Blockchain Technology _ Changing business world faster than you think !!!
What is Blockchain Technology?
The Blockchain has to offer amazing opportunities to the corporate world, from financial to industrial, IP protection to job documentation. The Blockchain is a powerful technology that enables crypto currencies like Bitcoin, Litecoin, and other virtual currencies o open anonymous and secure. Blockchain is a distributed ledger technology that secures the transactions over the Internet be it a bitcoin or crypto currency sale or a banking transaction. This technology acts as a savior against the cyber-threats that are looming high on the forefront of smart IoT-based concepts from smart homes to smart offices and beyond.
While blockchain technology isn’t simple It’s effectively a database that’s validated by a wider community, rather than a central authority. It’s a collection of records that has to go through a lot of validations rather than relying on a single entity. Each block of metadata represents a series of transactional records, and the chain strings them all together with a hash function. As records are created, they are validated and authenticated by a distributed network of computers and paired up with the previous entry in the chain, thereby creating a chain of blocks, or a blockchain.
How blockchain makes a transaction secure?
Every entity serves as a node in the network connected by the Internet and a transaction between the users materializes when the majority of the nodes approves a transaction. So, unlike banks or financial institutions, in blockchain technology numerous entities have a control over a transaction. Each wallet is governed by two keys: a private key and a public key. When a user initiates a transaction, it broadcasts an encrypted message in the network using a private key unique to that person. The message propagates and reaches out to the network members who can decrypt it using their public key. The entire series of blockchain data is retained on large network of computers, meaning that no single entity or a person has a control over its history. That’s an important component, because it certifies everything that has happened in the chain prior, and it means that no one can go back and change things. It makes the blockchain a public ledger that cannot be easily tampered with, giving it a built-in layer of protection that isn’t possible with a standard, centralized database of information.
How Blockchain matters to business world?
Virtual or crypto-currencies offer an alternative to government issued currency money. These currencies can be exchanged like cash for goods and services. They can also be converted easily by a number of services for traditional currency like dollars, pounds, and euros. Since the transaction information is complicated, cryptocurrency can raise various legal issues.
The blockchain is in-fact future-proof and can be used by corporates and individuals to build private financial networks. This means that a large enterprise could build a financial system internally for use by employees or external vendors. The blockchain can also be used as an identity system. Onename and Keybase use the blockchain to generate verifiable identification, like a national ID or driver’s license.
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---- Team ExcelLinx