Blockchain is a resource that can empower a sharing economy & it can potentially accelerate the process of ensuring full inclusion in economic prosperity
Blockchain is a very old yet new technology. Blockchain has been introduced into the world in the last decade and have come into the limelight in the last few years. Blockchain technology is going to revolutionise the finance, real estate, justice and every other industry. So what exactly is blockchain and how will it revolutionise the industry?
A blockchain is a growing list of records, called blocks, which are then linked using cryptography to another block forming a chain. Each block contains a cryptographic hash of the previous block a timestamp, and transaction data (generally represented as a Merkle tree).
By design, a blockchain is resistant to modification of the data. It is “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. And it makes nearly impossible for someone to modify the block unless changing and creating mess will all of the chain.
So this technology which might sound easy and fun is, in fact, groundbreaking. This can help resolve a lot of issues and industries which are facing trust and hacking issues.
Here is a list of industries which are being disrupted with the blockchain technologies.
1. Finance Industry
The Single most important use of blockchain was to help transact digital currencies. Bitcoin digital currency based on the blockchain can help you transfer bitcoin from any part of the world to another part in less than 1 hour. Bitcoin created a revolution in the financial industry when they made it possible simply without the use of a 3rd party organisation. Bitcoin is decentralized and all the transactions happen without the use of a centralised organisation.
Also, bitcoin solves one of the biggest problems in the world right now, transparency, all the transaction records in the bitcoin ledger is public.
Future of online transactions and transfer is bitcoin or blockchain. Many of the online money transfer companies such as MoneyGram, western union or state banks are using the same.
This article originally appeared on entrepreneur.com To read the full article, click here.
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