We have 3.2 billion people who have been using the internet for now, which is just above half of the earth’s total population. To these netizens, bitcoins is not a new term. To people who don’t know what bitcoin is, it is a digital currency that has been predicted by many as a means that would revolutionize payments. Now, most of us do know about bitcoins, but where does blockchain come into the game? So, blockchain basically is a transaction database, which is secure and is shared by all the parties who have participated in the network of computers.
Now, what blockchain does is it eliminates the need for a trusted third-party transaction analyzer. Instead, it records all the transactions in the network of computers and gives copies of all the transactions to every network node. Blockchain is a potential game-changer because it reduces usage or avoids using a third-party payment processor, thereby reducing costs for the companies. At the same time, it provides for a transparent and trusted medium in the transaction between two non-trusted entities without the use of third-party validation.
As of now, blockchain is still in the research phase. A consortium is a partnership of about 45 leading companies researching blockchain technology and its implementations. Blockchain is of immense help to the industry that is into transactional services. In every industry, the transaction is more or less needed, and hence, the implications of blockchain would be immense.
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Then, why is bitcoin so important in the story of blockchain technology? Bitcoin is important in blockchain technology because blockchain has already been implemented in the bitcoin exchange procedure. Hence, Bitcoin Miner Hosting is a company located in Montreal, Canada who has the latest model miners, which provides a turnkey one-stop bitcoin hosting and equipment solution. Call them to know more about this equipments.
