The technology which is transforming old centralized databases and processes into newly discovered decentralized database has arrived,
And is ready to transform the world.
Blockchain most people call it the Next Internet Revolution has arrived and the world and governments started saying welcome to it.
Any trade involving value can apply blockchain to improve trust more than ever before done between all the parties involved in business.
Blockchain can be used to track a product from its initial stage i.e development till it's finally delivery and every single piece of information about the product is visible to anyone who is involved in the trade process.
Blockchain makes a trader's transparent globally in supply chain process by using a global distributed ledger.
By being cost effective and reducing all the paperwork and making financial transactions much safer and secure at scale. Less than a decade in market blockchain has altered many of the biggest corporates through its innovative approach.
Example :
Here's another use-case relying on the blockchain process for tackling voting process
Major benefits of using blockchain based voting would b that, the process would become more easy to trust as trust is the main benefit blockchain has to offer to every applications and industries which encourage and use this technology. Every vote can be made observable by voter's in the election space leaving no place for fraud.
What is a Bitcoin ?
As termed by Peter Thiel
“I do think Bitcoin is the first [encrypted money] that has the potential to do something like change the world.” -
Let's start with the inventor of Bitcoin, Bitcoin was first coined by Satoshi Nakamoto who's identify is still not known.
Satoshi defines bitcoin as a peer-to-peer electronic cash system.
Bitcoin is the underlying implementation of Blockchain.
Bitcoin is a virtual currency which means it is physically not present but you can buy it online on bitcoin buying sites like Unocoin, Zebpay (For Indian Users), coinbase app for Europe UK, Canada and Singapore.
And keep it safe in bitcoin wallets like Zebpay.
Only one person can be an owner at a time and the cash cannot be spent twice.
Who are Bitcoin Miners?
Bitcoin miners are people who validate every transactions by their powerful personal computers earning a small fee in the bitcoin transaction process.
What is Blockchain?
Banking at the speed of texting
Yes you heard it correct, what if you can transfer money at the speed you email your friends and family without requiring middlemen like banks to establish a trusted relationship to verify the transaction.
How would it be if your virtual currency transactions can form blocks of information of previous transactions in an unlimited manner and maintain all records .
Yes that's how bitcoin technology works, every transaction forms a block and gets attached to its previous block transaction forming a chain called blockchain.
Bitcoin Transactions can be public or private in blockchain process.
A transaction can be seen by every user to verify transaction without being directly depending on third party such as banks.
By combining all powerful and personal computer's in the world to protect and continuously monitor every transaction, blockchain makes it really tough to hack the process.
Microsoft and IBM already announced to innovate and offer blockchain business.
MICROSOFT -
IBM -
Blockchain has already started to wave industries by the power of trust and unique solutions that is has to offer the world. It has also won the heart of investors developers and entrepreneurs from all around the world. There are startups ready to jump-start innovation on this platform no matter which industry. Blockchain is going to Revolutionize every industry it touches with its own capabilities and strength it has to offer to the world of business.
About The Author
Ritesh Thalla is a software engineer who loves to write about business.Interest - Space technologies, Business, Information technology.
About The Author
Ritesh Thalla is a software engineer who loves to write about business.Interest - Space technologies, Business, Information technology.
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