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Blockchain is the simplest but worthy technology that allows individuals to receive and send
cryptocurrencies such as Bitcoin. The best point is that not a single person or authority has
control over it. Instead of that, every transaction is confirmed and verified by the online
community. Transparency, security and speed are some benefits that we can easily collect from
this technology.
Though, blockchain is not restricted to financial transactions, as it also has the potential to be
applied to just about any trade. This is also used for real-world accounting ledgers, where the
industry can have a direct view of every transaction that has ever occurred, along with account balances.
What is Blockchain?
A blockchain is a storage device for the database that is not all connected to a common
processor. It manages a growing list of ordered records, called blocks. Every single block has a
link to a previous block. Blockchain allows users to edit the parts that they own by possessing
the private keys needed to write to the file.
With the help of a blockchain system, bitcoin became the first digital currency to solve the
double-spending problem without the use of an authoritative body or central server.
The security is built into a blockchain system through the peer-to-peer network and distributed
timestamping server, and the result is a database that is managed autonomously in a
decentralized way. This makes blockchains technology amazing especially for recording events
— like medical records — transactions, identity management, and proving provenance.
Industries that are taking benefit of this technology
Cross-Border Payments
Elections
Supply Chain
Gambling
Retail Loyalty rewards programs
Digital IDs
Real estate, land, auto title transfers
Food Safety
Insurance
Cryptocurrencies
Data Sharing
Copyright and royalty protection
Digital voting
Tax regulation and compliance
Immutable data backup
Medical record-keeping
Weapons tracking
Wills or inheritances
Equity trading
Managing IoT networks and many others.
cryptocurrencies such as Bitcoin. The best point is that not a single person or authority has
control over it. Instead of that, every transaction is confirmed and verified by the online
community. Transparency, security and speed are some benefits that we can easily collect from
this technology.
Though, blockchain is not restricted to financial transactions, as it also has the potential to be
applied to just about any trade. This is also used for real-world accounting ledgers, where the
industry can have a direct view of every transaction that has ever occurred, along with account balances.
What is Blockchain?
A blockchain is a storage device for the database that is not all connected to a common
processor. It manages a growing list of ordered records, called blocks. Every single block has a
link to a previous block. Blockchain allows users to edit the parts that they own by possessing
the private keys needed to write to the file.
With the help of a blockchain system, bitcoin became the first digital currency to solve the
double-spending problem without the use of an authoritative body or central server.
The security is built into a blockchain system through the peer-to-peer network and distributed
timestamping server, and the result is a database that is managed autonomously in a
decentralized way. This makes blockchains technology amazing especially for recording events
— like medical records — transactions, identity management, and proving provenance.
Industries that are taking benefit of this technology
Cross-Border Payments
Elections
Supply Chain
Gambling
Retail Loyalty rewards programs
Digital IDs
Real estate, land, auto title transfers
Food Safety
Insurance
Cryptocurrencies
Data Sharing
Copyright and royalty protection
Digital voting
Tax regulation and compliance
Immutable data backup
Medical record-keeping
Weapons tracking
Wills or inheritances
Equity trading
Managing IoT networks and many others.
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