“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
Don & Alex Tapscott, authors Blockchain Revolution (2016)
What is Blockchain?:
The Brainchild of Satoshi Nakamoto, Blockchain unarguably and undeniably a indigenous technology invention. Since its invention, it has evolved something gigantic on the technology sphere. The Digital Information that is distributed and decentralized but not copied is the new invention of on the technology space.
Blockchain as an underlying technology that makes everyone to rethink their respective business models ,processes or modus operandi.
What is Blockchain Technology?:
- And most secured Technology
Blockchain is a decentralized, distributed and public digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network. This allows the participants to verify and audit transactions inexpensively. A blockchain database is managed autonomously using a peer-to-peer network and a distributed time stamping server
It uses cryptography, so that the information alive for ever and without passcode it is virtually impossible to get it out and unhackable.
Initilly it gained much popularity on Digital Currency or Bitcoin however later it evolved for other industries as well.
- Payment Solutions
- Insurance (Digital Insurance)
- Real Estate
- Trading & Brokerage
- Social Media Platforms
- Medical Solutions
- Content Publishers
- Infrastructure and Renewable solutions
- Legal Industry
- Rental and Ride Sharing
- Education ( certification, Online and distance learning)
“Blockchain solves the problem of manipulation. When I speak about it in the West, people say they trust Google, Facebook, or their banks. But the rest of the world doesn’t trust organizations and corporations that much — I mean Africa, India, the Eastern Europe, or Russia. It’s not about the places where people are really rich. Blockchain’s opportunities are the highest in the countries that haven’t reached that level yet.”
Vitalik Buterin, inventor of Ethereum