Blockchain is essentially an immutable, decentralized and tamper proof ledger. It's distributed, and secure architecture makes the technology suitable for a wide range of enterprise mobile apps. Find here the ultimate guide to understanding what a blockchain is & how it works. http://bit.ly/2V2MkVO

1. t12 Essential Steps for GDPR
Compliant Mobile App
What is Blockchain Technology?

2. Ultimate Guide to Blockchain Technology
According to Statista Report 2017, the global
blockchain technology market will be 2.3 billion
USD in size by 2021, assuming a CAGR of
61.5%. Blockchain is proving to be one of the
most promising technologies of 21st century.

3. What is Blockchain Technology?
Blockchain is basically a digital ledger where
data can be entered, verified and then
processed further by the approval of computer
nodes on a peer-to-peer network. Whether you
want to enter new data, validate existing ones
or delete data, a predefined number of nodes
on the P2P network must validate each
transaction.

4. Features of Blockchain
Having a P2P network implies that all
users are equal – there is no server that
is superior than its clients, as in the case
of Internet. This gives rise to
decentralized control over the data
contained in the whole blockchain.

5. Bitcoin and Blockchain
Blockchain was first implemented as Bitcoin, a
digital currency design by Satoshi Nakamoto.
Or rather, it was the other way around.
Blockchain was invented so that digital currency
could become a reality. This is the reason why
many people think of blockchain as Bitcoin and
find it difficult to believe that blockchain is a
concept that can be taken much beyond
cryptocurrencies. However, blockchain’s
contribution to popularizing digital currency
cannot be glossed over.

6. 2
How Does a Blockchain Work?
The backbone of any blockchain is the P2P network formed by nodes with
huge computing capabilities. The huge computing capability is required
because nodes are needed to solve complex puzzles to find new blocks or
validate transactions. The moment they join the network, the blockchain
is automatically downloaded on their system. There is no copy of the
blockchain, the node simply shares the blockchain with other nodes.
When a new block has to be created or data has to be added to an
existing block, it must be done by a node. Once this new node is put out
on the network, it is verified by all the nodes. This is called reconciling the
transaction. The network checks itself every 10 minutes to see if any new
transaction has taken place, which needs to be reconciled.

7. Impact of Blockchain Technology on Industries
• Blockchain can be used in supply chain to verify authenticity
of products being delivered.
• Smart contracts can be used to perform transactions without
the need for middlemen.
• Blockchain can be used for crowdfunding where people
donating can easily track if they are donations have been put
to correct use.
• Patient data can be shared across healthcare organizations to
ensure better and more efficient care.

8. How Governments are using Blockchain
Governments are embracing blockchain technology to
implement transparency and data security issues. As
all information on a blockchain is in the public
domain, which can be verified, all government
measures become automatically transparent. Smart
contracts are also being used to ensure that all the
promises made by the government are enforced by
concerned parties.

9. Future of BlockchainTechnology
The future of blockchain technology will become self-
evident when you read these numbers:
• A simple search on AngelList shows more than 7500
blockchain start ups
• Blockchain related jobs posted on LinkedIn tripled
between 2017 and 2018
• Global spending on blockchain solutions was USD 2.1
billion in 2018

10. Conclusion
Blockchain is essentially an immutable,
decentralized and tamper proof ledger. As we
have seen, it has the potential to make life
easier by providing secure, fast, transparent and
middlemen-free way of performing
transactions.

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