To find out what Blockchain technology is, we need to first simply understand the concept of the chain and the block of data. The blockchain is made up of two terms: Block and Chain. Blockchain technology is actually a chain of blocks. When data collection becomes increasingly complicated, reliability and security are considered prerequisites. This also applies to databases and data sources, especially now that more properties and features of the product are registered in the database. To monitor on creating reliability and security, some attention should be paid to an advanced concept, such as Blockchain. This technology operates as a data chain thru which data would be further inspected and controlled. This also provides safer and more reliable data management. It is safer since no part of data can be varied without inspection of other parts, and it is more reliable since no errors (consciously or unconsciously) can occur due to self-inspection nature of the chain.
Generally, Blockchain is a distributed database of records, transactions, or digital events whose events are shared among the participants in the network. Each transaction is validated in the system after confirmation by the majority of participants; and as soon as a new transaction is entered, this event will never be deleted. In other words, Blockchain consists of a specified and verified number of all transactions created for a given time (present).
The main hypothesis in creating Blockchain is the creation and design of a distributed database of a distributed network in the digital world. This system creates an opportunity to get notified of the occurrence of a digital event for the active entities. Blockchain's capabilities are significant in developing open and scalable digital economy systems. There are numerous opportunities in this technology and the revolution in this area has just begun.
Bitcoin is the most prominent application of Blockchain technology. Bitcoin has widely been criticized for activating billions of transactions globally without government oversight. Therefore, the legal issues of the state should be taken into account in order to utilize this application.
Despite the Bitcoin problems, Blockchain technology has been used for many years without a flaw, and a vast range of financial and non-financial applications have been developed on it course; As Mark Anderson, one of Silicon Valley's greatest investors, consider Blockchain technology distributed model to be at the same level and as important as the invention of the Internet.
Blockchain Technology, Distribution of Decentralized Data in the Supply Chain
To continue with the above article, it should be stated that Blockchain technology can influence a customer’s decision-making purchase, for example, making it possible to whether or not a customer decides to purchase a piece of steak; since product-related data demonstrate where and how a cattle has grown and nourished. Reports indicate that there is a demand by consumers; they are inclined to pay more to obtain information about their source of nutrition. Blockchain serves it purpose and meaning as democracy in data and consumer information.
Blockchain technology makes it possible for the data to be shared across the entire chain from supplier to consumer, while in the past, data was only exchanged by the parties involved in the transaction: democracy in data and information is only ascertained if there is a centralized system to prevent data aggregation.