What is Blockchain technology?
Blockchain is an advanced technology promising to bring innovativeness in a variety of industries. There are many talks around it related to development issues, Blockchain technology implementation, growth projections, and prospects. So, what is Blockchain?
Blockchain is a distributed ledger or a database which maintains a continuously growing number of data records and transactions. It is a chain of transaction blocks built in accordance with certain rules.Now, take a look at Blockchain characteristics.
What are Blockchain characteristics?
1. Decentralised – There is no central authority needed to approve transactions. There are no intermediaries, so transactions are made directly.
2. Shared publicity – Nodes (servers), or participants in the ledger, maintain blocks or entries, and each node sees transaction data stored in blocks when created.
3. Trusted – Network distributed nature requires computer servers to come to a consensus, that enables transactions to be carried out between unknown parties.
4. Secure – Blockchain provides transaction and data security. The ledger is an immutable and inconvertible record, and post to it can’t be revised or tampered with, even by database operators.
5. Automated – Double transactions don’t become written in the data set and are carried out automatically.
Blockchain technology implementation can provide lots of benefits, changing different the way many things are functioning. The main advantage is that Blockchain enables faster transactions, making them safer and less expensive.
However, though the technology is primarily associated with the financial industry, it has the potential to redefine transactions and innovate a plenty of business areas.
Industries for Blockchain integration
1. Finance
Allowing to avoid financial heavy systems, Blockchain solutions are promising to revolutionise money transfer business environment. Cause transactions within Blockchain occur without intermediaries and central authority, it enables to create a direct payment flow between operation participants from any place in the world. What’s more, transactions are carried out with the minimum commission and at a high speed.
The interest to this up-to-date technology called a boom in Blockchain application development. There are more and more Blockchain startups striving to be among the first to innovate the functioning of payments.
And many of them have already used Blockchain in their money orders system. For example, Abra, a Blockchain startup, representing a digital wallet mobile app and using Bitcoin currency.
2. Real Estate
Real estate industry companies face many problems like a plenty of documents, lack of deal transparency (during and after the deal conclusion), working mistakes, fraud, and so on.
Blockchain technology implementation can help cope with these challenges by registering, monitoring and accelerating such operations as lease assignments and property rights transfers.
What’s more, thanks to Blockchain application development companies get the ability to accelerate deal closures and ensure data and transaction security.
3. Voting system
Voting is the process where data security plays a major role. Elections require voter’s identity identification, protected accounting and fair votes counting. Here Blockchain can be used for fraud and falsification elimination. So, how can Blockchain solutions improve the election process?
It looks as follows: votes are recorded as transactions occurred within a decentralised ledger and can be checked by anyone. Thus, the technology will help avoid fraudulent counting and problems related to emissions and destroyed ballot papers. Imagine, for instance, a Blockchain-based online voting system.
Learn more about Blockchain use cases and growth potential in supply chain management, stock trading, banking, and insurance.
Also, find out Blockchain practical use cases in IoT, digital rights, and healthcare.
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