Blockchain and the “anonymity” of each node(“participant”) in
Blockchain technology consists of a distributed network(“chain”) of nodes(“participants”), that all collaborate in the storing and execution of transactions. Where for any execution of a transaction, majority of the nodes in the network, would have to agree that the transaction is suitable before it is executed. Once a transaction is executed successfully, data relating to the transaction is encrypted and is stored and linked to all the nodes on the network and can never be erased. The two main characteristics of blockchain technology is the agreement of nodes on a network for every transaction and the “anonymity” of each node(“participant”) in the network(“chain”). Therefore, blockchain development is the process of creating, maintaining and documenting such systems that facilitating the agreement of participants on a distributed network for every execution that commits data or information, ensuring anonymity of participants data and transactions on the network by means of cryptography such as encryption.
What are the advantages of blockchain development?Blockchain development insures a level of trust to end-users; due to that fact that the architecture of blockchain technology allows for end-users to have complete control over their sensitive data, where all end-users on the blockchain are assigned encrypted private keys which are the end-users unique identity and is used in all the transactions that they participate. Therefore, if any end-user’s sensitive data is breached and altered in anyway, this private key will become nullified and all the participating nodes on the network will be notified and the person or the entity that has breached the end-user will not be able to make any transactions. Trust is also ensured to developers, because since all preceding and proceeding nodes on the distributed network are connected and are verified via agreement, it is challenging for hackers to avoid being detected instead of just gaining access to individual nodes and altering its data they would have to gain access to all the nodes that have participated with the nodes they have breached. Which is an extremely resource intensive task because accessing all the decentralized nodes that have participated with the breached node and having majority of the nodes being altered at the same time requires not only extensive computing power but technical ability as well.