What Can Blockchain Technology Do

What Can Blockchain Technology Do? Here Are 3 Things

in News/Use Crypto by

Open source platforms have come to the fore, and their global recognition is testament to the changing paradigms. The Internet, open source platforms and blockchains have a glue ring that can be easily identified. Several advantages of the blockchain technology can be illuminated in this light from different angles.

Blockchain as a distributed ledger that is immutable, publicly available and decentralized, uses the Internet and open source functions. Using the blockchain requires an internet connection, and the nature of the blockchain exists thanks to the open source design of Satoshi Nakamoto and his colleagues. The use of blockchain in the modern world extends to sectors such as investment brokerage, medicine, procurement and procurement, as well as education. Cryptocurrency originated from the blockchain, and for those who want to make money, learning Bitmex is helpful.

What Can Blockchain Technology Do

#1: Blockchain can facilitate payments

Earlier we mentioned that the information in the Blockchain is open to anyone. This means that you can see the transaction history and the way in which it was performed. Information about the size of the transaction is also open. At the same time, the identity of the addressee and addressee is not disclosed. This is the transparency of the blockchain. Access to Blockchain takes place using special keys that guarantee the reliability of the entire network. He has every user. The key is a set of cryptographic records. It is absolutely unique, which guarantees the impossibility of data substitution and hacker attacks. To do this, hackers need access to all computers on the network.

The blockchain has appeared along with the pioneer of all Bitcoin cryptocurrencies. We talked about its functionality and “responsibilities” above. Blockchain guarantees transactions and stores all data about them. Vitaly Buterin and his associates tried to make a qualitative step forward. Ethereum cryptocurrency blockchain is often referred to the second generation. He has his own particular architecture.

What Can Blockchain Technology Do

#2: Blockchain simplifies international payments

Obviously, the blockchain technology is relevant not only for cryptocurrency transactions, but for the entire FINTECH sphere as a whole. Everything related to transactions can be supported by the blockchain.

The prospect of Blockchain in the financial sector recognized the largest banks in the world. Back in 2013, the R3 consortium was created. Such banks as J.P. Morgan, Goldman Sachs, Santander, IТG and others. The group is engaged in testing a decentralized registry in the banking sector. Individual banks are also investing in blockchain startups that have been regularly appearing over the past few years. The interest of banks in technology is associated with the potential threat that cryptocurrency represents for them. Blockchain will help reduce transaction costs, make them safer. However, the implementation of a fully decentralized protocol in the banking sector will undermine it from the inside.

#3: Blockchain keeps a permanent record

The practicality of the blockchain is indisputable in all that relates to data storage and authentication. This decentralized data system has the potential to eradicate corruption. In the blockchain, you can record the dates of birth of people, financial transactions, fingerprints. Store information about documents like diplomas, passports, driver’s licenses. In the future, this may help in combating all sorts of fraud.

I’m a freelance writer and full-time curious person. My main interests are philosophy, politics, art, culture, science, and how they’re all interlinked. When I’m not writing, I’m fronting a band, producing records, and making videos. I’m also currently working on launching a YouTube channel that will focus on culture and politics. I think blockchain technology is fascinating because of the huge potential it has to revolutionise not only the financial sector, but society as a whole.