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Why should you really care about blockchain technology? The global blockchain market is expected to be $20 billion by 2024. Blockchain technology is evolving and it is going to stay for really long. This is the high time that you should really care about it for a better business process. To clear your idea more, remember bitcoin and blockchain technology are a different concept. Understanding blockchain will help you to understand how this technology will it serve different industries.
What is Blockchain? Blockchain technology is a digital ledger which works as a series of block that contains information, chained together to offer a reliable and secure accounting for any particular field of work. In a block the information shared is encrypted, confirmed and distributed to a number of linked computers (in the network which are known as nodes). This ledger is secure and tempar-proof. The activities such as transactions, exchanging cryptocurrency, medical records, shareholder records, agreements are some of the best uses so far. However, it has a huge potential. Benefits Security: Decentralize data makes it easy to save files in multiple locations. Data management: Strong verification process for a better data management. Logistics: Goods can be traced to their origin which offers company and consumers better transparency. Investing: It provides strong space for crowd-based funding and other investment. Internet of Things: Offers an infrastructure to assign automation for remote systems as many IoT devices come with some privacy concerns.