What is Blockchain Technology ? | Benefits | Uses | Future |
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Blockchain is a decentralized digital ledger that records transactions across a peer-to-peer network. It allows direct connections between consumers and suppliers without a trusted middleman. Transactions are recorded cryptographically and distributed across the network, requiring consensus to be verified before being recorded in the ledger. This prevents the same transactions from being spent twice. Blockchain has potential applications beyond digital currencies, including exchanging money, goods, and property, reducing fraud and inefficiencies in financial transactions.
What is Blockchain Technology ? | Benefits | Uses | Future |
- 2. Many people know it as the technology behind Bitcoin, but blockchain’s potential uses extend far beyond digital currencies. So what exactly is blockchain, and why are Wall Street and Silicon Valley so excited about it? www.lawofcompounding.net
- 3. What is blockchain? Currently, most people use a trusted middleman such as a bank to make a transaction. But blockchain allows consumers and suppliers to connect directly. www.lawofcompounding.net
- 4. Continue… Using cryptography to keep exchanges secure, blockchain provides a decentralized database, or “digital ledger”, of transactions that everyone on the network can 4 see. This network is essentially a chain of computers that must all approve an exchange before it can be verified and recorded. www.lawofcompounding.net
- 5. In the case of Bitcoin, blockchain stores the details of every transaction of the digital currency, and the technology stops the same Bitcoin being spent more than once. How does it work in practice? www.lawofcompounding.net
- 6. 6 How does it work in practice? www.lawofcompounding.net
- 7. Why is it so revolutionary? Work for almost every type of transaction involving value, including money, goods and property. Its potential uses are almost limitless: from collecting taxes to to send money back to family in countries where banking is difficult. Help to reduce fraud because every transaction would be recorded and distributed on a public ledger for anyone to see. www.lawofcompounding.net
- 8. Where can it be used? 8 • Banks, notary offices, Bitcoin ATM's, Voting, etc. • Places where there is need of the high security. • Irrevocable, transaction, contract, or any other digital data stored on it.
- 9. Why are banks interested? Banks can use it for money transfers, record keeping and other back-end functions. Replicates the paper- intensive international trade finance process as an electronic decentralized ledger, A single source of information. Track documentation and authenticate ownership of assets digitally. www.lawofcompounding.net
- 10. Is it safe? USP : Execute a transaction without any intermediary. Financial institutions to execute and verify transactions discretely without any human intervention. The electronic ledger of transactions is continuously maintained and verified in 'blocks' of records. With the help of cryptography, the tamper-proof ledger is shared between parties on computer servers. Bring down the costs and reduce inefficiencies in the financial sector. www.lawofcompounding.net
- 11. What Is a Blockchain Wallet? Wallet technology could be used for any system using a blockchain. A wallet is a piece of software or hardware that “holds” your cryptocurrency. Place that your public and private keys are stored. The wallet is the only record of your keys. So if you lose it, you’ll no longer have access to your cryptocurrency. www.lawofcompounding.net