Blockchain technology is a data infrastructure that is currently the backbone of a new type of internet that attracts the internet business community. Blockchain is an encrypted and decentralized book that is programmed to record all financial and digital transactions that have value. This platform uses Bitcoin, a decentralized, peer-to-peer system that has a digital currency known as the cryptocurrency used to pay for goods and services. Bitcoin allows online users to process payments between parties through the exchange of Bitcoins that can be purchased in national currency currencies or can be minted using mathematics, algorithms and cryptography. Blockchain is used to record all these online transactions.
Blockchain is like a distributed database in which the spreadsheets of all financial transactions are duplicated over a network of thousands of computers. These networks are designed to be updated regularly. Records and transactions within the network are publicly available to anyone online and easily verifiable. The advantage of having blockchain technology is that there is no centralized version of duplicate tables. It is fully automated and does not involve human decision making. Furthermore, it provides the advantage of eliminating intermediaries, such as banks, retailers or brokers in any type of financial transaction.
Advantages of Blockchain application:
Due to its cryptographic base, it is ensured that there will be no malware, hacks, illegal business practices or phishing attacks. With unsurpassed blockchain security and an immutable program that is distributed and replicated across multiple networks, it has huge potential to prevent hackers from corrupting data in any way.
The implementation of blockchain technology in the financial industry has strongly influenced the database systems that keep records. It has the ability to support smart self-executing contracts that include programmed conditional clauses for participants. Transactions will be successful, and funds will be transferred only when the conditions from the clauses are met. Such agreements are currently being implemented and executed in decentralized crowdsourcing and voting platforms where the results are fully transparent and publicly available.
What does Blockchain bring for the future?
The use of blockchain technology has the potential to revolutionize the field of law. Through the use of smart contracts, blockchain technology has the ability to have smart contracts and blockchain wants to take effect immediately after a person’s death. The executor and mediator would no longer be needed to execute the will. This blockchain technology would rather require a lawyer who has the professional skills of a computer programmer.
In addition, this technology would be useful for car rental agencies. With the use of smart contracts, agencies could automatically allow car rentals once payments and customer insurance information are approved.
This platform could potentially help the online music industry. Musicians often make money from sales thanks to recording in companies or on third-party platforms. Blockchain could be used to eliminate middlemen and give the artist more control and ownership of the music, which leads to the retention of a large percentage of sales that artists originally lost.
The blockchain platform can also change accounting based on the organization’s audit verification process. Instead of a firm keeping separate records of transactions, blockchain technology can store all transactions in a common registry. This will create a system in which all transactions are closed in a system of mutual locking in which the change of transactions, fraud or their destruction will not be possible.
Furthermore, blockchain technology has the potential to change the marketing and advertising industry. First, it will eliminate intermediaries in digital marketing and advertising, creating cost-effectiveness and transparency for organizations. With transparency, it will be easier for merchants and advertisers to identify the right target markets. Marketing professionals will no longer need to seek consumer information through a variety of sources. All information will be easily found in the blockchain.
Blockchain technology is a vital and useful advantage for the internet business community. It can be used to strengthen and enhance trust and transparency. Through this technology, all information is visible to consumers, so they can track and validate each product and party before successfully proceeding with a verifiable and secure transaction. This leads to an end to data corruption. Traceable transactions will provide an efficient infrastructure to businesses that will greatly reduce costs for all participants within the blockchain. This will lead to a prosperous and independent society with transparency, economy, integrity, greater security and without intermediaries.