What is Blockchain?
Blockchains are distributed, decentralized, and public, record-keeping technology, where the digital information in the form of blocks will be stored as a chain in a public database. The blocks in blockchain stores information like the date and time and total dollars you had spent from any online retailing shops. The block also keeps track of user information in the form of digital signatures, without revealing the original name. Through every block stores the same kind of information, every block has its unique Hash code, to distinguish between blocks.
How does blockchain work?
For creating and adding blocks to the blockchain, first a transaction of buying from some online retail shops has to be initiated. Based upon your purchase, a block will be created with information like purchase details, date of purchase, time of purchase, dollar amount, and the user info. These verifications are done by, specially programmed network of computers. After creating a hash code to the block, the blocks are added to the blockchain. Once added to the blockchain, a public ledger, the blocks are visible to all.
Even though the Blockchains are visible and allow the user to store a copy of them in their computer, the users cannot be able to manipulate the blocks, which increases the complexity of the hash codes. So, the blocks in Blockchains are safe. With this blockchain trending now, several blockchain companies are rising rapidly. SO, many of the cryptocurrencies are making partnerships for a successful Cryptocurrency transaction.
Blockchain technology in China’s new ‘Aerospace City’ Hainan Wenchang
For the construction of China’s International Aerospace city, 12 blockchain firms, including Singapore-based blockchain company CyberVein, took part in the construction. This city will become the centre for the expansion of Aerospace products in the Chinese spacecraft and satellite launch missions. This is China’s top tourism city with Aerospace services.
The aerospace city range upto 12-million-square-meter is the place where the country’s first Aerospace supercomputing hub will be introduced. This supercomputing is intended to build more than 40 technological parks like big data, high precision position technology, and remote sensing.CyberVein aids support in creating the city’s smart Brain planning and design Institute, by collaborating with many Fortune Chinese companies, with the help of big data and artificial intelligence technologies.
The main aim of this Smart Brain city is to collect and process real-time data from public resources to establish a data-driven governance system. The Chinese government has planned to develop many data-driven smart cities, by collaborating with firms that offer data-driven technology support and transform Hainan’s island into a world-wide important free-trade port in the year 2050.
Other applications of blockchain technology
The following are the applications of BlockChain.
The banking sectors have many benefits from this blockchain technology. The typical banking sectors will only function for five days in a week. So, if a cheque is deposited on the weekday or Friday night, you will be getting the money only on Monday morning. Generally, the transaction will take 2-3 working days to process. But with the introduction of Blockchain technology, the Bank users will be able to transact in just ten minutes, and they function 24 * 7 all day. The banks can transfer their funds to various stock trading businesses very quickly and securely. The traditional banking system will incur some amount as the transaction fee from the customers. But the blockchain technology has no such fee for the transaction.
The blockchain usage in cryptocurrencies like Bitcoins is tremendous. Because a traditional currency system requires a central man like banks or third parties to authenticate and initiate the transaction process, so, people have to spend money on taxing and will have to meet with a few losses in their cash. But with blockchain technology, there is no need for any intermediary system, resulting in no transaction fee and no risk of thefts also. Only for international transactions, some amount of money will be incurred. But that is very minimal when compared to the transaction fee of a traditional banking system.
The blockchain technology in healthcare systems is beneficial, as every patient’s record will be stored as blocks in a blockchain. As every patient records require all the personal details and details of the treatment and disease to be recorded, to assure for security, this information can be stored in a block with an encrypted hash code and added to the blockchain. Only the people having the credential will be able to unlock the key using a private key, to view the patient details.
The procedure for keeping records of property rights is a very cumbersome process. The country’s government employee had to manually enter all the details with the help of fellow working people, in a central database of the country and public index. The public index aids in reconciling the property claims at the time of disputes. This process not only kills time. It leads to a big issue when the details are entered wrongly due to human errors. With the help of blockchain technology, this process can be made easy, by avoiding physical scanning of files, by doing a tedious search. If the property is stored and verified by the blockchains, the property owners can relax as the details will be permanent and precise.
To assist, verify, and bargain a contract agreement, a smart contract is used. The smart contracts are the code in a computer, which can be stored in Blockchains. The smart contract functions by imposing some conditions that the users have to adhere to strictly. The terms and conditions of the smart contract can be quickly processed after the acceptance of those conditions.
For instance, a person is agreeing to rent his residence using a smart contract. The person says that; if the renter accepts to pay his security amount the door code for her residence will be automatically generated. In case, even after the security deposit, if the renter didn’t get the door code, his money will be automatically refunded without the interference of the third party.
The supplier’s of the food industry are tremendously benefitted by the blockchain technology, as they are able to keep track of the food materials being exported, and whether they are safe, with the help of Blockchains.
The blockchain technology has also laid its foot on the Voting system. Many countries are suffering from fraudulent activities in the voting system. Especially countries with a high population will not be able to track illegal votes. To eliminate these problems, every individual vote will be stored as blocks, and an encrypted Hashtag is given and added to the Blockchains. This method maintains the clearness in the voting system and the blocks can never tamper at any cost.
With these advancements in Blockchain technology, the construction of China’s smart brain city for Aerospace and tourism is made possible, with the collaboration of blockchain technology with big data and artificial Intelligence. The city’s aerospace products and mission launches, everything can be integrated with Blockchain technology, to ensure safety, accuracy, and faster processing of data. Blockchain technology has various advantages like highly secure, accurate, and cost-friendly.