Blockchain - Innovation behind Bitcoin
When the internet first arrived,there was a saying, “it would change everything”. After these years, while keep changing everything and as the Internet of Things grows rapidly, it is clear that the internet has become the nervous system of our smart, connected world. Now it’s clear that, It is the Blockchain that changes everything. Blockchain is such an untried technology that it can be easy to make some bold metaphysical statements and sounds smart.
Blockchain has become among the hottest technologies today. Blockchain does solve some of the issues with traditional payment methods. It credit payments faster. Traditional methods often have to do transactions through banks before the money is credited to the merchant’s account. Since transactions can’t be reversed, merchants have little to worry about chargebacks from fraudulent transactions.
Democracy will be revolutionised by the Blockchain.The Blockchain can ensure nobody votes more than once and can also ensure that votes remain anonymous. Blockchain will also end cash counterfeiting. Sooner, all paper money will be issued with unique serial numbers and a digital signature such as a barcode recorded on the Blockchain.
A Blockchain is a digital record of transactions. What’s special about the Blockchain database is that it is distributed and transparent. which means there are always copies of the records being made and circulated. So that makes it almost impossible to hack. Everyone in the chain knows instantly if an attempt is made to change or falsify a record.
Huge companies are now keen on exploring its possible applications to their business while scores of startups are also rushing to offer blockchain-based services across a variety of verticals. Fine art, cars, jewellery, boats – in fact anything of value or importance in our lives – will be registered and tracked on the Blockchain. At the end of the day, the point is that blockchain technology works in real life products and its adoption is spreading.