What is blockchain technology?



Blockchain is a next-generation automated service model which has generated a huge buzz in our society due to bitcoin. This model has a huge potential for the future of automated services. Depending on the generic application of this technology in all the major first priority services, some people are appreciating this technology and some are throwing this model out of the window. But our study at XENMAG, which is the best web development company in India shows that blockchain technology will be used over 70% of the network-based systems in approximate ten years. We will try to understand what actually the concept of blockchain technology is.


First, let us make this clear that blockchain is not bitcoin. Bitcoin is a product of blockchain. We will come to bitcoin on some other day, now let us understand what is blockchain. Blockchain means a chain of blocks. Let us take an industry to understand the system with clarity. Suppose in the banking industry there are total three persons having a bank account with the bank. Now person A wants to send money to person B. For this transaction, no one can do it independently as they have to tell the bank to transfer and the bank will verify and authorize the payment. This process takes time with transaction charges to bear the operation cost. Now the blockchain system eliminates this third-party monitoring system. This leads to less time taken per transaction and no transaction cost. Blockchain does this by storing each data as blocks on each person's computer in that network i.e. chain. If A is sending money to B then this transactional information will be stored in A's computer, B's computer and C's computer as well. This system allows each node in the network (i.e. A, B, C) to verify, track and authenticate each information automatically. Whenever there is new information available those nodes will verify and update them as soon as they get connected to the internet. So there is no more need for a third party setup to put its efforts day in and day out.


This is how blockchain technology works. This model can be implemented in any industry to eliminate the middle man interferences. That is why enterprises and startups are focusing their application models on blockchain technology. For any blockchain development requirement or consultations, feel free to get in touch with XENMAG, which is the best website development company in India.

Location: Kolkata, West Bengal, India

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