Future of Blockchain
The future of finance could be dominated by blockchain technologies. The future of security is in the blockchain because the current methods of keeping the data are not reliable enough. Blockchain is the revolutionary tech of the future, for future security aspirants, it will be the best for them to understand the working of blockchain. Some Sector that is affected by Blockchain:
- Financial Services: It is an area that seems to be affected much as the blockchain gives secure payment facilities for a particular transaction, as it removes third-person dependency.
- Real-estate: Real estate transactions are expensive and lots of paperwork is to be required. Blockchain finds its potential to remove the middleman, making the process, more transparent and securable.
- Legal Fields: Blockchain uses smart contracts to validate the ownership of the documents, as well as to authenticate and secure the criminal justice system.
Blockchain in Brief
Blockchain is the technology that covers digital currency (like Bitcoin, Litecoin, Ethereum, and others). This technology allows digital information to be distributed and decentralized, but can’t be manipulated. That means each data piece can have only one owner but many holders of the same data. It is a distributed immutable ledger that is completely transparent, decentralized, and immutable.
Blockchain is a block that is a record of new transactions. When a block is completed, it’s added to the chain. So, Blockchain is a way to save data and make it immutable. That sounds great, but the big question, of course, is: how does that work? The work is quite complex, you can check Wikipedia for this.
Table of Content
- What is the Need for Blockchain?
- Uses of Blockchain Technology
- Blockchain mining
- Why it is almost impossible to hack the blockchain?
- Future of Blockchain: