Unblocking the Potential of Blockchain

Technology has become an integral part of our life. One of the most emerging technologies of the 21st century is blockchain. It is a revolution for the digital world as it brings a new perspective of security, efficiency, and productivity of different frameworks. It works as a distributed database that is shared among a decentralized network of computers. It stores information about the transaction that is made with cryptocurrency and is maintained with the help of different computers which are linked in a peer-to-peer network. No single user can control the transactions, but everyone can inspect it. The information about the transactions is assembled as a “block” and these blocks are linked with each other as a “chain”. That's why it is called blockchain. The information inside blocks is immutable. The technology of blockchain is so efficient that it is not only used in securing financial information but also in credit history, real estate, public transport, music streaming, healthcare and so forth. According to Don and Alex Tapscott (2016), blockchain records not just financial transactions but virtually everything valuable. Currently, there is a wide spectrum of blockchain applications. The purpose of the research paper is to discuss some of the utilization of blockchain and they are Cybersecurity, Internet of Things (IoT), Fintech, Cloud Storage, Media, Travel, and Education. Furthermore, this paper examines both aspects, advantages, and disadvantages, of the blockchain. Finally, it identifies the problem areas of the technology that can be studied further to increase the effectiveness of blockchain.