Unlock The Blockchain Benefits
Posted on 09.01.16 by Admin
Just couple of months back, Blockchain technology was only known to a few tech specialists, but now it has become a hot topic among corporates, governments, and startups. Can this technical breakthrough affect our lives? Let’s figure out…
Blockchain, typically known as the backbone technology behind Bitcoin, is a public ledger of all Bitcoin transactions.
This simple digital platform that records and verifies all transactions is decentralized, meaning there is no governing body controlling this. So we entrepreneur should be worried about? Let’s know more…
Blockchain from 2008 to 2016
Blockchain from 2008 to 2016
Blockchain is essentially composed of single transactions known as ‘blocks.’ Each block links together to form a comprehensive bank history of transactions. Once a block is linked, it can’t be revised. So, what the fuss? This technology has the potential to impact your life both personally and professionally, & to change the world. That’s the concern.
How it works?
Block chain Technology Features:
The blockchain ledger reliefs to provide transparency for transactions. Changes to public blockchains are publicly viewable by all parties. In addition, all transactions are immutable, meaning they cannot be changed or deleted.
- Simple, yet Instant transactions:
With all transactions being added to a single public ledger, it reduces the clutter and complications of multiple ledgers. Further, sending and receiving money from across the globe is possible within minutes. Blockchain’s P2P system allows you to settle any digital wallet transaction quickly. In short, it provides almost instant, secure, and borderless transactions
- Blockchain Technology Prevents Payment Scams:
Yes! Most importantly, it has the capability to prevent scams. It would protect both buyers and sellers by using ‘smart contracts, facilitate, track, Smart Contracts’. Since all the transactions are recorded, once a coin, token or electronic currency is spent, it can’t be used again.
- Ability to withstand malicious attacks:
Due to the decentralized networks, blockchain is better able to withstand malicious network attacks.
- Secure High Quality Data:
It can transfer value or information in a secure manner. The blockchain allows you to create a public ledger system that’s accessible for all, and secure. Blockchain data is timely, accurate, and broadly available. ‘Every transaction is recorded’.
- Removes intermediaries /No Middleman Involvement:
It is a peer-to-peer (P2P) network, (transactions between you and other party), whatever transaction happens, arise directly between two parties that require a unique signature. For instance, you can transfer value or money anywhere in the world without having to pay for the transaction or currency fee.
- Minor Transaction Costs:
Blockchain significantly slashes all types of transaction fees, reduces the cost of financial transactions. Blockchain will remove the need for traditional banking and financial institutions by replacing back-office systems with a P2P system.
Future of BlockChain?
The blockchain is going to be the next thing & this might change the overall scenario of…
- Blockchain, could revolutionize the world economy
- Blockchain, to play a central role in tomorrow’s real estate transactions.
- Blockchain, technology will revolutionize the legal industry
- The future of finance could be dominated by blockchain technologies.
- With Blockchain, the future can become cashless.
We’ll have to keep an eye on this technology to experience plenty development in near future.