Please explain me what is blockchain and how is it useful?
- 5 months agoFavorite Answer
Blockchain Technology is an upcoming term mostly heard in relation to the cryptocurrencies. This record-keeping tech is very important for bitcoins. In addition to this one can also see the use of Blockchain technology in sectors like banking and investing.
It also enables a community of users to control the revision and any necessary updates for the record of information. On this level Blockchain technology seems quite similar to Wikipedia. In Wikipedia, a number of users contribute to a single content. But the main difference between the 2 is in their digital backbone.
Wikipedia has a highly protected centralized database. The total control over this centralized database lies with the owner. The owner manages all updates, accesses and also protecting against any cyber threats.
On the other hand, for the distributed database of the Blockchain technology, every node in the network has to come to the same conclusion while each updating the record independently. Thereafter only the most popular record is held at the official record instead of the existing master copy.
- 2 months ago
“Blockchain is the public distributed peer to peer ledger which keeps the records in chronological order which are secure and immutable.” This is what the technical definition says. But blockchain technology is not that difficult to understand. People basically relate blockchain technology to only bitcoin and cryptocurrecy. But it is way more used than only in the cryptocurrency world. The blockchain technology is used to keep track of the sensitive digital records. It is used in a lot of sectors these days including banking, healthcare and farming.
- 3 months ago
blockchain technology is transformative, and several commentators expect that it will have a massive economic impact similar to the one the Internet has had in the past few decades.
The blockchain development services are being actively adopted by finance, retail, insurance, and other industries as it helps to achieve well-established workflows through simplifying record and identity management, transaction processing, goods provenance and traceability.
When enterprises start adopting blockchain, typically, there arise problems from understanding blockchain itself to building an application. While blockchains can be associated with DApps, smart contracts, consensus mechanisms, ledgers, tokens, and shared business processes, not all blockchain applications require all of these things.
Once enterprise figures out what it wants with blockchain (speed up, secure or simplify transactions or processes), the next step is developing an application.
I want to say that blockchain solutions allow you to reduce deviations in your processes, increase flexibility and transparency, automate your processes, secure operations, enhance planning and more.
Why permissioned blockchain
Pre-verification of the participating parties within the network is required
All data must be shared between participants (companies or its departments)
Companies with multiple departments need either to request or grant access to the information
All data must be completely and permanently recorded
Any intermediaries need to be eliminated
Any data loss and security risks must come to naught
I recommend reading the article - Blockchain Technology Transforms Bond and Stock Markets
If you have any questions regarding blockchain development services for logistics, we are always there for you. Do not hesitate to contact us!
- ∅Lv 75 months ago