Blockchain

What is Blockchain

2 min read

I’m sure you have heard of the word “Blockchain” quite often in recent years. But, what exactly is Blockchain?

Being the primary infrastructure behind Bitcoin, Blockchain tech is often described as a digital spreadsheet or ledger that keeps records in a transparent way with no central data storage. It allows two parties to transact with each other directly without a trusted third party.

So, here’s how it works.

Whenever a transaction is requested, it will be broadcasted to a P2P (peer-to-peer) network consisting of computers, which is generally known as” nodes”. The network of nodes authenticates the transaction, which is then combined with other transactions to create a new block of data for the ledger. The new block is added to the existing blockchain in a permanent and unchangeable way.

Why Blockchain is more secure than the traditional bank system?

Imagine this, if you want to sell your house to your friend, both you and your friend must go to the bank to jointly approve the transaction because the bank is the centralized database that stores your account information. It verifies the authenticity of the transaction, records it, and updates your account accordingly. When the bank has its own rules and policies to govern the handling of money, it is almost impossible for customers to prevent manipulation and bank system tampering.

It is when Blockchain technology comes into play. It eliminates the need for a third party to facilitate transactions. When a valid transaction takes place, the nodes will recognize it and provide a permanent stamp of approval. If someone tries to transfer money fraudulently, the nodes will halt the transaction immediately.

What can Blockchain be applied to?

Blockchain can greatly benefit and be applied to many different areas and it is expected to have a broader impact on our society.

It can be associated with real estate transactions, finance, smart contract, smart property, and even public utility services such as smart parking, and even data-driven city management.

Although the potential of Blockchain applications is still unfolding, it is almost certain that, in the near future, Blockchain will be applying to all aspects of society and revolutionize how our society functions.


Sign up for our Newsletter

Join our newsletter and get resources, curated content, and design inspiration delivered straight to your inbox.

Related Posts

Blockchain

Blockchain: 甚麼是 Hyperledger Fabric?

Blockchain: 比特幣(Bitcoin)大約在十年前出現,總體而言,它仍然被視為第一個實現區塊鏈概念的項目。要理解比特幣並不難,簡單來說,它就是分怖在大量節點上的公有帳本。而區塊鏈則提供實踐的技術,稱為分怖式帳本技術(Distributed Ledger Technology; DLT)。從比特幣區塊鏈之後,我們看到幾項新的區塊鏈革新。其中,又以「以太坊(Ethereum)」及Hyperledger發展是最具規模的。 首先,先解釋一下甚麼是Hyperledger?Hyperledger就好像是一個復仇者聯盟的概念,在這個聯盟下的專案各自為政,亦共同合作。雖然是各自為政,但與計劃內其他專案都能夠共同整合的(部分專案),所以可以這樣說,Hyperledger是好幾個專案的集合體,這些專案由聯盟成員發起,不一定能夠互相連通(因為使用場景不一定是相同),例如Hyperledger Fabric及Hyperledger Sawtooth都是分布式帳本解決方案,但使用場景的出及點則有所不同。 而Hyperledger Fabric是Hyperledger中的區塊鏈項目之一,與其他區塊鏈的技術一樣,它亦有自己的記帳體系使用智能合約,靈活的通訊契約以及一個眾多參與者管理他們自己交易的系統。Hyperledger Fabric從其他的一些區塊鏈系統中我脫穎而出的地方,是在於它是秘密的並且是權限化的。

Blockchain

Blockchain 技術也可以儲飛行里數?

相信有很多香港人對優惠、著數都很敏感,很多人亦對各種積分獎賞樂此不疲,當中最受歡迎的應該是儲飛行里數 Miles。大家都一定有聽過亞洲萬里通 (Asia Miles) ?說到飛行里數,過往旅客都要於飛行結束後一段時間,才能看到哩程積金入帳,尤其亞洲萬里通還有很多合作零售伙伴,入帳進度亦會有時差。 為了提升會員的體驗,亞洲萬里通與餐廳夥伴的推廣活動「里賞過關」中應用了區塊鏈技術,會員可以即時在手機App上看到哩程累積數量及消費金額,成功提升使用體驗;此外,系統設計是與香港的餐飲夥伴共享同一組交易紀錄數據,除了讓交易更透明化外,後續的哩程換算、分配全部都能自動化處理,大幅提升後勤管理效率。

Don't forget to join our upcoming free IT CAREER TALK on Eventbrite

X
Facebook
YouTube
LinkedIn
Instagram