5 things that you need to know about blockchain technology, right now
Blockchain is a highly secure digital ledger that stores data(block) in the form of chains all across the network, even the slightest change in a block changes the record on all computers.
Blockchain technology was first launched 10 years ago. At the start, it was used only for bitcoin trading. But with each passing year, blockchain has expanded its horizons. Due to its highly confidential and secure ways of recording information.
Whether you want to invest in cryptocurrency or not. You must know how this technology works.
“Blockchain is as significant now as the internet was 25 years ago” ~ Thomson Reuters.
The Blockchain market cap is predicted to surpass $34 billion by 2026, with an insane growth estimate of 43%.
To get the most out of this thriving technology, Here are 4 things you need to know about blockchain.
1. Unchangeable record of information
Blockchain records “data in the form of blocks”. But how does this technology work?
First of all, blockchain does not store information at one location. Instead, data is stored in a network of computers and has distributed authority over all of them. Before bringing any change in the block (information stored in the block), one has to get permission from all computers on which blocks are stored. Also, every computer in the network updates the data to notify the change.
It is highly secure, trackable, and decentralized in that way.
Blockchain is constructed on three fundamentals. blocks, nodes, and miners.
2. Go to choice for business owners
Blockchain is suitable for business-type activities. Most businesses have huge data and they want to share accurate information across the network without losing privacy.
The concept of blockchain is truly ideal in that sense. Not only that, But blockchain has many more offers for you, whether it is tracking the history of money, or getting the unchanged details. Everything is just within your reach in a few minutes.
3. Banking and finance industries vs Blockchain
One of the top industries that are in tough competition with blockchain is banking and finance. Blockchain is exactly hitting the pain points of the banking industry. We all know that the banking system is not as efficient as we wish it to be. After the transaction, You have to wait long hours to receive the transactions.
Let’s say you want to deposit a check in your account on Friday after 5 p.m. you'll have to wait for Monday to see the money in our account. But blockchain works 24/7. Transaction timing can be as short as 10 minutes, With low transaction and processing fees. Great!!!! Isn’t it.
4. Blockchain and Currency
There are certain risks involved with currency because it is controlled by the central. E.g. Currency devaluation in case of an unstable government. Money or data loss in case of account hacking. Blockchain is above government control and highly secure. In this way, blockchain beats paper currency in full swing.
5. Blockchain and Crypto
Blockchain is the home for cryptocurrencies like bitcoin. We all know that the future of asset building is crypto. The acceptance of crypto is increasing with every second. Most cryptocurrencies use blockchain technology for record-keeping.
This shows enough that blockchain and crypto are not going anywhere, they are here to stay.
A large community of people is accepting new technologies and trying to learn about them, but some are apprehensive about crypto and blockchain.
But In the coming future, blockchain can undertake the traditional ways of doing things. So, it’s a good idea to be flexible. Mind you, It’s better to take interest in BLOCKCHAIN.