Ultimate Guide To Understand- What Is Blockchain Technology

By Author: Chapter247 Infotech
Total Articles: 2
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We all have already witnessed how Cloud, IoT, Virtual Reality and Mobility services have been a major contributor in this technology-led revolution in recent years. And now, Blockchain is also quickly getting the desired stronghold in the technology space. Blockchain Technology has already tasted mammoth success across the financial industry, but what sets it at a higher place than other technology stacks is because of its application in various other industries ranging from Education to Automobile and anything that vast.

For a majority of people, the terms Bitcoin, Cryptocurrency and Blockchain often become hard to understand and becomes more difficult to find a relation between both of them. The core idea of Bitcoin was created by Satoshi Nakamoto, and was the first of its kind of cryptocurrency. Aiming to bypass the government controls and make financial transactions simple. Blockchain was the technology which was built to support Bitcoin. Mr. Satoshi had felt the need for a secure and efficient system for recording financial transactions, and Blockchain answered it amazingly well. However, it took everyone a lot of ...
... time to understand that Blockchain has the capabilities of being used for businesses as well apart from using it as an underlying technology for Bitcoin.

The Blockchain network helps to track and trade any asset that has virtual value. It is commonly referred to as a shared, distributed ledger that helps to record transactions and helps in tracking tangible assets such as house, cars and intangible assets such as patents for example.

Tracing the roots of Blockchain – Shortcomings of the current system
The way we transact has evolved over a period of time, right from the barter system to cash. No matter the mode of transactions, there used to be many problems in the existing system such as security of data and payment transactions, the existence of middlemen for payment exchanges, the associated time of settlement for a transaction, high entry fees, and limited access to banks in rural areas.
In order to overcome the current shortcomings, there was a non-deniable need for a payment network which is faster, reliable and secure. There was a need for having a transaction system in place which eliminates the requirements of intermediaries and at the same time makes the entire process decentralized. Read more...https://www.chapter247.com/blog/introducing-blockchain-for-beginners/

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