Thinking of secure financial transactions but tired of processes like sin up, log in and remembering the password? Think of the time when manual transactions were done, replaced by online banking - a frog leap, isn't it? So, now the market is growing with Blockchain technology replacing financial institutions. Before discussion of Blockchain ,Let us first try to understand Bitcoin which will help us in understanding Blockchain technology.
Bitcoin
Bitcoin is nothing but a virtual currency which is very easy, inexpensive and secure to deal in.It is an electronic currency which has no centralized controlling authority.The value of bitcoin fluctuates , it can be traded one to one or the way you like. Bitcoin, an innovative payment method, and open source software released in 2009 by Satoshi Nakamoto.
Blockchain
Blockchain is a distributed database technology which secretively keeps the record of each and every transaction done between buyer and seller. It doesn't require any intermediate source to process your payment. To understand this , let us consider the example suppose you want to buy a mobile phone from some shopping site . You allegedly need some intermediate to ensure your payment process which is a third party. This third party may or may not be reliable. So this problem is solved by blockchain, which ensures no third party interference.
Blockchain is a public ledger which is fault tolerant and highly secure. As the transactions are saved distributedly in millions of systems, it is almost impossible for hackers to hack the transactions.
Future of Blockchain
Bitcoin
Bitcoin is nothing but a virtual currency which is very easy, inexpensive and secure to deal in.It is an electronic currency which has no centralized controlling authority.The value of bitcoin fluctuates , it can be traded one to one or the way you like. Bitcoin, an innovative payment method, and open source software released in 2009 by Satoshi Nakamoto.
Blockchain
Blockchain is a distributed database technology which secretively keeps the record of each and every transaction done between buyer and seller. It doesn't require any intermediate source to process your payment. To understand this , let us consider the example suppose you want to buy a mobile phone from some shopping site . You allegedly need some intermediate to ensure your payment process which is a third party. This third party may or may not be reliable. So this problem is solved by blockchain, which ensures no third party interference.
Blockchain is a public ledger which is fault tolerant and highly secure. As the transactions are saved distributedly in millions of systems, it is almost impossible for hackers to hack the transactions.
Future of Blockchain
- Blockchain can be widely used in financial institutions as secure currency is what we all want.
- Small business can use blockchain for creating trusted trading platforms.
- Blockchain reduced cyber risks ensuring trusted transactional activity.
- The future of finance seems to be dominated by Bitcoin.
- Blockchain could also be implemented in elections and social welfare.
No comments:
Post a Comment