Blockchain Technology Change the Future of Financial System Banking
Blockchain first introduces in 2008 by Satoshi Nakamoto to record the transaction of cryptocurrency. Nakamoto comes up with the idea of Bitcoin in 2009 the first cryptocurrency in the world also known as digital virtual currency.
Blockchain is a technology that has been programmed to record Financial Transaction. This is a digital system, in which an Internet technology has the undisclosed strength, Blockchain stores blocks of identical information on the networks. Blockchain has the ability to distribute digital information, meaning that it acts as a distributed network. All records in the database stored not in one computer but distributed to thousands of computers or millions of computers. Each computer in the blockchain explains the entire history of each record. This database is encrypted and entered in a confidential manner.
The use of the blockchain not only for bitcoins but can also be done where there is a need for a middleman for trust and guaranteed purpose. Blockchain technology totally secured, i.e. in this system, a computer gets damaged the data is still available on other computer and keeps working. If any new agreement or record or modification is required to be recorded in it, then it requires the approval of many computers. It is very difficult to hack because hackers will have to hack undefined numbers of computers simultaneously to hack the database. Therefore Blockchain technology is a safe and simple modern technology. This revolutionary technology will change the future digital currency transaction method. Blockchain is still at the beginning of its path but continuously growing rapidly in different sectors.
Blockchain is a technology that has been programmed to record Financial Transaction. This is a digital system, in which an Internet technology has the undisclosed strength, Blockchain stores blocks of identical information on the networks. Blockchain has the ability to distribute digital information, meaning that it acts as a distributed network. All records in the database stored not in one computer but distributed to thousands of computers or millions of computers. Each computer in the blockchain explains the entire history of each record. This database is encrypted and entered in a confidential manner.
The use of the blockchain not only for bitcoins but can also be done where there is a need for a middleman for trust and guaranteed purpose. Blockchain technology totally secured, i.e. in this system, a computer gets damaged the data is still available on other computer and keeps working. If any new agreement or record or modification is required to be recorded in it, then it requires the approval of many computers. It is very difficult to hack because hackers will have to hack undefined numbers of computers simultaneously to hack the database. Therefore Blockchain technology is a safe and simple modern technology. This revolutionary technology will change the future digital currency transaction method. Blockchain is still at the beginning of its path but continuously growing rapidly in different sectors.
The best example of Blockchain Technology is Bitcoin. All the cryptocurrency transactions are proceeding via blockchain. Bitcoin Etherium, Litecoin, Bitcoin cash, Ripple Dash, Monero, Zcash, Etherium classic This technology is safe, secure and extremely difficult to hack. Coinbase is the most trusted sites to sell and buy Bitcoin, Etherium, Litecoin, Bitcoin cash on a minimal investment. This technology is considered safe to prevent cybercrime and hacking. It can be used as a data storage. Mastercard and other financial cards are working on a similar network.
Blockchain can also be used in education, Banking, Finance, Information Technology and Data management, government organizations, gaming system, e-voting, stock market, commodities, social networks, digital identity authentication, digital currency, real estate, communication service, infrastructure network, media, health records and so many other sectors.
Blockchain can also be used in education, Banking, Finance, Information Technology and Data management, government organizations, gaming system, e-voting, stock market, commodities, social networks, digital identity authentication, digital currency, real estate, communication service, infrastructure network, media, health records and so many other sectors.
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