applancer Advertise

What is Block-chain Technology?

Jun 18, 2017 Posted /  4963 Views

What is Block-chain Technology?

This article will depict an inside story vis-a-vis the Blockchain Technology through the following points:

1) Blockchain is way beyond Bitcoin

Bitcoin is a digital currency, while blockchain is the technology that underlies and supports Bitcoin. However, blockchain technology's potentiality vis-a-vis the fabric of finance is beyond Bitcoin.

2)The notorious user of blockchains: Canada

To several blockchain start-ups, anada is a fountainhead.Many locations across

the country have Bitcoin ATMs.Moreover, The Bank of Canada comes up on experimenting with digital currency on blockchain.

 3) Procurable Money

Blockchain is  in use for storing a record of what should happen in the future rather than the past. One is allowed to respond to transactions by gathering, storing or transmitting information or transferring oR immute depending on the digital currently being dealt with by the blockchain technolog

 4) A Blockchain is a transaction record 

The “chain” is a record of transactions, each one following the one before. The chain of previous transactions sources the ownership.A pre-digital analogy is An early land title and the conjuction of deeds depicting all of the transactions which led from the original grant to the current ownership is the pre-digital analogy

5) It Has Tremendous Potential Regarding Personal Privacy Protection

Apart from  establishing  a decentralized personal datamanagement system that would enable each individual user to control the use andsharing of their own personal information it also plays a role as theprotocol that allows a user to determine when and with whom their personal data can be shared.

6) Utilized for Public and Private Transactions

There are in essence two types of blockchains: private and public (or centralized or

decentralized). A  blockchain  that enables everyone to see all transactions that have

taken place on the blockchain, everywhere in the world is public while the one

where permission is restricted and only permits a predetermined group of members

to access the blockchain is a  private blockchain. They can be use n a combination as well.

7) Blockchain technology is a lionized concept in the economic world

Earlier noteworthy amongst the antiestablishment elements seeking freedom from central control,  blockchain technology has quickly become  part of the establishment: Sold by  Companies such as Microsoft and major banks and bought by stock exchanges. 

8) Digital Currencies isn't a necessity 

Blockchain can be used for tasks  beyond sending or receiving value.Currently, it is is 

used in various areas of the world so as to track ownership and fot he the transfer of assets, including real estate and securities. 

9) Welcomed by government and regulators alike

The government fings the  immutability, security and speed of the blockchain eclusively attractive. For example,the Australian Government which  is exploring government and commercial use-cases of the technology.The visibility which it gives regulators of transactions is one of the reasons for the same.

10) Hurdles in the way of this technology 

These include 

-assurance that the incision maintains,

-the firmness of transactions,

-the pre-requisite for uniform operational protocols,

-the exaction to scale and the cost of interaction with legacy systems.

 Also, there are legal issues related to managerial intercession to be resolved, such as those which ineluctably arise in the inadequacy of a participant, or in systemic unsuitability.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

For more details on how you can submit an opinion or any news , view our Editorial Policy or email [email protected].

Tags: app ideas 2017 bitcoin apps ethereum apps blockchain apps

Hottest Blockchain Newsletter

For updates and exclusive offers, enter your e-mail below.