WHAT IS BLOCKCHAIN TECHNOLOGY WHY IS IT BELIEVED TO CHANGE THE WORLD

WHAT IS BLOCKCHAIN TECHNOLOGY? WHY IS IT BELIEVED TO CHANGE THE WORLD

BLOCKCHAIN

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The blockchain is a list of records also known as blocks that grow continuously.

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It is a digitized, decentralized, public ledger of all cryptocurrency transactions.

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It makes use of a distributed ledger technology (DLT).

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These are linked to each other and are also secured with the help of cryptography.

BENEFITS OF BLOCKCHAIN

 Transparency

 Security 

Security issuance can be broken into two components: debt and equity.

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In terms of debt equity, Overstock is still a pioneer in blockchain technology adoption.

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It is of increasing importance to consumers. Provenance is a platform that helps brands provide that transparency by tracing the origins and histories of products.

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Blockchain underpins this transparency, allowing all parties— supplier, manufacturer, retailer and end consumer—to trace a product’s journey.

BENEFITS OF BLOCKCHAIN

 Faster transactions

 Less transaction costs involved 

The elimination of third parties in the blockchain method reduces the transaction costs involved.

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This proves out to be beneficial for the users.

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Traditionally, the time taken to execute transactions is longer and may take days to process.

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In this, the time taken is relatively lower and take mere minutes to process.

INDUSTRIES IN WHICH BLOCKCHAIN IS USED

 Cryptocurrency

 Healthcare  A community of hospitals, patients, doctors, insurance

companies and other related entities to process the information faster and provide timely service to the clients.  This can also be used to reduce the healthcare payment

frauds.

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Blockchain gained wide recognition and is able to achieve its current status due to the cryptocurrency bitcoin.

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Cryptocurrency market is now worth $500 billion, that is more than Warren Buffett’s Berkshire Hathaway.

INDUSTRIES IN WHICH BLOCKCHAIN IS USED

 Banking and share markets

 Automobile industry 

The automobile industry is also expected to be impacted by the help of blockchain technology.

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With the advent of self-driving cars, this can play a major role in the payment methodology, booking rides, and several such tasks.

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Apart from providing the faster and better services, it can also help to reduce the maintenance costs of the banks and share market.

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It can also be used in trade finance to detect fraud as a number of merchants go to multiple banks with the same invoice and get the bill discounted.

INDUSTRIES IN WHICH BLOCKCHAIN IS USED

 Government  Delays in the information impact the services provided to the

citizens and results in the longer execution times of the project.  Having a shared data between the department helps a great deal

and also introduces transparency and helps in faster execution.

This can also help the prevention of corruption.

 Law 

Huge amounts of data are accessed through blockchains and transmitted.

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To facilitate the legal procedure and payment, it can be used with the help of smart contracts. This removes the requirement of a middleman and can help you to receive payments after the milestones are met.

INDUSTRIES IN WHICH BLOCKCHAIN IS USED

 Defense 

In defense, any unauthorized access, modification of critical defense infrastructure, operating systems and network firmware is necessary as it can compromise on the national security.

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With the help of this technology and distributed data centers can ensure your security against attacks on important network and hardware equipment.

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