What is Blockchain Technology?
Block chain is a decentralized method of keeping records in an open and sequential manner where the current record will include a hash code from their previous record, thus making up the chain.
The records are kept on decentralized servers, rescued by cryptography. The three features that constitute a block chain area:
Bitcoin is the example of the most popular form of Block chain
Applications of Bitcoin:
1. Smart contracts: Completely serves self-executing contracts on major platforms
Ethereum Smart Contracts
2. Ethical business practices: Transactions can be traced to the beneficiary. So the “loot and scoot” will completely stop. Money misused can be traced.
3. Electoral Frauds: Transparent voting deters any kind of electoral fraud the block chain is corruptible.
4. Direct transfer to the beneficiary: The cryptocurrency transaction can be traced completely so that no intermediaries dare pocket any money in the age of block chain
5. Authenticated Documents: Passports, Certificates, Degrees, E- Residency, Digital Products, Record Keeping, Identity Documents, Know Your Customer (KYC documents)
6. Securities Trading: The distributed lodger of block chain not only brings transparency in trading but also strict implementation of regulatory compliance
7. Distributed Cloud Storage: From the current centralized cloud storage to the scene distributed, cloud storage. Multiple players already in this sector will disrupt the current market. Disaster recovery will look different in a next couple of years.
8. Micro Payments Across Borders: Using cryptocurrency, the migrants can send money home without the hefty fee being today.
9. Supply Chain Management: Clear visibility to all the stakeholders, inventory management, lens paperwork, reduced flows, lower freight, supply chain finance and payments
10. Cryptocurrency: And finally, the most popular Cryptocurrency mania about Bitcoins are Ehereum, Ripple, Litecoin, DASH, NEM and many others based on block chain.
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