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 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, reducing company costs. At the same time, it provides a transparent and trusted medium in the transaction between two non-trusted entities without 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 exchange and transactions are the first proof of what Blockchain can mean to industries.
The sophistication and the chic of blockchain technology remove and avert using a central database to verify the different entities involved in the transaction. The power and control of the third-party validation are now divided into the various entities in a blockchain, who don’t even know each other.
The uniqueness of a transaction system like Blockchain is that it is very novel. It provides a fair and non-corrupted transaction, where every transaction in the system is recorded. The amazing thing is that the record is public, which generally means that every entity in the network can see the transactional documents. Every transaction is first verified by a sophisticated algorithm both on the sender and the receiver side. After verification, it is added to the report ledger.
Decentralized systems such as Blockchain will always win over centralized systems such as maintaining a central ledger because it is less costly and more efficient to handle a decentralized ledger. Some may consider transactions over Bitcoin as not a precious service, and blockchain technology needs to show us more concrete proof that it is a special service. As per some companies researching blockchain technology, blockchain technology can streamline a process related to trading and finance. For instance, farmers don’t get paid at the right time, which causes conflicts between farmers and buyers. Implementing blockchain technology in these types of transactions will streamline the process and change the entire scenario.
Blockchain technology also looks forward to digitizing the entire procedure of pen and paper. In this age of modern computers, some industries still handle their finances by using pen and paper methods. Implementation of Blockchain will change the scenario and ease up the procedure of managing transactions and finances.
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