Blockchain development is what was used to develop cryptocurrencies such as Bitcoin. Essentially it provides a secure platform for transactions, agreements, contracts and anything that needs to be recorded and verified as having occurred. The way it works, is it keeps the database shared across a network that could have from a few to thousands of users. Transactions are recorded on the database, which gets larger as time goes by.
Blockchain distributes information very quickly to the database every time a transaction is made, eliminating an chance of alternation or security breach. How? The blocks in blockchain are batches of transactions that are encoded, each having a hash connecting it to the block before it gets all the way to first transaction ever. That’s why it’s called blockchain.
Every transaction is encrypted, meaning although users can see that the transaction took place, only the users involved in the transaction can actually access it and view the details inside.This aspect makes it virtually impossible for a hacker to get in because they would have to gain access to every computer in the blockchain database.
The beauty of blockchain development is that its uses will not only be limited to financial transactions such as Bitcoin, but can be possibly used for the handling of property rights and electronic medical records. Blockchain could help eliminate corruption and provide transparency and accountability.
For example, property records are kept by the government. Mistakes can happen, such as losing or manipulating them or issuing that property to someone else, resulting in two owners. Blockchain would be able to easily verify who actually has the original property rights and guarantee that nothing was tampered with. The UK is considering the technology and Microsoft is already developing its own. Blockchain development is going to become more frequent.