By Josh Wardini/Bitfortune.net - Blockchain is a decentralized ledger of all transactions across a P2P network. The dawn of blockchain has brought upon us an era of transparent, safe, easy, and secure online transactions.
After a transaction request has been made, it is broadcast to several P2P networks for validation. The user status is also confirmed, and after this, the verified transaction is combined with another one to get a new block of data. After all of these have been done, the transaction is then marked as 'completed'.
Blockchain technology enables the confirmation of transactions without having to consult a central clearing authority. In fact, its properties can be mutually owned and equally distributed. Also, their ledgers are immutable and contain a number of tamper-proof records. The general public has access to chains as they can read and make legitimate changes.
Blockchain is considered advantageous because they are time and cost efficient. According to BitFortune.net, the further implementation of blockchain technology has the potential to reduce cloud computing costs anywhere from 50% to 100%. Blockchain technology also offers security, transparency, and privacy of transactions. There is also the fact that they enable good record keeping and decentralization, just to mention a few.
A lot of sectors have incorporated the use of blockchain technology into their systems, and for them, there is no going back. The banking sector, for example, uses blockchain for faster transactions, cost reduction, improved security, and a host of others.
Blockchain provides a vast range of implementation options for different sectors. Insurance companies make use of the technology to ensure transparency, security, customer engagement, and proper record keeping.
Some other examples of sectors which have employed blockchain in their services include healthcare, car dealerships, charity, crowdfunding, cybersecurity, real estate, and many others. However, the most significant milestone yet might be the use of the technology for voting. Only about two countries have opened up to this, but we can count on more joining the league in not-so-distant future.
Sierra Leone is the first country with blockchain verified electronic voting in 2018. With the help of blockchain, it enabled publicly viewable, time-stamped and signed transactions which cannot be altered or deleted. Russia, being the second country, tested blockchain to protect its 2018 presidential exit poll data.
Blockchain technology is currently where the Internet was 20 years ago, and we can only hope for the better.
Josh Wardini, is an Editorial Contributor and Community Manager at bitfortune.net.