Best Thing That Has Ever Happened To Business - Blockchain Technology
Blockchain technology for most people may sound like a foreign language, for businesses it is a game changer. Blockchain is an incorruptible ledger of #economic #transactions in a #digital #ledger programmed to record not just #financial transactions, but literally anything of value. Blockchain technology can store information tracking the original source, produce faster results and cuts out the middle man. The Blockchain network lives within its own #ecosystem checking itself every 10 minutes.
Block Chain Orgins
Blockchain was originally devised for digital currency, the tech world is finding better potential use for this new technology. Blockchain technology created the infustructure of a new type of internet for us to use the information using its technology making seemless, faster results that are accurate. The technology is transparent making it incorruptible digital ledger recording any type of information it is programmed to trace.
How Blockchain Works
Blockchain is similar to the internet that has a built-in robustness. Storing blocks of information identical across its network. Blockchain cannot be controlled by a single entity, has no single point of failure. Blockchain means human error or machine error are no longer a threat. Blockchain gurantees the validity of transaction by recording information on a ledger not only on a main register but a connected distributed system of registers, which are all connected through a secure validation mechanism.
Power & Use of #
Blockchain
Blockchain can help with any type of business no matter what type of industry its in. #Healthcare, #Banking,# Music, #Oil, #Gas, #Electricity, #Cars, #food. Some companies like #WalMart is using the #IBM Blockchain technology to track the source of orgin to deliver precise time stamps on food and how fresh it is. It will track the exact location where that food came from to provide you with accurate information on how fresh your foods actually are. This eliminates the good food from the bad food giving the company an edge to save money picking the right farms to produce their crop.
#Smart contracts are a new age method that executrees when conditions are met
Sharing #Economy
Sharing #data across multiple companies have already proven to be successful suchs as AIrBNB and UBER which enables #peer-to-peer payments, #blockchain opens many doors to direct interaction between parties.
- Governance #
By having fully transparent results publicly accessible, distributed #database #technology can bring full transparency for elections, law enforcement, city improvements for on-demand decision making to happen on the blockchain. When these become fully transparent and verifiable managing digital assets there is no room for error or mistakes using blockchain technology.
When it comes down to identity management the ability to verify your identiy is vital for financial transaction that happen online.Distributed ledgers offer enhanced methods to proving who you are, along with the possible outcome to digitize personal documents. This type of identity management will be important for online interaction. A good reputation is the most important condition for conducting transactions. This gives way individuals work with banks in an on-demand fashion with this technology in place, buying a house with bank financing can be a click away instead of wasting time at a bank waiting for a loan to approve for a project you may be working on.
#Money Laundering, data management, #crowdfunding, land title registration, #stock #trading, protection of intellectual property, prediction markets, are just a brief handful of things to come using blockchain technology. These new methods using Blockchain is just a start for a bright future for Blockchain technology and the #millions of ways it can be utilized all falls down to how creative we can get using such an advanced method for gathering sensitive data that can change the way we do business forever.
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