{"id":249595,"date":"2023-02-06T06:24:16","date_gmt":"2023-02-06T06:24:16","guid":{"rendered":"https:\/\/imarticus.org\/?p=249595"},"modified":"2024-04-06T19:17:37","modified_gmt":"2024-04-06T19:17:37","slug":"is-blockchain-technology-really-worth-the-hype","status":"publish","type":"post","link":"https:\/\/imarticus.org\/blog\/is-blockchain-technology-really-worth-the-hype\/","title":{"rendered":"Is Blockchain technology really worth the hype?"},"content":{"rendered":"<p><strong><a href=\"https:\/\/imarticus.org\/blog\/what-are-blockchain-technologies\/\">Blockchain technology<\/a><\/strong><span style=\"font-weight: 400;\"> is the latest buzzword in the ever-expanding IT industry. It refers to a modern business mechanism that transparently secures company data, leaving no scope for any illegal tampering. How significant is <\/span><span style=\"font-weight: 400;\">blockchain technology<\/span><span style=\"font-weight: 400;\"> for a business?\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Read on to know more about what the mechanism entails and how it can be a game-changer for managing business transactions.<\/span><\/p>\n<h2><strong>What is Blockchain?<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">A blockchain is a series of digital or physical transactions\/assets shared among different stakeholders. It secures information in a digital format and reduces third-party verification.<\/span><\/p>\n<h2><strong>How does blockchain technology work?<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Following are the simply-described steps through which complex <\/span><span style=\"font-weight: 400;\">blockchain technology<\/span><span style=\"font-weight: 400;\"> works:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><strong>Recording the transaction<\/strong><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">A blockchain transaction is the physical (or otherwise) movement of any asset from one party to another. It records crucial information like the presence of parties, the amount involved, date, time, place and any other prerequisites.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><strong>Gaining party consensus<\/strong><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The parties involved are run through the transaction, and they are required to confirm all the details are correct and valid. The next step is linking the blocks.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><strong>Linking the blocks<\/strong><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The transaction blocks are linked into what is termed a digital ledger book. Every new transaction begins with a cryptographic hash. This hash is the \u201cchain\u201d that links the \u201cblocks\u201d of transactions together- hence, blockchain. Once secured, any tampering in the blockchain will change the hash value, thereby signalling a breach.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><strong>Sharing the ledger<\/strong><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Once the ledger is made, it is distributed to all participants.\u00a0<\/span><\/p>\n<h2><strong>Features of blockchain technology<\/strong><\/h2>\n<p><strong>Following are some of the positive features of blockchain technology:<\/strong><\/p>\n<h3><strong>Decentralisation of authority<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">A decentralised blockchain refers to shifting the decision-making power and control from a centralised authority figure (an entire business or organisation) into the hands of smaller, decentralised networks. The networks run on transparency and simultaneously decrease a single person\u2019s control over any network as well.<\/span><\/p>\n<h3><strong>Unchangeable in nature\u00a0<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">No participant can change or tamper with a transaction once it has been recorded in a shared ledger and put on a timestamp. One has to induce a new transaction for any error included. Any error in the transaction is clearly shown, and both the initial and the rectified transactions are visible in case anything changes.\u00a0<\/span><\/p>\n<h3><strong>Participants\u2019 consensus<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Blockchain technology<\/span><span style=\"font-weight: 400;\"> allows for the rectification of any network only after mutual consent has been collected from most of the network participants. This ensures security and transparency.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">\u00a0<\/span><strong>How significant is blockchain?<\/strong><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-168149 size-medium\" src=\"https:\/\/imarticus.org\/blog\/wp-content\/uploads\/2019\/04\/businessmodel-300x200.jpg\" alt=\"Blockchain course\" width=\"300\" height=\"200\" srcset=\"https:\/\/imarticus.org\/blog\/wp-content\/uploads\/2019\/04\/businessmodel-300x200.jpg 300w, https:\/\/imarticus.org\/blog\/wp-content\/uploads\/2019\/04\/businessmodel-768x512.jpg 768w, https:\/\/imarticus.org\/blog\/wp-content\/uploads\/2019\/04\/businessmodel-1024x682.jpg 1024w, https:\/\/imarticus.org\/blog\/wp-content\/uploads\/2019\/04\/businessmodel-900x600.jpg 900w, https:\/\/imarticus.org\/blog\/wp-content\/uploads\/2019\/04\/businessmodel.jpg 1600w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Traditional database sources used for storing different transactions are sometimes hard to trust, and the transaction amount can be tampered with. The involvement of any third party, manual or otherwise, creates further complications in terms of time and money paid to solve the problem. This might result in a legal battle.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A blockchain simultaneously removes the need for third-party involvement and updates the transactions in the shared ledger in real time, where any change is possible only after both parties have consented. This reduces error and tampering and increases transparency, all the while minimising added costs.<\/span><\/p>\n<h2><strong>Pros and cons of blockchain technology<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">With all its complexities and advancement, blockchain has established itself as a secure and reliable business mechanism. However, there are a few disadvantages to using the system. Listed below are the pros and cons of <\/span><span style=\"font-weight: 400;\">blockchain technology<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h3><strong>Pros<\/strong><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Reduces manual intervention, thereby improving accuracy.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Reduces the cost of manual intervention or verification.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Any transaction is secure, private and unchangeable.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Provides an alternative way to secure personal information and bulk data.<\/span><\/li>\n<\/ul>\n<h3><strong>Cons<\/strong><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Technology cost increases while dealing with bitcoin or cryptocurrency.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It can be accessed freely on illegal websites or used in illegal activities once tampered with.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It comes with huge data storage limitations that might not suffice for a very large business.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The number of transactions per second is significantly lower than other mechanisms and hence slower.<\/span><\/li>\n<\/ul>\n<p><strong>Conclusion<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">With the advent of bitcoin and cryptocurrency, <\/span><span style=\"font-weight: 400;\">blockchain technology<\/span><span style=\"font-weight: 400;\"> has increased in demand. This demand is set to grow steadily as it continues to secure data that ease out business operations.<\/span><\/p>\n<p><strong><a href=\"https:\/\/imarticus.org\/Professional-Certificate-Course-FinTech\/\">Fintech courses online<\/a><\/strong><span style=\"font-weight: 400;\"> are a good choice for those interested in a job profile in the IT industry. <\/span><span style=\"font-weight: 400;\">\u00a0It covers critical basics of the industry like API, Cloud, Data Security, Blockchain, ML and AI that later allow a candidate to choose their specialisation. The candidate gets the best education from world-renowned faculty. Additionally, summer internships and capstone projects help in building job-like experiences while in university.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Book your seats now, or visit <\/span><span style=\"font-weight: 400;\">Imarticus Learning<\/span><span style=\"font-weight: 400;\"> for more information.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Blockchain technology is the latest buzzword in the ever-expanding IT industry. It refers to a modern business mechanism that transparently secures company data, leaving no scope for any illegal tampering. How significant is blockchain technology for a business?\u00a0 Read on to know more about what the mechanism entails and how it can be a game-changer [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":174903,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_mo_disable_npp":"","_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[22],"tags":[1048],"class_list":["post-249595","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-blockchain-course"],"acf":[],"aioseo_notices":[],"modified_by":"Imarticus Learning","_links":{"self":[{"href":"https:\/\/imarticus.org\/blog\/wp-json\/wp\/v2\/posts\/249595","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/imarticus.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/imarticus.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/imarticus.org\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/imarticus.org\/blog\/wp-json\/wp\/v2\/comments?post=249595"}],"version-history":[{"count":2,"href":"https:\/\/imarticus.org\/blog\/wp-json\/wp\/v2\/posts\/249595\/revisions"}],"predecessor-version":[{"id":263103,"href":"https:\/\/imarticus.org\/blog\/wp-json\/wp\/v2\/posts\/249595\/revisions\/263103"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/imarticus.org\/blog\/wp-json\/wp\/v2\/media\/174903"}],"wp:attachment":[{"href":"https:\/\/imarticus.org\/blog\/wp-json\/wp\/v2\/media?parent=249595"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/imarticus.org\/blog\/wp-json\/wp\/v2\/categories?post=249595"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/imarticus.org\/blog\/wp-json\/wp\/v2\/tags?post=249595"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}