What is Blockchain ?

BLOCKCHAIN 

What is blockchain?
 BlockChain originally Block Chain. Its is a growing list of records which are called blocks and to link them cryptography is used. Each block contain reference of cryptographic hash of previous block, a time-stamp and transaction data.

Why the sudden need for Blockchain ?

Blockchain is vision for developers who believe that current banking system have flaws. In particular, they viewed banks acting as intermediate  and charging transactions fees, and they thinked at the idea that payment validation and settlement could take up to 5 business days in transactions. With blockchain, real-time transactions are a possibility, while banks are left out of the commission entirely, presumably reducing transaction fees.

 Real world uses of blockchain :

1. Payment processing and money transfer :

The most logical use for blockchain is the transfer of funds from one party to another. As we know, we removed banks commission part, and the transactions which takes a day or a week, now can be settled in fraction of seconds by using blockchain.

2. Monitor supply chain :

Blockchain also capable of monitoring the supply chain of products by which it is easier to maintain records of product journey from producer to consumer, rather than maintaining records on papers or registers and monitor them.

3. Data sharing :

Blockchain can be used as a marketplace to share or sell unused data. Blockchain can be used as a intermediate between industries to share data or different data transactions.

4. Digital Voting :

Are you worried about voting fraud ? 
Well worry no more with blockchain technology.Blockchain has ability to organize votes digitally and its most important feature is that it is transparent, if someone tries to make some changes, regulator will able to see it in that network.

Blockchain Facts :

Inventor of Blockchain : 

Satoshi Nakamoto is the person who invented both bitcoin and blockchain technology. But till now his identity is anonymous.

Top 3 crypto-friendly country :

Switzerland, Gibraltar, and Malta are the three most recommended blockchain and crypto-friendly countries in the world. 

Boost for IoT Markets :

As per the market reports, it will help the industry to reach $50 billion by 2020. 

Increased Usage of Blockchain :

40 millions of people have started to know about this technology and many of the started implementing for the business purpose. 

Written By - Sagar Soni

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