way businesses function today due to the promise of having decentralised distributed ledger. The promise of cryptographic security of data in the blockchain and the strong peer to peer network for digitalized transactions adds more public trust in wanting to adopt this technology. A very example of such an application is Bitcoin, the highest valued cryptocurrency , which rose to prominence of due to the secure value of doing transactions online. The SHA-256 cryptographic hashing used, that converts any transaction data into a unique string of text, which is referred to as the timestamp and is also used as the reference to the previous block in the creation of a new block of data. This type of hashing has a one-way nature where it is irreversible and hence, therefore, making it not possible to tamper with which shows the credibility it adheres to. This project is focussing to make the reach of blockchain to the wider public, allowing them to understand the cryptographic integrity of blockchain. It is a great technology which still has many improvements that could be made to make the adoption of the technology easier for businesses.