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June 28, 2024
Blockchain is a shared, immutable ledger for recording transactions, tracking assets and building trust. Discover why businesses worldwide are adopting it.
What is Blockchain
Blockchain is a distributed ledger technology (DLT) that allows businesses to create a tamper-proof decentralized data network. Supply chain, fin-tech, banking, retail, and many other industries are using technology to create more transparency in business operations.
The adoption of technology across financial institutions has grown significantly, accelerating the pace of banking operations. Cross-border payments are cheaper and faster due to the elimination of middle services. Food all which earlier would take a week’s time now can take place in less than a minute giving supply chain companies more control. boon to the banking industry.Different types of blockchain
Public blockchain. A public, or permission-less, blockchain network is one where anyone can participate without restrictions.
Permissioned or private blockchain.
Federated or consortium blockchain.
What is blockchain used for?
The goal of blockchain is to allow digital information to be recorded and distributed, but not edited. In this way, a blockchain is the foundation for immutable ledgers, or records of transactions that cannot be altered, deleted, or destroyed.
Who owns the Blockchain technology?
No one computer or organization can own the chain. Instead, it is a distributed ledger via the nodes connected to the chain. Blockchain nodes can be any kind of electronic device that maintains copies of the chain and keeps the network functioning.
Examples of Blockchain
Enterprise Blockchain Platforms like Bitcoin, Ethereum, Hyperledger Fabric, R3 Corda, Ripple and Quorum are some of the examples of the Blockchain.
Is Blockchain the future ?
It will create a trusted, unfilterable, un-censorable repository of data and information that is accessible worldwide. It is this characteristic that will drive the creation of the third generation of the internet. And therefore the blockchain is the future of the internet.
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