I hope all are doing good in a tough time!
Just like a small light can make a difference in a dark room.
Let’s Light up today’s topic with BLOCKCHAIN TECHNOLOGY
We must have all come across the is word BLOCKCHAIN; if not, then I’m sure you would come across it soon, then later for sure.
Blockchain developed in 1991. It is the No1 future technology for trading & finance company.
Blockchains are digital ledgers of online transactions.
There are lot many changes in the banking industries. It can help track orders, payments, production & much more.
Blockchain is an ideal technology for sharing a piece of information & traded on the network, reducing risk & costs effective.
Vital elements of Blockchain;
- Distributed Ledger Technology
- Records are Immutable
- Smart Contracts
“Blockchain- A big transformation for Banking world & Corporate world.”
Bitcoin is private good not owned by anyone. For every CEO, Blockchain is an opportunity to discover new markets for their Assets.
Some of the Health cared are using Blockchain to create Health Passports.
Blockchain will help patients control their medical DATA.
Blockchains are used by Mobile, Insurance Group, Diamonds, Tourism. However, Blockchain may able to do cryptocurrency.
In this application, each transaction record as a block of data. Each block connected one before it.
Blockchain will attack a traditional model business, but you need a technical background to run Blockchain.
It completely works digitally & it has no manual work.
PayPal also plans to give educational services about cryptocurrency, risk, investing. And information about Blockchain technology. The very first application is Bitcoin.
Well, the word itself is somewhat a bit self-explanatory.
To break it down, these are series of records in blocks that are chained together.
To understand BlockChain better, let us get to its most relevant use -Cryptocurrency.
So now you may ask, what is a cryptocurrency or digital currency?
Well, I’m sure you must have heard about Bitcoin (digital currency)
Bitcoin is a digital currency that is already turning the financial world around, as it makes parties in the transaction exchange money without the need for intermediaries like banks or credit card processors
Blockchain’s underline technology makes the transaction between the parties safe, secured, and tamper-proof to make the digital currency trustworthy.
How Does Blockchain technology make records safe and secured?
It makes the parties involved to access the distributed ledger, typically viewing the records of transactions stored in a shared register between the foolproof parties and avoiding duplication of documents.
The records are tamper-proof; once the transaction is done with recording, it can neither be changed, destroyed, nor tampered with.
Finally, the transparency of these records make them trustworthy
Why Blockchain is this much important?
Records & validate every transaction made, which makes it secure & reliable.
It reduces the time for the transaction.
A decentralized system, so it is less risky.
An IoT development to contribute transactional data to blockchains.
Blockchain is for Salesforce CRM & how S&P global is building a blockchain-based process.
Companies that are experiencing Blockchain
Walmart, Maersk, British Airways, Ups, FedX.
All the above things were said and done.
We all know we are moving forward towards the world of Digital transactions and currency. With it comes cyberattacks and frauds.
“Blockchain gonna change the world.” We people help to know about the future technology. There are more opportunities with Blockchain.
Now we know the technology to rely on Blockchain. 😊