Over the years everybody across the world are doing trading. The most common trading forms are trader using cash for exchanges of goods. Trade is recorded in book-keeping and is enclosed to the public. As a result we use 3rd party that we trust to do/perform the trade. Such as Governments, bank, accountant and paper money. Also know as trusted 3rd parties.
Blockchain technology will enable corporation and enterprises across sectors. This allows to free up capital flows, lower transaction, speed processes and provide security and trust. Blockchain Technology helped to reshape industries in domains as varied as finance, healthcare, government and manufacturing and the technology will continue to evolve and used in more innovation ways.
As revolutionary as it sounds, blockchain truly is a mechansim to bring everyone to the highest degree of accountability. no more missed transactions, human or machine errors, or even an exchange that was not done with the consent of the parties involved. about anything else, the most critial area where blockchain helps is to gurantee the validity of a transaction by recording it not only on a main register but a connected distrubuted system of registers, all of which are connected through a secure validation mechansim.
BLOCKCHAIN DURABILITY AND ROBUSTNESS
Blockchain technology is like the internet in that it has a built-in robustness. By storing blocks of infomation that are identical across it network, the blockchain cannot be controlled by any single entity, it has no single point of failures.
TRANSPARENT AND INCORRUPTIBLE
The blockchain network lives in a states of consensus,one that automatically checks in with itself every ten minutes. a kind of self-auditing ecosystem of a digital value, the network reconciles every transaction that happens in ten-minutes intervals. Each group of these transactions is referred to as a ”block”. Two importance properties result from this :
- Transparency data is embedded within the network as a whole, by defination it is public.
- It cannot be corrupted altering any unit of infomation on the blockchain would mean using a huge amount of computering power to override the entire network.
WHO WILL USE THE BLOCKCHAIN?
As web infrastructure, you don’t need to know about the blockchain for it useful in your life. Currently, finance offers the strongest use cases for the technology. International remittances, for instances. The World Bank estimates that over $430 billion US in money transfers were sent in 2015. And at that moment there is a high demand for blockchain developers.
The blockchain potentially cuts out the middleman for these types of transactions. Personal computing became an accessible to the general public with the invention of the Graphical User Interface (GUI), which took the form of a ”desktop”. Similarly, the most common GUI devised for he blockchain are the so-called ”wallet” applications, which people use to buy things with bitcoin, and store it along with other cryptocurrencies. Transactions online are closely connected to the processes of identity verification. It is easy to imagine that wallet apps will transform in the coming years to include other types of identity management.